Renovation constitutes a decisive factor in increasing the resale value of a property, which is now also confirmed by numbers.
In its relevant analysis, online realty platform Protio points out that the value of a home increases by 58% on average after renovation, compared to a non-renovated property. This finding is based on a comparison of the sales prices achieved in individual areas after a renovation.
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 constructions, it is obvious that a renovation will have a smaller impact on the price.
The same applies in an area where prices are generally low, or if the purchase cost is already high for the characteristics of the location, as is now the case in the center of Athens, where even if an apartment is completely renovated, it is not easy to sell it at a price that is 50-60% higher, because there are no buyers at this price level.
According to Protio’s analysis, Moschato seems to be ranked at the top of the relevant list, since the high demand combined with the aging housing stock translates into a 116% appreciation of a renovated home.
The Psyrri area follows, where demand is very high due to both its intense touristic character and the prospective investment development of properties through short-term rental platforms. Therefore, a renovation can increase the sale price by 95.5%, while in the Omonia area and nearby Koumoundourou Square the benefit reaches 61.5%, also due to the tourism development prospects 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 modern design and aesthetic renewal, for reasons of sustainability and functionality, in different areas.”
Confirming the importance of renovations in more accessible areas over time, Metaxourgeio stands out among the choices, and the value of homes in the area that have been renovated has increased by 47%.