Oversupply of pricey homes

Supply of Attica homes implicit €200,000 is much than treble those costing beneath that amount, while request is the nonstop opposite.

Seven retired of 10 buyers are looking for properties worth up to €200,000, according to a survey conducted by existent property steadfast Uniko.

But lone 18% of funny buyers are looking for properties worth implicit €300,000, and 30% are looking for properties worth up to €100,000, according to the survey by Uniko, which is simply a collaboration betwixt the National Bank and Qualco. 

This is an evident mismatch betwixt request and supply, which explains the trouble successful accessing the lodging marketplace for the bulk of funny buyers. 

“We studied the Attica portion and recovered that the deficiency of properties that buyers see much affordable is great, while there are much properties priced supra €200,000, and supra €400,000 there is present a importantly larger available stock successful narration to demand,” said Uniko’s George Gkiokas.

Market expert Ilias Papageorgiadis noted “there is simply a large shortage of small-sized properties beneath €100,000, while arsenic the asking terms grows, the supply shortage decreases, but continues to beryllium up to the intelligence bounds of €200,000.”

Based connected the analysis, successful the class up to €100,000 there is simply a supply shortage of astir 20%, compared to demand. That drops to 8% for properties from €100,000-150,000, and to 5% for the €150,000-200,000 category. Meanwhile, a 15% excess supply implicit request marks the class of properties implicit €400,000.

For the astir fashionable areas, 84% of request focuses connected three Attica zones: the southern suburbs (30%), the halfway of Athens (29%) and the bluish suburbs (24%). Just 9% of request targets the western suburbs, and lone 7% for the remainder of Attica.

Buyers look for ample apartments with debased prices, a operation retired of touch with marketplace reality. 

Specifically, 52% of prospective buyers look for properties of 80-120 square meters, while an further 25% spell adjacent higher, desiring homes implicit 120 sq.m., when astir cannot spend much than €200,000.