Residential property prices on the Greek market will continue to rise in the first months of 2024. According to the Spitogatos Price Index (SPI), the year has already ended for sales prices with double-digit annual growth, and rent growth reached 7%.
At the same time, market leaders claim that the growth that will occur in the housing sector will be between 5 to 15%, In the new year, domestic demand will begin to gradually decline. However, as reported powergamethe areas that will continue to see high prices into the new year without being particularly influenced by other factors are those that host students and tourists.
Particularly in 2024, market professionals see significant potential in the residential sector, especially with new high-energy properties and serviced apartments selling strongly even in suburbs traditionally considered more affordable.
At the same time, prices in traditionally expensive areas have reached five-digit figures per square meter. Prices for used homes will also continue to remain strong, rising faster than new-build prices in recent months.
In addition, further growth is expected in the western suburbs, which attract the interest of both foreigners and Greeks, since prices for buying and renting housing are more affordable here. Already, areas such as Nea Ionia, Peristeri, Aigaleo and the Acharnon area are leading in growth in recent quarters. Overall, the western suburbs recorded year-on-year growth of 18.7% in the second quarter of 2023, with the average asking price reaching €1,875 per sq m. m, while rents increased by 9.20% compared to last year.
Plot of land in Acharnes (Athens), 45,000€
In the new year, price increases will also be recorded in Piraeus, which in 2023 became the champion in price increases for both rental and sale of real estate. This was due to increased demand for properties in the Golden Visa, Metro and new redevelopment areas. In particular, the average rental price is currently 9.6 euros per sq. m. m compared to 8.18 euros last year, an increase of 17.40%. The same thing happens with the average sales price, which is 2,174 euros per square meter, an increase of 23.20% compared to the corresponding quarter of 2022, when a house cost an average of 1,765 euros per square meter.
The southern suburbs are areas where a price rally is a given in 2024 as they attract both foreigners and wealthy Greeks. To date, the average asking price is €3,611 per square meter, representing an increase of 14% over the year. At the higher end of the asking price range is Vouliagmeni, where house prices can reach €20,000 per square metre, while sales prices in the Alimos and Elliniko areas are expected to soar in 2024 thanks to a goodwill mega-project to redevelop the former Elliniko Airport.
2023 marked the dynamic return of the northern suburbs to the Greek property market, closing the large gap formed over the past five years with the south, as significant sales were made this year. In 2024, the interest of both Greeks and foreigners will increase, while already there is an impressive increase in prices – almost 34% during the year, as was the case in Agia Paraskevi and Pefki.
As for houses under construction in Maroussi, with a completion date of 2024, with high energy standards and public amenities, they are sold at prices above 7,000 euros per sq.m. In Halandri, new apartments under construction in energy class A+, with use of a communal swimming pool, are offered at prices above 6,000 euros per sq.m.
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