Real Estate: Rental and sale prices are expected to rise by 2023 - ot.gr

According to the Spitogatos Insights analysis based on the Spitogatos Price Index (SPI), by the end of 2023, rental and sales prices for real estate showed an increase across the country. In particular, in the fourth quarter of 2023, the average asking rent for housing nationwide rose by 8.8%, while the average asking price for housing sales increased by 11.9% compared to the fourth quarter of 2022.

Housing sale and rental prices across Greece have increased by approximately 1% compared to the third quarter of 2023. The most expensive areas in Greece for buying and renting property, according to the data, are the Southern and Northern Suburbs of Athens and the Cyclades islands.

The most expensive neighborhoods for renting and buying housing in Athens are Vouliagmeni, Kolonaki-Lykavittos, and Glyfada.

In Thessaloniki the most expensive areas to buy a home are Kalamaria and the center of Thessaloniki, for renting - the center of Thessaloniki and the area of Vardari - Lahanokipoi.

In Piraeus and its suburbs, the largest increases in average housing prices have been observed compared to the fourth quarter of 2022 - in Kallipoli - Freatida, Drapetsona, and Tauros.

According to Spitogatos CEO Dimitris Melachrinos, "The continuous growth in asking prices for housing since 2017 for sales and since 2015 for rentals continues in certain areas at a particularly fast pace. Limited property supply, combined with increased demand both domestically and internationally, is consistently putting pressure on prices. In some areas, such as Piraeus and its suburbs, where there has been a notably high international demand due to recent changes in the 'Golden Visa' program, prices have risen significantly in the second half of 2023."