Old houses at newbuild rates

The spread betwixt the selling terms that owners inquire for, mostly arbitrarily, and the terms that buyers are willing to wage is becoming wider. It is often observed that properties implicit 30 years old, with nary renovations, are being offered for prices akin to recently built constructions successful the aforesaid area.

This situation has a important interaction connected the functioning of the lodging market, arsenic connected the 1 manus galore funny buyers are wholly disappointed and postpone their acquisition decision, and connected the different the volume of purchases and income is decreasing significantly, which is present besides reflected successful the budget’s gross from the transfer tax. 

That gross decreased by 4.62% annually successful this year’s archetypal 8 months, adjacent though income prices person accrued by astir 10% successful the past year. 

As Anna Mokakou, caput of the New Life Real Estate Agency, explains to Kathimerini, “it is simply a information there are sellers who person gotten carried distant by the increases successful income prices that person occurred successful caller years, aft a 10-year crisis. The information that galore of them merchantability without an contiguous request for wealth causes distortions, arsenic often the asking terms approaches that of a recently built flat successful the aforesaid area.” 

According to her, the usual arguments of sellers are the very bully materials that the spot is made of and the bully area, but ignoring different elements, such arsenic that it will not beryllium arsenic vigor businesslike compared to a modern construction.

Therefore, for example, an flat built successful the 1960s, and without having been renovated, was offered by its proprietor astatine 5,000 euros per square meter, simply due to the fact that it is located successful the historical halfway of Athens, but without offering a view of the Acropolis. Of course, this location was ne'er sold. 

Very precocious asking prices are besides observed successful aged houses successful the southern suburbs, simply due to the fact that of their proximity oregon proximity to the task astatine Elliniko. “We had a lawsuit of a 30-year-old apartment, without renovation, which had a terms tag of €4,500/sq.m.,” says Mokakou.