Many properties are overpriced due to the lack of transparency in the housing market

• 13 June, 25

The large gap between asking prices and actual transaction prices—at least based on the limited official data—reveals one of the most severe ailments of the housing market: overvaluation of properties for sale, which in turn drives up rental prices. Antonis Markopoulos, CEO of Prosperty, noted: “When sellers see advertised asking prices for similar properties in the same area, it’s hard to persuade them to lower their expectations to facilitate a deal.”

Markopoulos stated that partners of this digital property management platform are making great efforts to convince property owners to align their pricing or rental demands with actual market transactions rather than with listed prices. However, achieving this goal requires tools and support from official institutions and the government; otherwise, this “battle” is doomed before it begins. Speaking at the 3rd Real Estate Conference organized by Capital.gr and Forbes, he emphasized: “In mature markets, transaction data is made public. Greece must open up this data and also publish all nationwide rental contracts to provide reference points for average transaction prices of the properties we are interested in.”

Transparency in the property market is crucial—not only for revealing real prices and values but also for educating buyers and sellers on how to make informed decisions during actual transactions. Research conducted by Prosperty using contract data from the Ministry of Finance’s transfer value registry shows that asking prices are significantly higher than final transaction prices, and that contract prices lie somewhere between objective and commercial values. In practice, 2024 data from the registry indicates that the number of property transactions has not exceeded 28,700, with a total value below €3 billion, and an average price under €1,330 per square meter. These figures are well below actual levels and reflect the lag in data recording. For example, analysis of notary data from the Hellenic Statistical Authority shows that in 2023 there were 122,123 property transactions, even compared to 43,443 transactions during the peak of the crisis in 2014.

Market observers point out that if information is not more widely disseminated—especially for owners without financial pressure (e.g., overdue debts or large mortgages)—they prefer to insist on the highest asking price, even if the property remains unsold for six months or longer.

In this context, the initiative announced by Greek Deputy Prime Minister Kostis Hatzidakis at the Capital.gr event—to establish a property price observatory—is a welcome move. The key lies in timely integration of accurate data to provide a “roadmap” for real market prices.

Cre: news.b2green.gr