In recent years, the Greek real estate market has been in a phase of recovery, with increased investment interest and strong demand, particularly in urban centers. However, beyond listings, square meters, and interior renovations, there is one factor that is often underestimated yet proves decisive for a property’s final value: the condition and management of the apartment building. The state of common areas, organization, maintenance, and transparency not only affect residents’ daily lives but are directly reflected in the commercial value of each apartment.
Research by Billys, a Greek startup that has developed an integrated digital software platform for managing apartment buildings and commercial properties—aimed at simplifying, organizing, and bringing transparency to property administration for managers and owners—shows that an apartment building should function like a small financial organization, with clear procedures, a budget, rules, and decision-making mechanisms. When a building does not operate with this mindset, three core problems emerge: poor financial management, inadequate maintenance, and the absence of investment planning. A lack of liquidity, according to the Greek startup—which manages a portfolio of 56,000 properties—leads to delayed payments, unpaid bills, and an inability to meet basic operational needs.
At the same time, insufficient maintenance has a direct impact on both residents’ quality of life and property values. Repairs that are delayed or never carried out, problems in common areas, and the absence of essential interventions accumulate over time, creating an environment of gradual deterioration. Research data indicate that poor management and inadequate maintenance of an apartment building can lead to a reduction of up to 20% in the market value of an apartment, even when the property itself is comparable to others on the market.
The condition of the elevator is one of the most critical factors. In buildings with a non-functional or poorly maintained elevator, prices per square meter are significantly lower, especially for apartments on higher floors, where repair and certification costs become a point of intense negotiation. Similarly, heating management directly affects a property’s attractiveness.
Unorganized shared systems lacking cost control and transparency reduce buyers’ willingness to offer higher prices, while apartments in buildings with more efficient management are valued significantly better. The exterior appearance of the building—facades, balconies, and entrances—acts as an indicator of future expenses and influences negotiations from the very first visit. The first impression of the building often proves decisive in price discussions. The entrance, stairwell, and elevator function as a “filter” before a potential buyer even sees the apartment itself.
According to real estate agents and appraisers who use data from modern management tools such as Billys, there are many cases in which buyers or tenants immediately request a discount or withdraw from the process upon noticing poor conditions in common areas. A dimly lit stairwell, a noisy or outdated elevator, or an entrance showing signs of neglect is almost automatically translated into “future costs” in the buyer’s mind. Agents are well aware that the condition of shared spaces directly affects both the final price and the time a property remains on the market. The value difference between two similar apartments can exceed 10% to 20% when they belong to buildings with different levels of maintenance, and the larger the building, the greater the potential disparity.
Cleanliness and hygiene in common areas are also decisive factors. Poor cleaning, inadequate pest control, and insect problems often lead to early tenant departures, causing income losses for owners. At the same time, lighting, the condition of pilotis parking areas, gardens, and entrances shape the overall living experience and perceived value of a property.
The level of shared expenses is among the first pieces of information requested by buyers and tenants. There is even a clear “psychological threshold” beyond which even a high-quality property loses significant appeal. Billys data show that the issue is not only the amount itself, but mainly the inability to justify it. When residents do not know where their money is going, mistrust increases and market value is pushed downward.
According to the same data, approximately four out of ten residents delay or owe shared expenses, leading to accumulated debts, limited maintenance, and increased suspicion from the market. A lack of transparency exacerbates the problem and delays decisions on works that directly affect the value of all apartments.
The interventions with the fastest and greatest impact on an apartment building’s value are not necessarily the most expensive. Regular cleaning, organized pest control, basic maintenance of interior and exterior surfaces, as well as timely elevator maintenance and certification, immediately improve the building’s appearance and functionality. The return on such interventions is almost immediate, as properties become more attractive to buyers and tenants as soon as the work is completed.
Overall, the condition of apartment buildings in Athens remains largely problematic, regardless of building age or neighborhood. The decisive factor is not so much the age of the building as the level of cooperation and responsibility assumed by owners. Where there is organization, clear procedures, and modern management tools, buildings function better and property values are preserved.
As Billys estimates, property depreciation is not accidental; it is the result of accumulated neglect in the management of shared spaces. When an apartment building is treated as an entity that requires care, transparency, and basic planning, the value of its apartments is -. When it is not, deterioration is only a matter of time—and is usually recognized when it is already too late.
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