ανάλυση της Cerved Property Services προέκυψε ότι οι μισθοί των 11,5 ετών πρέπει να είναι τριπλάσιοι από τον μέσο όρο για να μπορέσει κάποιος να αγοράσει ένα διαμέρισμα 60 τ.μ. στην Ελλάδα, εάν είναι ηλικίας μεταξύ 20 και 30 ετών. Αυτό οφείλεται στην αύξηση των τιμών ακινήτων σε σχέση με την αύξηση των μισθών των πολιτών. Η αναλυτική έκθεση αποκαλύπτει μια ανισότητα μεταξύ της αγοραστικής δύναμης και της δυνατότητας απόκτησης κατοικίας, κάνοντας την αγορά κατοικίας στην Ελλάδα μια ανέφικτη επιλογή για το μεγαλύτερο μέρος των ατόμων που ενδιαφέρονται.
The Economic Situation in Greece
Between 2018 and the end of 2023, the average salary in Greece increased by 19.5%, from 1,070 euros to 1,250 euros. However, in practice, this increase did not have a significant impact, as it was offset by high inflation and a wave of price increases that have affected almost all goods (e.g. food) and services in recent years, despite the fact that the increases are now limited.
During the same period (2018-2023), the average selling price of a house in Greece has increased by 57%, reaching 274,830 euros, from 175,000 euros in 2018. This means that now it takes 11.5 years
How the Real Estate Market in Athens Has Changed Over the Years
Just three years ago, in 2021, it took 8.5 annual salaries to buy a 60 sq.m. apartment in Athens, a property that was 30 years old. This period was in line with the international average at the time.
According to a recent analysis by Cerved, Athens is now the fifth most expensive city for locals to buy a home, trailing behind only some of the most expensive cities in the world historically, such as Hong Kong, Tokyo, Paris, and Tel Aviv. The fact that cities like Zurich have been surpassed in terms of real estate prices highlights the changing dynamics of the housing market in Athens.
The Need for Adjustments in Income Levels
The cost of living in cities like Geneva, London, and Dubai highlights the necessity for adjustments either in selling prices or incomes, or both.
It is important to note that a percentage of Greek incomes indicate a struggle, as over 50% declare an income below €10,000. Data from self-employed professionals shows that 64% reported incomes up to €10,000 in 2023, with almost 45% earning below €5,000. It is evident that a significant portion of income goes unreported.
The Impact of Rising Property Prices on Purchasing Power
Recent data shows that property prices have increased by 57% between 2018 and 2023, while wages have remained low. This has led to a decrease in overall domestic purchasing power, affecting especially employees whose wages have not kept up with the rising costs of living, despite recent salary increases.
The Limited Access to Bank Loans for Greek Households
At the same time, according to Cerved, there is limited “real” access to bank loans for Greek households. Current conditions have made it difficult for households to secure loans, further impacting their ability to invest in property or improve their financial situation. This poses a challenge for many families trying to navigate the current economic landscape.
Housing Affordability in Greece
Home prices in Greece are targeted towards the top 25% of households based on available income. For newly built homes, current price levels are aimed at the top 3%-10% of the country.
Requirements for Housing Loans
Moreover, a significant amount of savings/capital is now required to secure a housing loan. Considering the average value of a home in Athens today, which is around 300,000 euros, the income scale of the interested party should reach 35,000 euros. In this case, they may be able to secure
Strong Demand for Real Estate Continues
According to a recent study conducted by the Research University Institute of the University of Macedonia (PAMAK), the demand for purchasing property remains strong. Even though the average loan for buying a house is €210,000, many potential buyers are willing to invest their own money as well.
The survey, which was done in collaboration with the blog iliaspapageorgiadis.com, led by Mr. Ilias Papageorgiadis, head of the MORE Group, revealed that 28% of participants consider themselves likely candidates for purchasing a property in the near future. This indicates a positive outlook for the real estate market despite the high loan amounts involved.
The Desire for Real Estate Ownership in Greece
A recent survey in Greece revealed that only 9% of respondents identified themselves as real estate sellers. An additional 51% expressed a general interest in the real estate market.
The Significance of These Responses
These responses are particularly important as they reflect the desire of Greeks to own a home, but also their inability to do so as long as prices remain high and their financial situation does not significantly improve. Essentially, there is currently a widening gap in the housing market between the desire for ownership and the reality of the economic situation.
The Impact of Rising Prices on Household Purchasing Power
In recent years, the prices of goods and services have been steadily increasing, putting a strain on the purchasing power of households. This has led to a situation where households are finding it increasingly difficult to make ends meet.
Despite efforts to increase wages and improve living standards, many households are still struggling to keep up with the rising cost of living. This has had a significant impact on the overall well-being of families, as they are forced to make difficult decisions about where to allocate their limited resources.
