Prices for real estate and rentals in Greece are increasing in2022

Athens, Greece.

Average real estate sale prices in Greece increased by 7.2% in 2022 compared to 2021, while rents rose by 6.7%, according to the SPI price index from Spitogatos.

In 2022, the largest increases in real estate and rental prices were observed in the northern and southern suburbs of Athens, the center of Athens and the suburbs of Piraeus.

Leading the interest of both investors and buyers are the southern suburbs of Athens along the Athens Riviera

where the average price per square meter of an apartment in Vuliagmenia is 5,933 euros, 19% higher than in 2021.

For example, last summer, Lamda Development CEO Odysseas Athanasiou announced that 9,000 residential units will be built in Hellinikona of the Athens Riviera, costing up to 25,000 euros per square meter, the largest private investment project in Greece.

At the same time, thanks to programs to improve the city and the opening of new hotels and metro stations, property prices in Athens rose by 22% in the Mets area, 21% in Ilisia, 20% in Goudi, while properties in and around Piraeus rose by 10% compared to 2021.

The same applies to prices in Thessaloniki, Preveza, Halkidiki, Trikala, Larissa, Chania (Crete), Corinth, Cyclades and Sporades.

In terms of rents, the largest increase was recorded in Attica in 2022

In the Vari-Varkiza area on the coast, rents rose by 23%, in Philothea by 21%, in Chimetta by 18%, in Kifissia (+15%), in Piraiki (+14%), in Kolonaki (+13%), in Agia Paraskevi (+12%) and in Pagrati (+11%).

According to Spitogatos analysts, rental prices in some popular areas of Attica have risen even more strongly, indicating strong investor interest.

At the same time, Greece's "investor friendly" visa program and the strong interest of foreigners in buying vacation homes in Greece, as well as the explosion of activity in short-term rentals like Airbnb, have led to an acute housing problem.

"Real estate seems to be an investment option with more stable returns in the face of rising inflation and well worth the continuous rise in real estate prices we have seen in 2022," said Dimitris Melachroinos, CEO of Spitogatos.

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