Such indecision is typical for periods of geopolitical instability, when the activity of buyers often temporarily decreases. Such caution is more often shown by those who are looking for housing for personal use, while investors who want to invest in square footage are less concerned.
As a result, the demand for residential real estate in Thessaloniki has recently shown restrained dynamics. However, properties priced below 100,000 euros are still in relatively high demand compared to more expensive properties.
At the same time, representatives of the real estate and construction sectors express concern about the potential impact of geopolitical tensions on the cost of building materials. They do not rule out further price increases, which may affect both construction costs and the overall dynamics of the housing market.
According to market sources, construction companies have not yet carried out detailed calculations of the impact of rising energy and fuel prices on current projects. However, they are closely monitoring price fluctuations to assess the possible consequences for the industry.
According to the Statistical Office of Greece (ELSTAT), in February, prices for building materials as a whole increased by 2.5%. The largest increases were recorded in copper conductors (7%), aluminum profiles (4.3%), plastic pipes (4.1%), bricks (4%), wooden cabinets (3.9%), concrete (3.7%), electrical distribution boards (3.6%), solar water heaters (3.2%) and electricity (3%).
Another factor that market representatives are paying attention to is related to the demand from buyers within the framework of the Golden Visa program. In Thessaloniki, interest in the program decreased after the investment threshold was raised to 800,000 euros. However, sources suggest that interest may resume, especially if foreign buyers once again consider Thessaloniki as a "safe haven", as it was in the past with buyers from Israel, Ukraine and Turkey.
The Greek real estate market: "Golden visa", rent, investor boom
Source: Voria
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