According to the RE/MAX franchises operating in Greece, the first half of 2010 saw a decrease in real estate prices. The franchise concludes that the resulting decrease marks a smooth correction on the previous level of real estate prices. RE/MAX noted an 11% price decrease based on the transactions done in the RE/MAX offices.

The RE/MAX research which again is based on the contract finalizations done exclusively by RE/MAX franchisees witnesses an increase in demand for used older housing where eight aged residences are sold for every one new residence in the Attika prefecture. Forty-three percent (43%) of the residences sold were over 30 years old, while 64% were over 20 years old.

Buyers Opt for Lower Prices

The study shows buyer preference for affordable housing rather than costly new posh residences; price being the decision determinant. About 10% of houses sold were newly built ones. Older houses have stronger price elasticity while newly-built residences are still inert.

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