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The more affordable the area, the greater the increase in the selling price of a home, up to 116%
A determining factor in increasing the resale value of a property is its renovation, which is now also certified based on the numbers. In its related analysis, Protio points out that the value of a residence increases by 58% on average after renovation, compared to an unrenovated property. This finding is based on the comparison of sales prices achieved in individual areas, after a renovation has been carried out. In this context, the areas with the greatest benefit from a renovation were identified, which is also calculated based on the individual characteristics of an area, as well as the overall condition of its housing stock. For example, in an area with a large number of renovated or modern structures, it is obvious that a renovation will have less impact on the price. The same applies in an area where prices are generally low, or if the cost to buy is already high for the features of the site, as is now the case in the center, where even if an apartment is completely renovated, it is not easy to sell 50% -60% more expensive because there are no buyers at this price level.
According to Protio’s analysis, Moschato appears to be at the top of the relevant list, as high demand combined with “aging” housing stock translate into a 116% appreciation of a renovated home. Next is the area of ​​Psirri, where the demand is very high due to its strong touristic nature and the prospect of real estate investment through short-term rental platforms. Thus, a renovation can increase the sale price by 95.5%, while in the area of ​​Omonia and the nearby Koumoundourou square the benefit reaches 61.5%, also due to the prospects of tourist exploitation and the poor condition of most properties in the wider area.
According to Protio, “buyers are increasingly turning to properties with new features, looking for renovated homes that combine high energy efficiency with contemporary design and aesthetic renewal, for reasons of sustainability and functionality, in different areas. Confirming the importance of renovations in perennially more affordable areas, Metaxourgeio stands out among the options and the value of renovated homes in the area increases by 47%. An important addition to the map is the area of ​​Piraiki, where the property value improves by 46.4% after the renovation. Properties located in Neo Egaleo are gaining in value by 44.8% and the area is now one of the popular choices for renovation.” In Exarchia the benefit is 52% and in Evangelism 48.4%. Correspondingly, in Paradisos Amarousiou the increase in value from a renovation reaches 44.6% and in Attica Square 40%, while in Kypseli the profit reaches 39%. The appreciation achieved in Kifissia is smaller, with 31.6%.
In this context it is evident that the renovation of a residence is a strategic investment, which increases much more, compared to the past, the value of a property. In the past and before the financial crisis, the benefit that could be capitalized through a renovation was usually 25%-30%. However, at that time a large part of the buyers preferred modern and newly built properties, also thanks to the ease of buying through bank loans.
Ready property
Today, when the majority of households cannot get a loan (mainly because they “carry” debts from previous years) for the purchase of a newly built apartment, which costs from 350,000 euros in Attica, the solution of purchasing a renovated residence appears to be a more affordable option. This is exactly what is now reflected in the sale prices of renovated homes, but also in the high demand, which in turn translates into 40% less time to complete the sale. As Protio reports, renovated homes immediately appeal to buyers who want a ready-to-move-in property without the need for additional work. Thus, selling prices are also higher than for an unrenovated property, as interested parties are willing to pay more for the comfort and functionality that a renovated home offers.

Source: THE DAILY