Fewer houses up for sale
The decrease in the stock of houses for sale in Attica continued in the first half of the year, amounting to just 82,000, from more than 150,000 just a few years ago.
Many districts, especially where prices are affordable, are seeing double-digit year-on-year declines. The development also stems the first cycle of the My Home subsidized home purchase program, which absorbed a few thousand properties last year.
Consequently, prices continue to go up, as supply falls short of demand. These hikes are being seen even in areas abandoned by foreign investors of the Golden Visa program, such as downtown Athens. No transactions involving GV investors have taken place in the city center since August 2023 to the rise in the investment threshold from 250,000 to 500,000 euros and, as of this month, to €800,000 (as in the rest of Attica).
However, until June 2024, prices not only failed to stabilize, but continued to rise sharply.
Classified ad data show that in January-June there was an annual decrease in the house stock in all individual surface categories, while asking prices moved up accordingly: The supply of apartments of up to 80 sq.m. dropped 15.8% from the first half of 2023 to 23,428, while the average asking price rose by 14.3% to €2,360/sq.m.
