According to the GEOAXIS Apartment Values Observatory 2023, impressive growth in potential sales prices for apartments continues to be recorded in five areas of greater Athens: Ampelokipi (Center), Maroussi (North), Paleo Faliro (South), Peristeri (West), Holargos ( East).
Between the third quarter of 2023 and the third quarter of 2022, the average annual increase will be 14.92% for new construction and 13.81% for older apartments.
The significant increase in prices is due to the fact that due to a large reduction in supply (due to the excellent tourist season and Airbnb), this year’s sample included mainly much newer and more expensive apartments.
The results of the company’s analysis over the past 10 years are important. Data processing shows that the average increase in new buildings is 66%, and in old apartments – by 61% compared to 2014 values.
New apartments
For new generation apartments with an average area of 95 sq.m., an average age of only 2 years and located on the 1st floor, market research led to the conclusion that the highest prices were recorded in Holargos (4048 euros/sq.m. from 3565 euros/sq.m. m, with an annual growth of 13.55%).
Next come: Paleo Faliro (3400 euros/sq.m from 2950 euros/sq.m with an annual growth of 15.25%), Maroussi (3304 euros/m2 from 2856 euros/m2 with an annual growth of 15.69%), Ampelokipi (2795 euros/m2 from 2500 euros/m2 with an annual growth of 11.80%) and Peristeri (2401 euros/sq.m from 2029 euros/sq.m with an annual growth of 18.33%).
Based on the above, Peristeri recorded the largest and Ampelokipi the smallest annual increase compared to all other regions.
Old apartments (35+ years)
For older apartments, with an average area of 100 sq.m., an average age of 43 years and on the 2nd floor, the survey showed that the highest values were recorded in Holargos (2,235 euros/sq.m. from 1,985 euros/sq.m. with an annual increase of 12.59%). Next come: Maroussi (1,852 euros/sq.m. from 1,620 euros/sq.m. with an annual growth of 14.20%), Paleo Faliro (1,751 euros/sq.m. from 1,536 euros/m2 with an annual growth of 14% ), Peristeri (1487 euros/m2 from 1268 euros/m2 with an annual growth of 17.27%) and Ampelokipi (1457 euros/sq.m from 1313 euros/sq.m with an annual growth of 10.97%).
Based on the above, Peristeri recorded the largest annual increase and Ampelokipi the smallest compared to all other areas.
Generation of renters
There is an emerging inability of a very large percentage of today’s young people to own their own home (generation renter), which is expected to dominate in the coming decades even in countries with high home ownership rates such as Greece and Spain. Long lasting the gap between the growth of the basic salary and the cost of real estate is indicative and fully explains, from a financial point of view, the transition of citizens to renting (reluctance to commit to buying their own home or in the absence of opportunities).
It is noted that from 2012 to 2022, according to Eurostat, basic wages decreased by 11.7%, while the cost of apartments across the country increased by 17.0%, according to the Bank of Greece.
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