By 2023, the reduction in starting price was a decisive factor in the success of an auction. Interested parties awaited the discounts, hoping to lower priceswhich influenced the overall market dynamics real estate. But in 2024, according to Landea, it seems that it marked a completely different time.
The increased demand for real estate has drastically reduced the importance of reducing initial prices. Buyers, fearing that waiting can deprive them of the opportunity to obtain a property, seem willing to market even without any price adjustment.
This behavior is also reflected in official figures, as in 2022, 26.6% of successful auctions were made by price reduction, compared to 21.7% without a decrease. In 2023, the difference began to decline, with the corresponding rates reaching 27.6% and 25.5%. However, in 2024 the picture changed dramatically. The auctions completed by a price reduction drop to 22.9%, while they reduce the first to the first time, reaching 27.0%.
History record in auction transactions
This change is not just arithmetic, but reflects the overall market rearrangement. The total number of auctions purchased through auction has recorded an impressive rise in 2024, increasing 34% compared to the previous year. Specifically, 12,476 transactions were made, recording a historical record, while their total value reached € 1.32 billion, exceeding any previous level.
Most of them relate to residential real estate, which confirms the consistently high demand for homes. Increased mobility is attributed to both intense interest by investors and individuals and to possible changes in the strategy of banks and funds that manage real estate. These developments seem to facilitate more transactions, giving further boost to the market.
The rise of price per square and preference to more expensive properties
The increased demand for real estate is also reflected in the rise in price per square meter, especially in Attica and Thessaloniki. According to the data, the lower price categories (less than € 900/sqm) record a gradual reduction, while the middle and higher zones (from 1,101 euros/sqm or more) follow up. This trend is attributed to both increased starting prices and increased competition between stakeholders during auctions.
The province as a driving lever of the rise
Although Attica and Thessaloniki continue to concentrate on the largest volume of auction -changing properties, in 2024 market dynamics also shifts to the region. Areas outside large urban centers are recording impressive growth, highlighting the province as a key factor.
Indicatively, the Northern Aegean and Central Greece over -decorated the volume of their transactions, increasing 142% and 104% respectively. Overall, the province showed an increase of 51% compared to 2023, demonstrating that the auction real estate market is no longer limited to large urban centers, but is expanding vigorously throughout the country.
A new reality for auctions
The overthrow observed in 2024 underlines a clear change in buyers’ strategy. The era where the starting price reduction determined the success of auction seems to be over. Buyers no longer expect discounts and choose to move immediately in order to secure the property they are interested in.
With the total value of transactions touching historically high levels and sales recording a striking rise, the auction market looks more dynamic than ever. The remaining question is whether the increased demand will continue in 2025 or whether there will be a re -balance between supply and demand.