Attica property prices to keep rising
The trajectory of house sale prices in Attica is expected to remain steadily on the rise throughout the second half of the year, as, according to market executives, a number of factors are predicted to work in favor of this development.
The biggest factor is certainly the expectation created in buyers and sellers by the second cycle of the “MyHome” program, which provides an interest rate subsidy for the purchase of a home. The doubling of available funds to 2 billion euros, the large and largely unmet demand seen in the first round of the scheme and, of course, the persistently low supply of homes for sale, are set to keep prices high, possibly even higher than they are now.
As industry officials explain, the expansion of the buying public, through the addition of people in the 40-50 age group, compared to the 39-year limit of the first cycle of the program, will be a catalyst for the further increase in buying interest. People in this age group tend to have more purchasing power and often look for properties in more expensive areas as well, or look for better specifications like a larger surface area, or a lower age. This means it is possible demand will expand to almost the whole of Attica, without the limitations of the original program.
As long as no restrictions are placed on the eligible properties, the benefit will be felt in the entire market and not in individual areas. This will have a double benefit, as on the one hand it will equally increase demand in all districts (based on the appeal of each one, of course), while on the other hand it will limit, as much as possible, the phenomenon of speculation by a portion of sellers.
It is recalled that in the first cycle of the program, interested parties had to choose residences with a year of construction up to 2007 at the most, i.e. at least 15 years old, with a maximum price of €200,000 and a surface area of 150 square meters. This had the effect of significantly reducing the potential stock of homes that could be purchased, hence limiting options.
