Greek real estate market is showing signs of stabilization amid a climate of uncertainty prevaiing in market, putting a break to a prolonged recession of previous year, according to RE/MAX Greece.
RE/MAX said apartment prices fell slightly in 2016 compared with the previous year. On a national level, used apartment prices fell by 2.3 pct on average, while new-built apartment prices were largely unchanged (0.2 pct).
In Attica, old apartment prices fell 0.6 pct, while new apartment prices grew 2.2 pct, while in Thessaloniki, old apartment prices fell 3.2 pct and new apartment prices dropped 4.8 pct in 2016. In the rest of the country, old apartment prices rose 3.3 pct and new apartment prices rose 1.6 pct in the year.
RE/MAX is cautiously optimistic over developments in the Greek real estate market this year. The company said that the Greek economy is showing signs of stabilization and growth prospects, with strong investment interest from abroad and an increase in domestic demand as prices have fallen to a very attractive level.
The survey showed that around 85 pct of sold real estate were apartments/single flat, with commercial property at 9.0 pct. In Attica apartments accounted for 78 pct of sold property and commercial property for 18 pct of total.
In Thessaloniki, apartments accounted for 96 pct of total sales with the remaining 4.0 pct on commercial property.
A 92 pct of sales were old apartments (more than five years), while very old apartments (more than 30 years) were the top preference of buyers (40 pct).