House Sale Prices Grow 10% in Athens Over the First Quarter

House Sale Prices Grow 10% in Athens Over the First Quarter


House sale prices grew 10 in Athens over the first quarter

According to CoreLogic's most recent data, house sale prices in Athens increased 10% year-over-year during the first quarter. Despite expectations that Greece will enter recession again in 2020, the housing market in Greece continues to be healthy.

The market remains tight, and there has been a lot of new property available this year. On average, a two-bedroom apartment in central Athens costs EUR630,000 on the open market.

1. Central Athens

In Central Athens alone, house sale prices increased 10% year-over-year during the first quarter of 2022. This pattern has become increasingly commonplace throughout the country as housing costs continue to climb.

One major reason for this surge is the proliferation of flippers - home owners who purchase a house and renovate it before selling it. They usually do so quickly, usually within several months, before placing the property back on the market.

Another significant driver of price increases is the rapid rise in student enrollment at the University of Georgia. Not only do these young people bring in more money for the city, but they also drive up housing costs.

Though home affordability for some has improved, those without sufficient credit or budget may face difficulties. Furthermore, Athens' high renter population and government policies that discourage new home construction make it especially challenging for those without money to purchase a residence.

Athens-Clarke County's median income of $51,227 means a family making this amount cannot afford to buy a house at its median price of $318,333. That's far less than the 30% minimum monthly income that affordability experts recommend for meeting payments on typical interest rates.

Even so, many in Athens are finding their dream homes. This sentiment is especially prevalent for young professionals who have settled here due to job opportunities.

Thankfully, there are several ways to find the ideal home in Athens. Start by using the tools available on Point2.

You can search listings based on price, property type, bedrooms and bathrooms as well as other features. Furthermore, filter listings based on recent price drops to help narrow down your options.

Additionally, you can search for a new home by location or neighborhood. By selecting these filters, it will be easier to find a house that meets your requirements. Plus, you can save your search so that you are notified when new homes meet your preferences. And if selling your existing residence is on your mind, we can help ensure you get the most for it.

2. Western Suburbs

The western suburbs of Melbourne are home to a number of vibrant communities and an exciting arts scene. Additionally, foodies will find plenty of multicultural dining options throughout the area.

According to a report by Well Money Green Shoots, house sale prices in certain Western Suburbs are expected to increase over the coming months. These include Clyde North, Melton - Bacchus Marsh and Wyndham.

According to a spokesperson from digital mortgage lender Well Money, increased asking prices and low inventory levels over the last three months have caused property values in these areas to increase. "Sellers are taking advantage of the current interest rate and strong demand in these locations to secure an excellent price for their property," they noted.

Investors in the Western Suburbs of Chicago have an excellent opportunity to purchase and hold property. Because many are located close to major metropolitan areas, rental rates could potentially increase and profits could be higher.

Furthermore, the area is a popular choice for young families and those looking to advance on the property ladder. It boasts one of the highest median family incomes in the state and boasts several esteemed schools and universities.

Unfortunately, the region can be challenging to navigate and has high traffic volumes on certain roads. Thus, it is essential that you are familiar with your environment before deciding where you should live or invest.

If you are searching for a home in this region, it is recommended that you utilize the services of an experienced real estate agent to assist in finding your ideal property. They can provide invaluable information such as the average property price, current monthly rent and more.

Another way to guarantee you find the ideal property is through Point2's search tools. You can sort homes based on multiple criteria, including price, property type, square footage and number of bedrooms. Once you've narrowed down your search to something suitable, save it and receive daily or weekly emails with listings matching your preferences.

3. Northern Suburbs

A strong housing market and thriving economy in Athens have caused property prices to soar, prompting locals to brace themselves for potential large property tax increases - but why?

The rise in prices is mainly attributable to new real estate developments that have taken place over the past year, such as three major hotels and Kroger shopping center between Hull Road and highway 29.

It's also worth noting that many suburbs are now closer to the city centre than ever before, leading to traffic congestion and a shortage of parking spaces in these areas.

These issues have also contributed to an increase in rental prices within the area. For instance, two-bedroom apartments tend to be pricier than smaller ones in central Athens.

Contrastingly, in the suburbs, the average cost of a two-bedroom apartment is significantly cheaper than that in central Athens. This reflects the preference many people have for more peaceful environments rather than bustling city centres.

Due to this surge in housing demand in the suburbs, house sale prices there have seen an upward trend. On average, house prices there have increased 10% year-over-year over the first quarter of 2019.

Similarly, the median price of a detached house in the suburbs has gone up by 11% - far greater than the overall increase of houses sold there, which has only gone up 4% during this period.

Athens' northern suburbs remain a great option for homebuyers, offering both colonial brick cottages and Georgian-style houses that are being renovated or restored, as well as stylish new builds.

The area offers a range of shops and restaurants, as well as being known for its schools. As such, it has become a popular choice among families. Furthermore, with its low crime rate and excellent infrastructure, commuters to the central city are easily accommodated.

4. Saronic Islands

In Athens, house sale prices rose 10% year-over-year during the first quarter of 2015. This is encouraging news for buyers looking for a great deal on a property in Athens.

House sale prices across Greece have seen a notable surge. The country as a whole has witnessed an uptick in overall home sales, with the largest surge taking place in the northern region.

Houses in Athens remain priced below the national median, with a median price of $365,000. If you're considering purchasing a home there, do your research and discover what's currently happening in your neighborhood.

A free home value report in Athens will give you a realistic assessment of your property's current worth. Simply fill out our brief form, and we'll provide you with the most up-to-date data on its values.

We will also offer our expert opinion on the trend of house sale prices in your area, so you can find the ideal house for both your needs and budget.

Athens lies across a central plain of Attica, known as the Attica Basin (Greek: Lekanopedio Attikes). This basin is encircled by four major mountains: Mount Aegaleo to the west, Mount Parnitha to the north, Mount Penteli to the northeast and Mount Hymettus to the east. Beyond these peaks lies an expansive Thriasian plain to the west and Saronic Gulf in the southwest.

Athens is severely constrained by its geographic location, leaving it with little choice but to endure air pollution caused by mountains that infiltrate the atmosphere and create an inversion layer that makes breathing difficult.

To combat this issue, Athens has established a network of public transport that connects major suburbs to the city center, including Eleftherios Venizelos International Airport. This has made accessing the capital much easier and made Athens an attractive and approachable place for residents.

Urban renewal and growth has occurred throughout Athens, with many older neighborhoods being redeveloped into more modern ones. Metaxourgeio district especially is seeing a meteoric rise in popularity as an up-and-coming cosmopolitan neighborhood.

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