Explore how renovations of older, unclaimed properties in Greece are raising sale and rental prices, enhancing tenant quality of life and affordability.
In an insightful analysis conducted by ReDataset, the Data & Analytics department of Resolute Cepal Greece (RCG), the intricate relationship between property renovations and their subsequent influence on sale and rental prices has been meticulously examined. The findings reveal a compelling narrative: properties that were once languishing in obscurity, characterized by their antiquated structures and meager rental yields, are now undergoing transformative renovations, thereby contributing to a notable upward trajectory in market prices.
Tenants, it appears, are increasingly gravitating towards these revitalized properties, drawn by the promise of enhanced quality of life and diminished living expenses. Concurrently, prospective buyers are exhibiting a marked preference for homes that boast modern features, seeking out renovated properties that harmoniously blend high energy efficiency with contemporary design aesthetics. This trend is not merely a matter of personal taste; it reflects a broader societal shift towards sustainability and functionality across diverse locales.
The analysis by ReDataset further elucidates the anticipated impact on property prices for 2024, encompassing both sales and renovations. A detailed examination of the municipal units within the Attica Region reveals intriguing statistics regarding the prevalence of renovated properties for sale. Leading the pack is Vouliagmeni, with an impressive 39.6% of its properties having undergone renovations, followed closely by Filothei (27.8%), Athens (27.3%), Piraeus (26.6%), Tavros (25.4%), Kallithea (24.4%), and Psychico (24.3%). These figures underscore Vouliagmeni’s preeminence in the renovation landscape.
Moreover, the analysis highlights the municipal units with the most significant price differentials per square meter between renovated and non-renovated properties. Markopoulo emerges as the frontrunner, boasting a staggering 25.7% price difference, followed by Pikermi (25.0%) and Piraeus (24.3%). Other notable areas include Keratea (23.9%), Salamis (22.8%), Artemis (22.3%), and Aegina (22.3%). Such data unequivocally illustrates the substantial value that renovations confer upon property market prices.
When examining rental properties, the statistics reveal a similar trend. Vouliagmeni again takes the lead, with 46.6% of its rental houses having been renovated, followed by Psychico (44.7%) and Filothei (41.6%). Piraeus (41.3%) and Neo Psychiko (40.0%) also demonstrate commendable renovation rates, while Papagou (39.2%) and Dafni (38.8%) round out the list. This data underscores the critical role that renovations play in high-demand rental markets.
Furthermore, the analysis identifies the municipal units with the largest percentage price differences per square meter for rental properties. Spring stands out with a notable 15.1% difference, trailed by Skala Oropos (13.6%) and Artemis (12.8%). Nea Makri shows a difference of 12.4%, while Psychico (10.8%), Filothei (9.8%), and Daphne (9.2%) exhibit smaller yet significant differentials. Interestingly, areas with higher price differentials tend to correlate with lower renovation rates, while regions like Psychiko and Filothei, characterized by higher renovation rates, display smaller price differences.
The data elucidates a complex interplay between renovations and price differentials in both sales and rentals. As the real estate landscape in Greece continues to evolve, the implications of these findings are profound, suggesting that strategic renovations not only enhance property value but also cater to the shifting preferences of a discerning market.
