October 1, 2023

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Real estate: the two reasons behind the boom in home sales

Real estate: the two reasons behind the boom in home sales

At the highest level in the last 14 years, that is, since the outbreak of the financial crisis until today, it is expected to exist this year, Buying and selling homes in the Greek market.

According to the relevant forecasts of real estate market professionals, the high demand for housing purchases has been further strengthened this year, as a result of the “Spiti My” program, which is expected to benefit about 10,000 young people aged 25-39, but also for the benefit purchasing from abroad.

As representatives of the Athens-Attica Association of Realtors point out, the request manifested itself within the framework of the “Bayti” program, which subsidizes the loan interest rate up to 75% and relates to property not less than 15 years old, with an area of ​​\u200b\u200b150 square meters. up to 200,000 euros, It is very high and the number of beneficiaries exceeds about 10,000.

However, there are also difficulties, especially with regard to finding those properties that meet the needs of those interested in terms of their characteristics (for example, area, condition, etc.), but also in terms of price.

especially, Price is an issueas a simultaneous manifestation of the interest of buying from thousands of interested parties, gave impetus to many owners To increase the prices required for their property, from one day to the next, and very close to the maximum allowable amount of 200,000 euros. This in turn , It also makes it difficult to obtain the required loansBanks continue to apply strict credit standards.

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In addition, malfunctions are observed of an artistic nature. For example, banks ask interested parties Find the property first Who would like to obtain financing and then Submit the relevant application, to start the loan issuance process. In other words, they operate essentially the same as in a typical financed real estate purchase. On the other hand, many owners ask interested parties Get pre-approved for the loan, before entering into discussions about selling their apartment. Thus, issues are created, making it difficult to complete many transactions.

However, in addition to the domestic buying interest, this year there is also a significant increase in demand from abroad, led by investors from non-EU countries, who want to obtain a residence permit through the “golden visa” programme.

Real estate: the two reasons behind the housing boom -2

Double the minimum investment to 500 thousand euros in the center of AthensThe northern and southern suburbs of Mykonos, Santorini and the municipality of Thessaloniki caused an “explosion” of transactions.

Accordingly, according to data from the Ministry of Immigration Policy, during the first quarter of this year, 1052 new licenses were issuedOne 141% increase compared to the same period last year. If this rate is maintained, it is possible in 2023 with over 4,000 new licenses awarded, without excluding that this figure is even higher. At the same time, during the first three months of 2023, applications for permanent investor licenses increased by 156%, to 2,367.

It is worth noting that interested investors who wish to secure a property with the current limit of €250,000 in the areas where the compounding will apply, must obtain Conclude a preliminary purchase agreement by July 31, after the last extension granted. The transaction should then be completed by the end of 2023.

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According to industry professionals, Israel, China, Lebanon and Turkey It is the countries that seem more mobile, especially for the properties on the coastal axis, but also Kifisia from the northern suburbs. Also, in northern Greece, there is a great demand not only from the Balkan countries, but also from Russia (although the ban on issuing a residence permit to Russian citizens, through the “golden visa” program, is still in force).

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