Overpricing reduces a property’s chances of sale by up to 55%

The analysis, based on 4,679 property listings, 822 completed transactions, and more than 1,000 discussions with property owners, highlights the hidden asymmetries of the housing market and demonstrates that a seller’s decisions can have a decisive impact on both the time required to sell a property and the likelihood of successfully completing a transaction.

According to the study’s findings, accurately priced properties are up to 55% more likely to be sold than overpriced ones. Specifically, the successful sales rate reaches 25.2% for correctly priced properties, compared with only 16.3% for those offered at prices above their actual market value. In addition, properly priced properties are sold in an average of 176 days, whereas overpriced properties require approximately 230 days to find a buyer.

The greatest asymmetry observed in the market concerns pricing. Nearly 30% of prospective buyers are searching for homes valued at up to €100,000, confirming that demand remains strong among lower- and middle-income households. By contrast, properties priced between €300,000 and €400,000 account for only 6% of total demand, often requiring owners to wait several months before a sale is completed.

The equilibrium point between supply and demand is located around €200,000, where the highest level of market activity is observed. At the same time, properties valued above €400,000 account for 16% of total demand, demonstrating that a distinct segment of buyers with substantial purchasing power continues to exist, particularly for newly built or fully renovated homes.

Beyond price, the qualitative characteristics of a property also play a decisive role. More than half of buyers (53%) are seeking homes with a floor area of between 80 and 120 square metres, while 25% are interested in larger properties exceeding 120 square metres. Conversely, very small residences appear to attract limited interest, with fewer than 5% of prospective buyers searching for apartments smaller than 50 square metres.

A similar pattern is evident with respect to floor level. Eighty-four percent of prospective buyers prefer properties located between the first and third floors, while only 2% consider properties situated on higher floors. Ground-floor properties attract interest from 14% of buyers. These figures demonstrate that characteristics which many sellers regard as secondary can significantly affect a property’s marketability.

Geographical location also substantially influences the likelihood of a sale. In central Athens, a property remains on the market for an average of 204 days before finding a buyer. In Piraeus, this period is approximately 50 days shorter, although successful sales rates remain comparable. By contrast, in Eastern Attica, properties are withdrawn from listing platforms more quickly; however, the probability of completing a sale is nearly half that of properties in central Athens. According to Uniko’s management, this suggests that a limited number of properties that fully meet buyers’ requirements are sold quickly, while the remainder remain unsold for extended periods.

In the southern suburbs of Athens, a property listing remains active for an average of 152 days, with a probability of sale of 21.7%. In the northern suburbs, the corresponding period increases to 190 days, while the probability of sale declines to 19%.

The study further reveals that most property owners are reluctant to revise their initial expectations. Seventy percent of sellers maintain their original asking price throughout the sales process. However, the data indicate that a targeted price adjustment can prove effective. Of the properties that underwent a single price reduction, 19.4% were sold, while those that underwent two price adjustments achieved the highest success rate, reaching 27%. Conversely, repeated price reductions tend to have a negative effect, as the market often interprets them as a sign of underlying problems. Notably, no sales were recorded within the study sample among properties that underwent three or more consecutive price reductions.

Another significant finding concerns the legal and technical readiness of properties. Nearly 50% of the certified properties reviewed by the National Bank of Greece exhibited legal or urban-planning issues that required resolution prior to transfer of ownership. Addressing these outstanding matters in a timely manner significantly reduces the risk of delays or even cancellation of the transaction.

Regarding market prospects, Uniko’s management expects transaction volumes to experience a moderate slowdown in the coming period, although no significant price declines are anticipated. Instead, a gradual stabilisation is forecast, while selective price corrections may occur in certain segments, such as new developments, due to elevated construction costs. At the same time, the increasing supply of renovated properties is expected to widen the price gap between older, unrenovated homes and newly built or fully upgraded properties by as much as 20%.

One year after commencing operations, Uniko has served more than 10,000 clients and attracted over one million users. In an effort to enhance both liquidity and transaction security, the company is launching two new services: the Offer Submission Guarantee, which provides compensation of up to €2,000 if no written offer is submitted within the agreed period, and Uniko Express, through which property owners can secure an advance payment of up to 30% of their property’s value within just ten days via the platform’s network of investors.