Valuation check: 35 m² new-build flat in Athens, asking €266,800 (1 bed)

[isa.james]

The asking listings suggest the price may be defensible, but I hesitate to lean on them when there is only one completed transaction to anchor the comparison. The flat is a 35 m², 1-bed new build in Athens at €266,800. Its light and location appeal to me; the finishes feel dated despite the new-build label, and its overall condition is unexceptional.

For a unit this small, would you adjust by price per square metre or compare the total price more directly? I am also trying to establish whether parking is included and what the lease length or ownership term is, as either could outweigh a modest condition allowance. I’ll have the property valued locally, but I’d like to test the assumptions first.

 

[ari_park]

I would give the completed sale far more weight than the three listings. As a rough sensitivity test, perhaps try condition adjustments of 3%, 5% and 8% rather than choosing one number immediately. Floor area is harder: a 35 m² flat can command a higher price per square metre than a larger unit. The exact micro-location would change my view most.

 

[drawTheHorizon]

What does “new-build” mean here if the finishes are already dated—recently completed, never occupied, or merely marketed as newer stock? Also, how close is the completed comparable in date and location? Its floor, light, lift access and outdoor space could matter more than a generic condition grade.

 

[KianNash]

I disagree with applying a neat percentage before comparing the properties feature by feature. With only one sale, that can create false precision. First put all four comparables on a price-per-square-metre basis, but do not assume the figure scales evenly with size. Then separately note light, floor, outlook, outdoor space, parking and finish quality. Treat the unsold listings as sellers’ expectations, not proof of value.

 

[thread.good]

The asking price works out at roughly €7,623 per m². I’d ask what specifically justifies that level over the completed sale. “Location” needs to be narrowed down beyond Athens, ideally to the same few streets and the same type of building. Noise and outlook can differ sharply even within a small area.

 

[KindWorkshop]

Service charges could materially alter the comparison, especially if the building has facilities or unusually high shared costs. I would also confirm the ownership structure and whether any lease length is relevant rather than assuming the terminology works as it might elsewhere. Those points need checking locally in Greece.

 

[sparrow.quiet]

Parking and private outdoor space should not be buried inside the condition adjustment. They are separate attributes, and their value may be very location-specific. If the subject has neither but one of the listings includes both, its headline €/m² figure is not a clean comparable. The same applies if the 35 m² includes space measured differently from the sale comparable.

 

[drawTheHorizon]

That clarification on “new-build” is important. I’d grade condition by listing the actual differences: kitchen, bathroom, flooring, windows and building common areas. If the dated appearance is only cosmetic, the lower end of somedaymaybe.santos’s sensitivity range may be enough for analysis. If replacement work is needed, estimate those items separately instead of hiding everything in one percentage.

 

[xavi_shaw]

Before deciding on an offer, I’d make a one-page table showing sale date, exact micro-location, internal area measured on the same basis, floor, lift, light, outdoor space, parking, service charges and condition. Add the three asking comparables, but mark them clearly as unsold. Then rerun the valuation with and without the single completed sale; if the result moves dramatically, the evidence is too thin and the local appraisal becomes especially important.