May 21, 2024

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Surplus in the northern suburbs | newspaper

Surplus in the northern suburbs |  newspaper

It appears that the apartment rental offer is discounted and Large-sized homes, more than 115 square meters. As can be seen from the relevant data Spitogatus.grIn 10 of the 15 areas with the highest concentration of properties available for rent, there has been a decline in the number of properties from 2020 to date. On the contrary, an increase was observed in only five of them.
The greatest decline was found in Paleofaliro by 27.9% and in Kolonaki by 26.9%. A significant decrease was also recorded in Kifisia by 23.6%, but also in Voula by 20.7%. This development should not be considered abnormal, since all of these areas have a very large stock of large housing stock, while smaller properties are much rarer. The demand that manifests itself towards these points therefore necessarily relates to large properties. Therefore, a decrease in the number of properties on offer is to be expected.

In eight regions, the supply of homes for sale increased in areas with the highest real estate inventory, while the supply of rentals decreased in 10 of the 15 regions.

Other regions also recorded a significant decrease, such as Nea Erythria by 19.5%, Palio Saichikou by 16.6%, Vouliagmeni by 14.4%, Alimos by 12.1%, Glyfada by 10.6%, and Agia Paraskevi by 9.7%.

When the crisis began, the largest and most expensive properties were the first to become vacant, and it took bold price cuts, but also many years, for the housing category to recover.

As can be seen, the areas of the Athenian Riviera and parts of the northern suburbs with large areas of real estate have witnessed a great demand for housing, and now the stock is starting to become limited. That this is occurring amid significant increases in rental prices indicates rising demand, but also indicates the financial ability of many households to adapt even to these prices. We will see if this is sustainable in the long term in the coming years. It is noteworthy that when the crisis began, the largest and most expensive properties were the first to be left vacant by users, and it took courageous price reductions, as well as many years, for this category to recover.
As for the places where supply has increased, they are Vrilisia (23.7%), Chalandri (22.9%) and Marosi (19.1%) from the northern suburbs, but also Nea Smyrni (15%) and Kypseli (11%). In the northern suburbs in particular, one possible explanation for the double-digit increase in supply during 2020 could be that many leases signed in 2018-2021 were not renewed last year and this year due to their landlords demanding significant rent increases to drive down prices. In line with today's reality. Thus, many properties have been reallocated to rent at high prices and this inventory has not yet been absorbed.

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Mixed picture

The picture is more mixed when it comes to homes for sale. In particular, in eight regions there is an increase in the supply of houses larger than 115 square metres, while in the remaining seven regions there has been a decrease. Among these companies, Fola and Kefisia stand out, with the stock recording a decline of 27.4% and 34.4%, respectively. A significant decrease of 18.6% was also observed in Kolonaki. Given the cost of real estate in these areas, there is clearly a segment of buyers who continue to put themselves in the market.
On the contrary, popular areas in the northern suburbs are recording an increase in the supply of properties for sale, which may be due to higher asking prices compared to the financial capacity of the buying public. Furthermore, larger properties cost more, due to their larger surface area. Thus, a significant increase compared to 2020 was found in areas such as Agia Paraskevi by 34.4%, Papagos by 28.5%, Chalandri by 25.6%, and Vrilissia by 25.5%.