Record realty transfer figures

Home sales are on track for a figure approaching 170,000 this year, meaning they will record the highest volume of sales since the late 2000s.

Independent Authority for Public Revenue (AADE) data for the first four months of 2023 show the submission of 56,060 property transfer tax returns. If this rate is maintained for the rest of 2023, then the total number is expected to rise to almost 170,000 transactions.

These data are recorded for the first time, as they derive from the electronic tax declarations, which are carried out as part of the digitization of the relevant process, with the aim of speeding up sales in the real estate market. Therefore, it is not possible to compare, for example, with previous years, so that the relative conclusion about the course of sales in the real estate market is safer.

Meanwhile, the picture from the data in the Register of Transfer Values at the General Secretariat of Information Systems is different. Based on a relevant study by the Research and Analysis Department of Cerved Property Services, which was made on the basis of the available data, during the 12 months of April 2022 – March 2023, the volume of transactions fell by 12.45% compared to the immediately preceding 12 months (April 2021 – March 2022).

In most regions of the country a decline was recorded, while there were also some regions, especially those popular with tourists, where an increase was observed. The biggest drop was observed in Thessaloniki, at 18.16%, while in central Athens, the drop was significantly lower than the national average, as it was limited to 7.56%.

Overall in Attica, the drop in transactions reached 13.2%, with the largest drop recorded in the regions of Eastern Attica (-17.88%), in the northern and western suburbs (-16.55%), while in southern suburbs, in Piraeus and nearby areas the decline was more moderate, at -10.17%, -9.71% and -11.7% respectively. There were also a few regions of Attica with growth, such as Vrilissia, Halandri, Papagou, Haidari, Korydallos, Ilioupoli, Glyfada and Vouliagmeni, mainly via buying interest from abroad.