The median time a property remains on the market in Piraeus before it is sold is 146 days, in contrast to other areas of Attica, where it can take more than 200 days to find a buyer, according to the real estate platform UNIKO.
Data from UNIKO’s first year of operation—in which the fintech company Qualco holds a 51% stake and National Bank of Greece holds 49%—covers 4,679 listings and transactions and illustrates the speed with which homes find new owners.
In central Athens, it takes 204 days for a home to sell, while in other areas the time is shorter.
In the northern suburbs and Eastern Attica, it takes 190 days; in the western suburbs, 156 days; and in the southern suburbs, 152 days.
The Actual Value of Real Estate
Of course, a key factor determining the speed at which deals are closed has to do with the extent to which the asking price reflects the property’s actual value, as UNIKO CEO Christos Fouskoudis noted during a meeting with journalists yesterday.
“There is also a marked imbalance between what people are buying and what is currently on the market,” he said.
“Around 200,000 euros, the market reaches a balance where supply and demand converge, so it is the only point in the market where negotiations are more rational,” he added.
Uniko’s data show that there is an oversupply of residential properties priced above 300,000, putting the buyer in a position of strength. Conversely, for homes priced at 150,000–200,000 and below, there is a shortage.
Also of interest are the figures on the sizes of apartments that are in highest demand and the preferred floor levels.
Over 50% of demand—specifically 53%—is concentrated on apartments ranging from 80 to 120 square meters, while 25% is concentrated on homes larger than 120 square meters.
As for floor levels, penthouses have now fallen significantly in buyers’ favor. In fact, only 2% of buyers are interested in apartments above the third floor, as they come with higher costs. 14% of demand is concentrated on ground-floor units, and 84% on apartments located on the first through third floors.