Real estate: Development of Nikia to Nice and Keratsini to Cannes [tables]

In the Kaminia neighborhood of Piraeus, there is neither poverty nor discontent. Perhaps only some skepticism among potential home buyers who see even the last "islands" of low prices shrinking. This is because in the ongoing boom in the real estate market, the suburbs of Piraeus have been at the forefront, recording the highest growth in the whole country. With new metro stations and significant infrastructure projects in the area of the country's largest port, home prices continued to grow at double-digit percentages in the third quarter of 2023, reflecting the frenzy that characterizes the real estate market. Close to growth and the western suburbs of Attica, also a "haven" for those who want to find housing at more affordable prices.

The average selling price in the neighborhoods of Piraeus. Broken records. According to data provided by Spitogatos Insights, in the city of Piraeus, the average asking sale price has increased by 30% in two years and now stands at €2,000 per square meter, compared to €1,744 per square meter in the third quarter of 2022 and €1,540 per square meter in 2021. The highest percentage increase is seen in house prices in the suburbs of Piraeus, which have traditionally been on the list of the cheapest areas in Attica. From €1,270 per square meter in the third quarter of 2021, prices rose to €1,391 per square meter in the third quarter of 2022 and now stand at €1,714 per square meter. That is, they've grown 35% in 24 months. Characteristically, with the new growth, neighborhoods near Piraeus have reached the average prices of the Athens center, where housing prices rose 14.4% to 1,748 euros per square meter in the third quarter of 2023, according to Spitogatos data.

Rent prices in Piraeus neighborhoods. Moshato's Apparition. The average annual increase in house prices in the third quarter of this year in Moschato exceeded 27% and the average asking price exceeded €3,000 per square meter.

Role of the Golden Visa. In addition to growing domestic demand, recent changes to the Golden Visa program are creating new conditions for the Piraeus real estate market. According to real estate agents, the investment interest of foreigners has shifted to areas where the investment limit has remained at 250,000 euros. Apartments in Piraeus and the areas around the big port are already in demand. As a reminder, as of August 1, the minimum investment amount for third-country nationals who want to obtain a residence permit through the purchase of real estate increased to 500,000 euros for the center of Athens, the northern and southern suburbs, Mykonos, Santorini and the municipality of Thessaloniki.

Prices are also rising across the river. Real estate prices are also on the rise outside of Piraeus. However, it is not only Piraeus and the surrounding areas that have become sought after, the western suburbs of Attica such as Nea Ionia, Peristeri, Egaleo and the Acharnes area have also become attractive. Overall, the western suburbs recorded an annual growth rate of 19.2% in the third quarter of 2023, with the average asking price reaching €1,800 per square meter. At the municipality level, the highest increase in house prices was recorded in Nea Ionia (+18.3% to 2264 euros per square meter), followed by Peristeri with an increase of 16.4% to 1700 euros per square meter.

Rent prices in the western suburbs. Unapproachable rentals. Regarding the rental market, Keratsini stands out as the "champion" of the area, as the asking price has increased by 15% compared to last year and apartment rents exceed 7 euros per square meter per month. Overall in Piraeus, the average rental price per square meter rose by 10.20% to 9.29 euros, up from 8.43 last year. In the western suburbs, the highest rental growth is seen in Haidari (+15.4% to €8.8 per square meter per month).

Source: OT