Looking to buy or sell properties? Real estate expert Xenia Karamanou breaks down some of the most important trends.
Real estate markets are hotter now than they have been in many years. This is especially true in Greece. If you’re looking to move to Greece, or already live in the region and want to understand local real estate trends, then you need to check out what Xenia Karamanou has to say.
“Real estate is very much vital for families, organizations, investors and other parties too,” Xenia Karamanou points out. “Real estate is also quite expensive and points a major investment for most. These factors make it especially important to study and understand the trends.”
However, price is obviously an important factor. In Athens, median home prices rose to approximately $320,000 in December, up more than $40,000 from December 2020. Prices are now at record highs and could reach even greater heights.
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“It’s pretty obvious that prices are on the rise,” Xenia Karamanou says. “Housing prices, among other factors are spurring inflation and right now it’s a seller’s market. Not only might you get more for a home today, you may also close a sale within a matter of days rather than weeks.”
With prices at or near record highs, many people may be tempted to sell off investment real estate. However, keep in mind that you’ll lose rent revenue streams. With rent prices also on the rise, many real estate investors are consistently watching their wealth grow.
Also, with social distancing measures having largely been dismantled, many folks are now looking to go for a vacation. Anyone renting real estate to tourists and short-term guests may find favourable market conditions in the future.
Buyers Must Act Quickly in the Greek Market
If you sell your home to cash in on record prices, keep in mind you may also pay record prices to acquire a new place to live. And not only are prices on the rise, but you’ll have to pull the trigger immediately. Right now, the average home in Athens is going for about 1 percent below list price and hits pending in just 12 days. In total, homes are typically on the market for only about 30 days.
“Prices are far from the only factor right now,” Xenia argues, “time is very important. If you don’t act quickly to acquire the property you want, you might miss the opportunity to purchase it all together.”
Inventories have also shrunk by nearly 45 percent, which may keep prices high and encourage quick sales. Rapid construction could cool markets down a bit but so far most indicators suggest 2023 will see brisk sales.
“It’s impossible for anyone to predict the future so whether you’re in the market for a home or are a realtor, it’s smart to pay close attention to indicators,” Xenia explains. “The right insights may protect your finances and family.”
So make sure you keep all of the above in mind when considering real estate in a place like Athens. Whether as a real estate investor, realtor, or even a humble customer, it’s wise to pay close attention to emerging market trends. Knowledge is power and the right insights now can save you from headaches later.
Follow real estate mogul, Xenia Karamanou on IG and stay tuned for her upcoming projects @xeniakaramanou