Real estate prices continue to rise.

The return of foreign buyers, renovation projects, and expectations related to the expansion of the metro are seen as the main driving forces behind the increase in real estate prices in central, northern, and southern Athens in 2022.

Another factor is the effort of many Greeks to beat the rise in interest rates to a prohibitive level and purchase real estate. According to the real estate price index data from the property listing website Spitogatos, there has been a significant increase in areas such as Mets and Kallimarmaro (the Panathinaikos Stadium) in central Athens, where the average price per square meter now reaches 3,240 euros, representing an increase of almost 22% compared to 2021.

The upcoming reconstruction and expansion of metro lines in the surrounding areas have also contributed to an even greater increase in average real estate prices. For example, compared to 2021, there has been an impressive rise in property sale prices in Metsä (+22%), Ilisia (+21%), and Gudi (+20%).

The most expensive areas in the center are the historic center and Kolonaki, while the highest prices can be found in the southern coastal suburb of Vouliagmeni, where the average price reached 5,933 euros per square meter last year, representing a 19% increase.

Foreigners prefer real estate in the center of Athens, especially near tourist attractions, with the aim of using it either for short-term rentals or long-term contracts. Moreover, the number of digital nomads renting properties for several months a year is constantly increasing.

At the national level, the average price increase for sales in 2022 was 7.2% year-on-year, while in the fourth quarter of the same year, the annual increase was 8%. Data from the Bank of Greece showed that in the first nine months of 2022, foreign investors placed a total of 1.27 billion euros, which corresponds to a 60% increase compared to the same period in 2021. The pace of foreign investments in the real estate market has practically returned to pre-pandemic levels and is even expected to exceed them.