Real estate: prices continue to rise

A significant increase in the average asking price of home sales by 6.5% and the average asking price of rent by 6.7% compared to last year was recorded in the third quarter of this year nationwide, according to the Spitogatos Real Estate Index (SPI).

The return of foreign buyers to the Greek real estate market, especially the Athenian Riviera, as well as popular tourist destinations, has given a new boost to prices. According to Dimitris Melakrinos, Managing Director of Spitogatos, “Third quarter figures confirm a strong market growth trend in 2022, which is also driven by a very good tourist season in the country.

In practice, this means that the pandemic period has passed, the market has regrouped, foreign investors have returned with interest in Greek real estate, and the recovery of the wider Athenian Riviera is an important factor.”

According to Spitogatos analysis, in areas such as Goudi, Mets-Kalimarmaro and Ilisia, the sale price increased by 27.6%, 26.4% and 22.1% respectively, with an average asking price of 2233 euros/sq.m, 3288 euros/ sq.m. m. and 2714 euros / sq.m. One of the reasons is that a metro station (line 4) will open there soon.

Something similar is currently observed in the areas of Piraeus, such as in Drapezona and Moschato, where the average price of housing is now 1314 euros / sq.m. and 2386 euro/sq.m. respectively.

The most expensive area is still Voula with 4333 EUR/sqm, followed by Filothei with 4076 EUR/sqm, Kolonaki-Lykavittos with 4054 EUR/sqm, Alimos with 4018 EUR/sqm. and Paleo Psychiko from 4000 euro/sq.m. Overall, in Attica, the highest average asking price is in the southern suburbs at 3,167 EUR/sqm, followed by 2,628 EUR/sqm in the northern suburbs.

However, it is also impressive that in the Cyclades the average asking price is now 2,963 euros/sqm, which is a sign of high demand, as well as improving the quality of properties for sale. The annual increase in prices in the Cyclades in the third quarter of this year reached 6.40%.

Concerning rental housing, then a higher average property price was also recorded in the southern suburbs of the Attica Basin – 10.8 euros / sq.m, then 10 euros / sq.m. northern suburbs, with the average asking price for rent in the center of Athens reaching 9 euros/sq.m.

A large increase in rents is also observed at 17.2% in the rest of Attica, as well as in Thessaloniki, at 12.9% compared to the corresponding quarter of 2021.

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