The housing cost of a family-friendly property, i.e. costs that include paying monthly rent, utilities and paying other bills, today amounts to an entire salary. How we got here is no longer an unsolved equation. “Zero construction activity in the memo era is the primary factor shaping the image of Greek real estate.”notice Themistocles Pacas.
the President of the Greek Real Estate Network He is the guest at Podcast to NewBest. Together with Mr. Baca we analyzed the picture of the real estate market and rental prices, while also talking about solutions that could stop the upward rise, and return the “For Rent” signs to normal, which we read twice and three times to make sure that the amount mentioned is real!
-How much does it cost to rent a house for a family? “In the northern suburbs, 9 out of 10 houses, 80 to 110 square meters, with two bedrooms and above the first floor, cost more than 800 euros. In the western suburbs, 5 out of 10 people rent for more than 700 euros. In Athens, 65% of available rentals are worth more than €700. In the southern suburbs area, 8 out of 10 homes are priced more than €800. In Piraeus, 5 out of 10 are more than €700 and in the rest of Attica, 6 out of 10. If available An affordable house, 550 to 600 euros, which is mainly sought by families, is very small. Only 2 out of 10 are available. And if we find these properties, we have to know that 80% (of 2 out of 10) were built before 1980. Mainly , houses that have not been renovated – with all that entails.”
-How did you arrive at this point of view? “The main reason is that during the diary years there was a 95% decline in construction activity. At that time, instead of buying a house, (since banking institutions did not issue mortgages), people turned en masse to renting. Never before had a market “Real estate is such a large stock of properties suitable for rent. At the same time, when construction activity began, banks began to give loans, but at a much lower rate.”
-What are the indicators that change rents? “The main criterion is the condition of the property. We have three different indicators. Another property is completely renovated, another property is partially renovated, and another property is not renovated. The second element is the dynamics created in the area. If there is investment interest or not. It also plays Accessibility to the area also plays a role, as the easier the access, especially public transportation, the higher the property values and rents.
-There are opportunities within Attica: “Nicaea and Rentis are two areas available and you can find younger houses, i.e. from 2005, at reasonable prices. Or Korydallos with Drapetsona. These areas close to Piraeus and Alvsina are areas that we will be moving towards in the near future, like it or not. In the past, those who did not They could stay in Glyfada, they went to Nea Smyrni or Paleo Faliro. After that, those who could not go to Nea Smyrni, they went to Kallithea or Neos Kosmos. Today in these areas they have high rents, whereas in the past it was opportunity. Necessity creates Areas, let's not forget that. There you realize that you can invest in an area where you will make profits in the near future, whether you keep the property as owner occupied or think about selling. I've told you before that Plato Academy is an area to look into. He insisted that it was a good area for investment.”
Listen to the podcast with Themistocles Bacca
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