The top real estate trends for 2022 are examined by a global study by Berkshire Hathaway HomeServices (“2022 EMEA Real Estate Report”), which reflects the views of residential real estate professionals in Greece and in six international markets – United Kingdom, Germany, Italy, Spain, Portugal, and Dubai. According to the research, different countries showed opposite trends, as a result of which it is not possible to give a comprehensive account of the effects of the pandemic, as each market has its own profile.
Regarding the Greek market, there was a dynamic with increasing trends throughout the pandemic, with high rates of demand and competitiveness with 80% of professionals discussing a highly competitive market and 67% stating that it is mainly driven by real estate demand. In addition, three in five (63%) predict that the market will flourish further next year and 4/5 (89%) estimate that it will become more competitive.
Demand
The demand was observed mainly in urban centers, with 63% of professionals confirming this, stating that apartments are at the top of preferences as opposed to detached houses. In addition, in Greece there was the largest increase (51%) in demand for housing with easy access to public transport. Unlike other real estate markets, this increase in demand did not extend to suburban and semi-urban areas. In Greece, the demand for rural housing did not follow the increased demand in urban areas with only 24% of professionals reporting an increase in demand for rural housing and 29% (the highest percentage of the present survey) stating that there was a decrease on demand.
Investments from abroad
The survey showed that a large percentage of investments in the Greek market comes from abroad (31% from international investors within EMEA and 24% from investors outside EMEA), although the tax and regulatory framework of the country significantly affects the market image. It is also clear that professionals expect the market to maintain this growth, with more than three in five (63%) predicting it will become even more dynamic next year and 80% of professionals predicting increased competition, with clear optimistic prospects. Also, flexible forms of work and land availability will be two key factors that will significantly affect the real estate market over the next 3-5 years, as well as access to transportation which is one of the key criteria for buyers.
Mr. Kyriakos Xydis, of Berkshire Hathaway HomeServices Athens Properties, stated: “Greece is a pole of attraction for investment interest in real estate, thanks to its special geographical location and the prevailing climatic conditions, offering huge opportunities and great growth prospects. As a member of the global network of Berkshire Hathaway HomeServices, we have the specialized tools, services and the appropriate resources to become the first choice to meet the modern needs of the Greek real estate market. ”
Giorgos Yfantis, General Sales Manager of Berkshire Hathaway HomeServices Athens Properties, said: “The Greek real estate market has changed dramatically for the better in the last year, after a ten-year period of absolute poverty with minimal transactions and even fewer constructions. “The pandemic is a major driver of increased demand, as customers have been able to save money due to travel constraints and increasingly value housing as a place to live and work.”
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