2/7/2024
The constant demand for housing and simultaneously, the limited, outdated housing stock led to an increase in construction activity in Thessaloniki.
According to the latest data from ELSTAT (ΕΛΣΤΑΤ), the number of constructions permits in Central Macedonia for the first ten months of 2023 increased by 8.8%, reaching a total of 3,663 issued permits. Many of these permits are related to the Thessaloniki region. According to statistics, the construction area in Thessaloniki increased by 22.6%, and the volume by 35.5%. At the same time, the upward trend in construction is reflected in the strengthening of the sector, as per ELSTAT data, the registration of new companies whose activities are related to construction increased by 17.1%.
The average age of residential properties has increased. The economic crisis, which froze the construction industry, has led to an increase in the average “age” of houses in Thessaloniki. The average “age” of residential properties now exceeds 40 years, compared to 34 years at the beginning of the previous decade in 2011, as noted in the latest report from the National Bank on housing in Greece.
Demand for plots in Thessaloniki is constantly growing. According to representatives of the construction industry, the old and limited housing stock leads to high demand for plots in the center of Thessaloniki, where they are minimally available, but it is the most popular investment direction. Significant activity is also noted in the east of the city with a focus on the Thermi district, as well as in the Evosmos area, where there is an increase in new construction projects. At the same time, in Kalohori, which previously did not attract the attention of builders, new buildings are being constructed. The Ano Poli is also of interest, as the area has numerous plots.
It is noteworthy that under construction buildings, considering the lack of a supply of new apartments, become objects of increased demand. Apartments are sold even before the completion of construction as a reminiscent of the times before the economic crisis when buildings sprouted like mushrooms, and apartments were sold based on plans.