Statista, the online statistics portal for market data, reports that a home buyer in Greece can buy the fifth largest home for 200,000 euros among 17 EU member states. Specifically, the amount can buy a newly-constructed 120 sq. meter flat that covers the needs of the average family.
The home bubble has burst, meaning that a new flat in the Attica region where Athens is located can be purchased for 1,650 euros per sq. meter as opposed to 2,500 euros per sq. meter prior to the economic crisis. Back in those days it was hard to find an apartment of more than 80 sq. meters for 200,000 euros.
With loans harder to get, property buyers are limiting their sights on more affordable homes. Realtors point to the single property ENFIA tax as a deciding factor in home buyers choices. New homebuyers are considering the size, age and location zone of homes when making their choice as these influence the size of ENFIA.
Since 2008, the home market has been more accessible, especially for foreign buyers who can get more value for their euros when investing in Greek property.
The Bank of Greece’s data shows that home prices were shaved by another 2.7 percent in the second quarter of 2016, whereas they fell 4.7 percent in the first quarter and a total of 5 percent for 2015. Specific data on newly built apartments (up to five years old) showed prices fell 3.3 percent in Q2, while older flats dropped 2.3 percent y-o-y. In Q1 the decline came to 5.3 percent for new flats and 4.4 percent for older properties.
Overall, the cheapest property can be found in Russia where home owners can buy a 275 sq. meter property for 200,000 euros, whereas the same price will buy you 200 sq. meters on the Ukrainian home market and 194 sq. meters in Portugal.
The most expensive home market is in the UK where 200,000 euros can buy you a flat for 29 sq. meters and just 23 sq. meters in London and 11 sq. meters in the London center.