Recent data shows that older homes are the most popular with property buyers in Greece. By renovating an older property in Greece, buyers can make a significant profit when they go on to sell. Could you do the same?
According to Greek real estate company RE/MAX, as reported by the Greek Reporter, property buyers prefer older properties. In the last year, 70% of property buyers bought a home that was built over twenty years. The data did not reveal if these buyers were locals or overseas buyers.
Could an older Athenian apartment suit you?
This data can be broken down into regions too. In Attica, home to Athens, 82.7% of properties purchased could be categorised as an older home. With newly built and properties up to five years old making up only 4% of the sales. The numbers are similar in Thessaloniki, where 79.5% of properties were older than twenty years old (newer homes made up 5.6% of sales).
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This trend can partially be explained by the fact that there are just less newly built properties on the market than older ones.
There are pros and cons to buying a newer home, just as there are buying an older one, and which one you purchase comes down to a matter of taste, requirements and budget.
Resale or new build: which will suit you?
The benefit of a home that is under five years old is that you can expect high quality finishes and modern amenities. Air-conditioning to take the edge of the Greek summer heat. Maybe even an inbuilt music system so you can rock out as you hang up your clothes on the terrace. And, perhaps, the biggest benefit of all: you can move in straight away, without any hassle. Greece also has a growing off-plan properties, where you buy the plans for a property that has yet to be built and pay in instalments until completion. Read more about buying an off-plan property in Greece.
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The financial benefits of buying an older property
Your next project?
One of the enormous benefits of purchasing an older property in Greece is that you can buy it cheaply and then transform it for a profit. Even in the heart of Athens, you can buy an apartment for as little as €50,000. While a renovated property can be sold for twice as much.
Tips for renovators:
Calculate costs before you buy
You may see the price €50,000 and think: sold! But renovating a property can be costly. Many buy a cheap, older home to renovate and end up abandoning the project because they feel overwhelmed by the time, energy and money that it required to be fixed up. The more you can renovate yourself, the less expensive it will be. Perhaps leave the rewiring to an electrician but the redecorating can be your job.
Get tips from those who have already made the move on how to save money living abroad.
Check your plans are possible before you buy
The last thing you want is to cook up plans to transform your property into a dreamy abode and then find out that your plans are not allowed. You will need a building permit for some renovations to ensure that it complies with legal requirements. Ask your estate agent and lawyer early on in your buying journey.
Focus on practical, important changes
If you have a limited budget or envision your home renovation taking a long time, prioritise the changes that really need to happen. This will include an energy upgrade, a modern kitchen, an air-conditioning unit. These will make the biggest difference when you come to sell.
Maintain original aesthetics
On the Greek islands and the countryside, many older homes have absolutely beautiful aesthetics. Think stone facades, wood beam ceilings, white-washed walls and accents of the distinctive Greek island blue. Often, property buyers find these extremely desirable. They fit the dream of retiring to a beautiful, quiet life in the sea or countryside. So, when you are renovating, try to keep these original features.
Julia renovated an older property in a sleepy seaside village in the Peloponnese. You can read more about her experience here:
