Record rise in property prices in Piraeus: +28.9%

The rush to sell and rent real estate in Greece has led to a sharp rise in prices across the country. In the second quarter of 2024, prices increased by double digits, which has already led to increased social tensions.

Based on data from the Spitogatos classifieds network, between April and June 2024, the largest increase in average sales prices was recorded in Piraeus, +28.9%, and the biggest increase in rent reached +20.8% year-on-year in Evros.

And this quarter, the leaders in terms of the highest average prices for homes for sale are: southern suburbs of Athens, 3750 euros per square meter, and the lowest ones are recorded in the depressed region of Greece Kastoria*, from 566 euros per square meter.

As for rent, the lowest price was recorded in Kilkis – 3.57 euros per square meterand the highest is in the resort of Halkidiki, 35.71 euros per square meter.

Residential Property: Unstoppable Price Rally in Piraeus

In particular, in Piraeus, where houses have become more expensive than in central Athens due to the golden visa, the rise of short-term rentals and high demand from locals, due to infrastructure projects (metro), prices for houses in the city center have risen to 2,471 euros per square meter. Not far behind are the suburbs of the country's largest port, where they show the second-highest growth in the second quarter of this year compared to the same period last year – by 23.6%, with an average price of 1,931 euros per square meter.

Rents are also moving up without mercy. In particular, the average asking price for renting a home in Piraeus is 10 euros per square meter, which is 14.3% more than 8.75 euros per square meter a year ago. No less significant is the increase in rents in the suburbs of Piraeus: they now reach 8.18 euros per square meter from 7.14 euros in the second quarter of last year.

Attica Housing: Double-digit growth in central, eastern and western suburbs

According to the index compiled by the platform based on listings, over the same period, property prices in central Athens rose by 12.4% to €2,120 per sq.m, in the northern suburbs by 7% to €3,043 per sq.m, while prices in the eastern and western suburbs increased by 12.8% (average price €2,133 per sq.m) and 11.4% (average price €1,909 per sq.m), respectively.

Prices in Thessaloniki are also rising

Thessaloniki is also continuing to grow at an ever-higher, double-digit rate, with the average price in the city's central areas currently at €2,342 per sq. m., up 10.5% in a year. Chalkidiki is also at a similarly high level, with homes costing €2,381 per sq. m., up from €2,098 last year.

The three cheapest areas in Greece

In the second quarter of 2023, the largest annual decline in house sales prices was recorded in the prefecture of Karditsa (-8.8%) – 663 euros per sq.m. However, this is not the region with the lowest price in the whole country. This is, as mentioned above, Kastoria. In The bottom three, in addition to Kastoria, with 650 euros per sq. m., also included 3 regions: Kozani, Karditsa and Florina. The last two, with a price of 663 euros per sq. m., “get along” in 3rd place.

The islands are inaccessible

Prices for buying real estate on the Greek islands are also very expensive. In particular, the average asking price in the Cyclades was 3,542 euros per square meter, up from 3,182 euros. Prices in the Ionian Sea are also moving at a high level, for example, in Lefkada the asking price of houses is 2,672 euros per square meter, up 21% from 2023.

The most expensive and the cheapest rent

In the second quarter of 2024, house rental prices increased even more compared to the same period last year, with the lowest recorded in Kilkis (3.57 euros per sq.m.) and the highest in Chalkidiki (35.71 euros per sq.m.). The southern suburbs maintain their lead in Athens, 12.5 euros per sq.m. (+10.6%), followed by the northern suburbs, 11.3 euros per sq.m. compared to 10.67 euros.

Renting a home in central Athens is also difficult, with the average asking price being €10.50 per sq.m. (despite the often unsafe areas and the not particularly high quality of the older housing stock).

Rents in Thessaloniki have increased by single digit percentages, namely 8.8%: the average price in the municipality is 9.23 euros per square meter.

*After the introduction of sanctions against Russia and, accordingly, practically pcomplete stop of sales of fur coats and fur products, A mass outflow of population has begun from the region. Some people are leaving for other regions, some are going abroad…

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