kathimerini.gr
Greek Property Renovations Yield Average 58% Resale Value Increase
Protio's analysis reveals an average 58% increase in resale value of renovated properties in Greece, with Moschato leading at 116%, followed by Psyrri (95.5%) and Omonoia (61.5%), driven by high demand and older housing stock; limited access to loans boosts demand for renovated properties.
- What is the average increase in resale value of a property after renovation in Greece, according to Protio's analysis?
- Renovating a property significantly increases its resale value, with Protio's analysis showing a 58% average increase. This is based on comparing sale prices across different areas after renovations.
- Which areas in Athens saw the highest percentage increase in resale value after renovation, and what factors contributed to these increases?
- The impact of renovation varies by area. Areas with many renovated properties or high existing prices see smaller increases; for example, central Athens might not see a 50-60% increase due to already high prices and limited buyers at that level.
- How does the current economic climate, specifically limited access to bank loans, affect the demand for renovated properties compared to newly built ones?
- Moschato shows the highest increase (116%), driven by high demand and older housing stock. Other areas with substantial gains include Psyrri (95.5%), Omonoia (61.5%), and Metaxourgeio (47%), largely due to tourism potential and the condition of existing buildings. This trend highlights the increasing preference for renovated properties offering energy efficiency and modern design.
Cognitive Concepts
Framing Bias
The article frames renovation as a guaranteed path to significant profit, emphasizing the high percentage increases in value across various areas. This positive framing may downplay potential risks or complexities associated with renovations, such as unexpected costs or difficulties finding skilled labor. The headline (if any) would likely reinforce this positive framing.
Language Bias
The language used is generally neutral, although phrases such as "gearasmeno apothema katoikiwn" (aged housing stock) and descriptions of areas as having "very high demand" might carry slightly positive or negative connotations. More neutral alternatives could be used, such as "existing housing stock" or "high demand".
Bias by Omission
The article focuses primarily on areas in Athens with high increases in value after renovation, potentially omitting data from other areas or types of properties that might show different trends. There is no mention of the methodology used to determine the percentage increases, which could impact the reliability of the findings. The article also lacks information about the types of renovations performed and their cost, which are crucial factors affecting return on investment.
False Dichotomy
The article presents a somewhat false dichotomy by suggesting that renovated properties are a superior alternative to new constructions, primarily focusing on the affordability aspect due to limited access to loans. It overlooks other factors that might influence a buyer's choice, such as preferences for modern features or specific amenities that might not be available in renovated properties.
Sustainable Development Goals
The article highlights how renovations increase property values, particularly in areas with high demand and older housing stock. This contributes to sustainable urban development by improving existing housing rather than requiring new construction, reducing urban sprawl and resource consumption. Renovations can also improve energy efficiency, aligning with the goal of sustainable cities.