Real Estate: Sale and Rental Prices in 2023 in Athens, Piraeus, and Thessaloniki [tables] - Economic Postman - ot.gr

At the end of 2023, Greece experienced significant fluctuations in housing and rental prices, reaching double-digit figures. This has pushed low- and middle-income families further away from the cherished dream of owning a home. The trend of rising prices is particularly noticeable in the expensive southern suburbs of Attica, which continue to lead the country. In the fourth quarter, the average asking price for real estate was €3,636 per square meter.+11.5%Additionally, a significant increase is observed in Piraeus and in the area of the city of Thessaloniki.

According to the price index (SPI) from the electronic listing network Spitogatos.gr, Piraeus and its surroundings have become the leaders in real estate price growth in Attica, where the increase was23.2%and25.6%Accordingly. This has likely reflected the high expectations of owners in light of major landscaping and infrastructure development projects, including the metro. Moreover, although this data reflects the prices requested by owners rather than final deals, it still shows a strong trend in the real estate market.

Prices in Attica and Thessaloniki

As for prices in Attica and Thessaloniki, according to the Spitogatos report for the fourth quarter of 2023, the average price increase in Attica ranged from5.8%In the rest of Attica (such areas as Lagonissi, Drafi, Markopoulo, Rafina, and others) until25.6%in the suburbs of Piraeus (Nikaia, Korydallos, Keratsini, Amfiali, Drapetsona, Moschato, etc.). However, despite significant growth, these suburbs remain the most affordable in Attica with prices1,800 eurosper square meter. For comparison, just two years ago in these same areas, the prices were1,313 eurosper square meter.

The second most accessible areas in Attica are located in the west, where an annual growth was recorded in the fourth quarter of 2023.18.7%The average price was1,875 eurosper square meter. In the center of Athens, the current average price per square meter has reached2,037 euroswith an increase of14.8%compared to the same period in 2022.

In Thessaloniki, there is also an impressive rise in prices at the level of18.8%within the municipality with an average price2,206 eurosper square meter. In the surrounding areas, the increase was17.5% (1,600 eurosper square meter). The most economical area in Thessaloniki is the rest of the district, where prices have only increased by1.1%to821 eurosper square meter.

Increase in rental prices

There is a continuing increase in rental prices for apartments. In the fourth quarter of 2023, Piraeus once again became the leader in price growth in Attica, where the asking rental rate reached9.6 eurosper square meter per month, what does annual growth mean17.4%The highest rental rates are still in the southern areas, where the average price is12 eurosper square meter+10.5%compared to the fourth quarter of 2022).

In the northern outskirts, the rental price amounted to10.77 eurosper square meter with an increase of7.7%The lowest rent is recorded in other parts of Attica, where the average rent is8.48 eurosper square meter. Meanwhile, the asking rental prices in the central areas of Athens have reached10 eurosper square meter, having increased by10.6%over the year. In Thessaloniki, the growth reached13.4%In particular, in peripheral areas, where the average rental rate is now6.67 eurosper square meter. In the center of Thessaloniki, rent has reached8.5 eurosper square meter.

Prices in the rest of Greece

As for the rest of Greece, the Ionian Islands, Crete, and the Peloponnese are experiencing impressive increases in housing prices. Lefkada stands out with the largest increase.23.3%compared to the fourth quarter of 2022. On the continent, the largest increases in average prices were recorded in the region of Evritania, with a growth of34%to1,273 eurosper square meter, as well as in the area of Preveza with an increase of16.8%On the contrary, the largest price drop is observed in Kastoria, where the decline amounted to15.4%As for the rent, the lowest price was recorded in Kilkis, amounting to3.33 eurosper square meter, and the highest is in Halkidiki with a price30 eurosper square meter per month.