'Golden' properties: five neighborhoods where prices ... have gone wild.

The prices of new and old properties in Athens have reached a ten-year high. According to the 2023 report from GEOAXIS, an apartment value observation center, there has been an impressive increase in possible apartment prices in five areas of the Athens region [Ampelokipi (center), Marousi (north), Palaio Faliro (south), Peristeri (west) and Holargos (east)]. Compared to the third quarter of 2022, the third quarter of 2023 recorded an average annual increase of 14.92% for new apartments and 13.81% for old apartments. The significant price increase is explained by the fact that newer and more expensive apartments dominate the sample this year due to a decrease in supply in the market (due to the successful tourist season and Airbnb).

In the segment of new apartments

• The average area is 95 sq.m.
• The age is only 2 years old,
• They are located on the first floor.

The market research showed that the highest prices are observed in Holargos (4048 euros/sqm), followed by Palaio Faliro (3400 euros/sqm), Marousi (3304 euros/sqm), Ampelokipi (2795 euros/sqm) and Peristeri (2401 euros/sqm). These areas also registered the highest annual growth rates.

What concerns older apartments (35 years and older)

• The average area is 100 square meters,
• Age is 43 years old,
• They are located on the second floor.

Analysis showed that the most' 'high prices are observed in Holargos (€2,235/sqm), followed by Marousi (€1,852/sqm), Palaio Faliro (€1,751/sqm), Peristeri (€1,487/sqm) and Ampelokipi (€1,457/sqm). These areas also recorded the highest annual growth rates.

According to analysts, there are tectonic changes to come in the layout, construction and renovation of apartments due to their gradual transformation into workspaces. Despite low yields, apartments will become increasingly important to AEEAP portfolios and investors in the coming years. Ololo's generation of renters demonstrates the inability of a large proportion of young people to purchase their own homes (Generation Renters), which is expected to become dominant in the next decades, even in countries with