Brake on buying and selling houses it seems that they have laid down during the nine months of this year a big increase in selling prices. According to the analysis of data collected Real estate transfer value registeredited by the Housing Market Observatory TOPO GES (Re/MAX Estate)in most destinations where prices have risen significantly, transactions have declined sharply compared to the corresponding nine months of last year.

In particular, in the municipality of Athens and in Western Attica, the number of sales transactions increased by about 1%-2% compared to last year, while in the southern suburbs there was a decrease of about 15%, and in the northern suburbs the decrease was an average of 30%. Transactions in East Attica also recorded a 34% drop, while in Piraeus the decline reached 33% and in the suburbs of Piraeus a 25%.

Undoubtedly, this development should be attributed not only to the large rise in prices, but also to the consequences of rising interest rates and the cost of living, which alienated a significant percentage of interested buyers from the housing market. On the other hand, in areas such as the Argosaronic Islands, sales increased by 10% as the main source of demand comes from overseas investors.

The southern suburbs recorded a 15% decline, while the northern suburbs averaged a 30% decline.

In Athens, where there is also investment interest outside of Greece, the average property change value was €1,317/sqm, up 12% over the nine months of last year. Accordingly, the number of transactions in the southern suburbs of Moscow could be 15% lower than last year, but it could have been twice if prices had not shown “restrained” trends. For example, in Glyfada, the average sale price was 2,332 euros/sq.m., which is 10% lower than last year, and the purchased property was 17% less – 86 sq.m. Thus, sales increased by 4%. Similar examples can be found in Moschato (21% increase in sales and 11% decrease in prices) and Nea Smyrni (10% increase in sales and 15% decrease in sales prices, to 1057 EUR/sqm).

On the contrary, in areas such as Helliniko, the picture is different. This year, objects with an average area of ​​80 sq.m. were sold here. (23 sq.m. less than last year), while the average cost remained the same and amounted to 1875 euros / sq.m. Thus, the number of transactions decreased by 31%. Accordingly, in Daphne, where prices increased by 15%, there was a drop in the number of sales by 45%. However, Agios Dimitrios performed the worst, where the average price jumped by 44% to 1,590 euros/sqm, resulting in transactions falling by 53%.

In the northern suburbs, Vrilissia recorded the biggest drop in sales in the nine months of this year by 47%, where prices rose by 83% to 2,300 euros/sq.m. Accordingly, in Agia Paraskevi, where prices increased by 42% to 1618 euros/sq.m, sales decreased by 45%.

According to the company’s analysis, in addition to an increase in the average cost of sq.m. what seems to have been a more general trend in almost the entire basin, there were also places where noticeably younger properties were acquired this year. In particular, compared to last year, real estate six years younger was purchased in Agios Dimitrios, which also happened in Philadelphia and Chalcedon. Accordingly, properties purchased this year in Daphne and Imittos were five years younger than last year.