Real estate: areas witnessing the greatest increase in prices

The southern and northern suburbs of Attica as well as the Cyclades are among the most expensive areas in Greece to buy and rent a home in Q4 2023, with the southern suburbs recording the highest average asking price for a property nationwide.

Among the most expensive areas to buy a house is the municipality of Thessaloniki, while the high average asking prices for properties in the Ionian Islands, where the average asking price often exceeds more than €2,000 per square metre, is also interesting. As for renting a house, central Athens and Halkidiki are two of the most expensive areas in Greece.

The above results are the result of an analysis conducted by Spitogatos Insights based on the Spitogatos Price Index (SPI). According to the analysis, in the fourth quarter of 2023, the average asking price for renting homes nationwide showed an increase of 8.8%, while the average asking price for selling homes increased by 11.9% compared to the fourth quarter of 2022. The housing rate increased in all Greece increased by approximately 1% compared to the third quarter of 2023.

The most expensive and cheapest areas in Attica and Thessaloniki

The most expensive area of ​​Attica to rent and buy a house is Vouliagmeni in the southern suburbs, where the average asking price is €18.1/sqm. and 6,488 euros/sqm. respectively.

Kolonaki – Lykavittos and Glyfada area are also among the most expensive areas in Attica to rent and buy a house. Conversely, the most economical areas to rent a house include Akarnis and Keratsini, while to buy a house are Agia Varvara and Perama.

In Thessaloniki, the most expensive areas to buy a house are Kalamaria (€2,765/sq.m.) and the center of Thessaloniki (€2,593/sq.m.), while to rent is again the center of Thessaloniki (€9.4/sq.m.) and the Vardaris – Lachanokipoi area, with an average of ​​Ask price 9.0 euros/sqm.

Attica and Thessaloniki: areas with the largest average rise in asking prices

The city of Piraeus and its environs ranks highly in the ranking of Attica regions that showed the greatest increases in average asking prices for residential sales during the fourth quarter of 2023 compared to the fourth quarter of 2022.

More specifically, the average asking price in Gallipoli – Vritida (€2,692/sqm) increased by 36.3%, while the average asking prices for homes in Drapetsona and Tavros increased by 35.9% and 35.0% respectively compared to the same period in the year 2022. In New Saichiko, the average asking price for the sale of homes increased by 35.2% (4,146 euros/sqm). A significant increase of 33.3% was also recorded in Ilion (€2,000/sqm).

In terms of rent, Piraeus and central Athens are among the areas that have seen the largest increases in average asking rental prices.

More specifically, in the area of ​​Kaminha – Palaia Coquinha (8.8 €/sqm) the average asking rental price has increased by 32.2%, while in Gallipoli – Fritida (10.0 €/sqm) the average asking rental price has become 24.4%. More expensive than in Q4 2022.

In Petralona (€10.9/sqm) in central Athens, a 24.6% increase in the average asking rental price for homes was recorded compared to the same period last year, while the areas that saw the largest increases in the average asking rental price were Includes Agia Varvara (23.8%) in the western suburbs of Athens.

Rentals in Thessaloniki

In Thessaloniki, the largest increases in prices of houses for sale compared to the fourth quarter of 2022 were recorded in the districts of Harilao (37.3%), Vardari-Lachanokipoi (34.3%) and Polesni (28.2%). Regarding rent, the largest increases in average asking prices were observed in the area of ​​Vardari – Lachanokipoi (22.8%), Zerokrini – Panagia Faneromeni (19%) and Ampiloukipi (19%).

“The upward trend in asking prices nationwide, which began in 2017 in sales and since 2015 in residential rentals, continues in some regions at a certain pace,” said Dimitris Melacherinos, CEO of Spitogatos. “The limited supply of properties, coupled with increasing demand , domestic and international, constantly leads to higher prices. In fact, in some areas, such as Piraeus and its environs, which have particularly high international demand due to recent changes in the conditions of the Golden Visa, prices rose at a particularly high rate in the second half of 2023.