The domestic marketLet us continue to move on positive ground, however the times that are now needed to sell a property differ significantly from region to region.
The time when almost every residence He found a buyer within a few weeks seems to have passed, as buyers appear more selective, compare more options and negotiate more strongly the final price.
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Thus, today, a residence can remain on the market from about four to seven months, depending on the area, price, condition and whether it meets the real needs of demand. Evidence shows that it is no longer enough for a property to be located in a popular area. A defining role is also played by the correct pricing, energy situation, whether it is renovated and the relationship of the requested price with the respective market properties.
This results from the analysis of the Uniko real estate platform, the Qualco consortium with the National Bank, which was based on 4,679 ads, 822 completed transactions and more than 1,000 talks with property owners. The research captures both the duration of residences in the advertisements and the large variations recorded between the individual markets of Attica and Thessaloniki.
South Suburb: The remaining market «Champion»
The Southern Suburbs are still the most powerful housing market in Attica. There, real estate remains in the advertisements on an average of 152 days, i.e. about five months, and they also show the highest percentage of successful sales, which reaches 21.7%.
This image is not considered accidental. Areas such as Glyfada, Voula, Vouliagmeni and Greek continue to gather intense interest from both Greeks and foreign buyers. The large investments that are under way, the upgrading of the coastal front, the development of the Greek and the limited availability of quality housing maintain demand at high levels, allowing properties to be absorbed relatively quickly.
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In the center of Athens most options, but also the biggest delays
The center of Athens is still the largest housing market in the country, as it collects the largest number of properties and transactions available. However, the abundance of options means that buyers need more time to reach their final decision.
Thus, a residence remains available on average 204 days, i.e. almost seven months, until a buyer is found. Nevertheless, the sale probability remains high and is shaped at 21.1%, indicating that demand is still strong.
The large difference in the age of buildings, differences in prices even between neighbouring areas, but also the different quality of the available stock lengthen the time needed until an agreement is reached between the seller and the buyer.
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Piraeus: Houses change hands faster
The image in Piraeus and its suburbs is of particular interest. Although the possibility of selling (19.2%) is close to that of the Northern Suburbs, the residences remain in the ads only 146 days, that is less than five months.
This picture shows that when a property has a competitive price, it can be absorbed relatively quickly. The comparatively lower values compared to the Southern Suburbs, but also the significant investments made in the wider area of the port, continue to support demand.
Western Suburb: Affordable prices keep the market alive
In Western Suburbs housing takes an average of 156 days to sell, while the selling rate is formed at 17.5%.
The market remains mainly based on demand from Greek households seeking first residence, as prices remain significantly lower than other regions of Attica. Although transactions are not as many as in the Southern Suburbs or in the centre of Athens, the properties that are properly invoiced continue to be absorbed in a relatively short period of time.
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Eastern Attica and Thessaloniki
In Eastern Attica, the lowest market efficiency is recorded. Only 10.2% of the houses available for sale result in a transaction, while the average duration of stay in the ads reaches 190 days.
Thessaloniki presents a more complex picture. The sale rate is also low (10.7%), but properties that eventually find a buyer are sold faster than any other area in the sample, as they remain on the market only 137 days. This indicates that demand is more selective: fewer properties end up in sale, but those that meet market requirements are absorbed relatively quickly.
The price now determines the time of sale
Equally important is the range of price requested. The investigation shows that nearly three out of ten prospective buyers (30%) are looking for a home worth up to 100,000 euros. This is the category where demand far exceeds supply, resulting in the available real estate being of strong interest.
The biggest balance between supply and demand is recorded at homes worth 200,000 to 300,000 euros. In this category of buyers and sellers are more easily found at a common point in terms of the final price, which leads to more transactions and shorter trading times.
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On the other hand, residences worth 300,000 to 400,000 euros raise only 6% of total demand. The limited reservoir of interested buyers means that several of these properties remain for many months in the ads until the appropriate buyer is found, especially when the prices requested are far from the levels the market is willing to pay.
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