Greece Real Estate Market: High Demand for ‘Green’ Homes

Explore how 'green' properties in Greece achieve sale prices up to 125% higher, underscoring the value of energy-efficient real estate investments.

Houses that proudly flaunt a Category A energy certificate are not just homes; they are veritable gold mines, commanding sale prices that soar up to a staggering 125% higher than their less fortunate counterparts languishing in the lowest energy classification. This eye-opening revelation comes courtesy of a meticulous survey conducted by Spitogatos.gr, which was recently unveiled at the Prodexpo real estate conference by none other than Dimitris Melachrinos, the managing director of the company. The findings underscore the remarkable enhancement in property value that such energy-efficient investments can yield.

This phenomenon is intricately linked to the price disparity observed between newly constructed edifices and their older, more antiquated relatives. It is a well-established fact that new buildings typically secure a spot in the upper echelons of energy certification, thanks to the advantageous “bonus” afforded by contemporary construction regulations. However, the data also illuminates the substantial worth that an energy upgrade bestows upon a property, a fact that cannot be overlooked in today’s energy-conscious market.

In recent years, the relentless rise in energy costs has propelled a significant number of households toward energy upgrading solutions. From photovoltaic panels to heat pumps and thermal facades, homeowners are increasingly investing in enhancements to bolster their property’s performance. Such investments, it turns out, are not merely a matter of personal comfort; they are also reflected in the market value of each property.

Delving deeper into the data provided by Spitogatos.gr, one finds that the most pronounced price differentials are observed in the “green” houses dotting the picturesque Aegean islands, particularly the Cyclades. Here, properties boasting energy upgrades are a staggering 125% more expensive than their non-upgraded peers in the same locales. To put this into perspective, a green residence in these idyllic settings can command an additional €2,500 per square meter! Following closely behind is the Attica region, where the discrepancy stands at a notable 101.5%, translating to an impressive €2,213 per square meter.

A recent analysis by Spitogatos.gr further reveals that the largest inventory of green apartments available for sale within the Athens basin is concentrated in the southern suburbs, accounting for 44% of the total. This is followed by the northern suburbs at 25% and the city center at 15%. In contrast, medium-energy-class housing exhibits a more equitable distribution across the southern and northern suburbs, as well as the city center, with a notably smaller supply in the western and eastern suburbs. Interestingly, half of the low-energy-class homes are situated in the heart of Athens, with the southern and western suburbs trailing closely behind.

The interplay between energy efficiency and property value is not merely a passing trend; it is a fundamental shift in the real estate landscape that reflects broader societal changes. As homeowners increasingly prioritize energy upgrades, the market is responding in kind, creating a dynamic environment where green credentials are not just desirable but essential for maximizing property value.