Greeks opt for homes built 40 years ago

Greeks nowadays buy older and more expensive homes, compared to the previous high of the real estate market, in 2008.

The sale prices of homes in Attica are 4% higher today than 16 years ago, after the increase that has been noted since 2017. However, there is also a big difference in quality characteristics, as the average property bought by Greeks in 2008 was 20-30 years old, while today the average purchase is for a 40-year-old home, which shows that even though prices are higher, this money buys worse-quality real estate than in 2008.

The above figures were presented on Monday, as part of the annual Prodexpo real estate conference, by Vasiliki Vlachostergiou, deputy head of the Real Estate Market Analysis Department of the Bank of Greece (BoG).

As stated by Vlachostergiou, "in the same period, that is from 2008 until today, the real income of households has...