Attica’s housing market has skyrocketed, with prices up 84% since 2019. Explore investment gains and rising rental income opportunities now.
In the realm of real estate, the Greek housing market, particularly in Attica, has witnessed a remarkable surge, with house prices soaring by an astonishing 84% over the past five years. This meteoric rise has undoubtedly exceeded the expectations of those astute investors who possessed the liquidity to enter the market half a decade ago.
According to a comprehensive analysis conducted by the online classifieds platform Spitogatos, the period spanning from 2019 to the end of 2024 has been characterized by significant increases in average asking prices for residential properties in Attica, alongside a notable uptick in rental prices, which have surged by as much as 50%. For investors who made their purchases five years prior, the current landscape not only offers the tantalizing prospect of substantial capital gains upon sale but also a marked enhancement in rental income.
A report published in Kathimerini highlights that the most pronounced increase in property values has occurred in the broader Piraeus area, where average asking prices have escalated from €1,350 per square meter to €2,483 per square meter—a staggering 84% increase. This trend has been particularly pronounced from mid-2023 to the end of 2024, largely attributable to modifications in the “golden visa” program, which has rendered Greece’s largest port an attractive destination for foreign investors, thanks to the retention of a low minimum investment threshold of €250,000.
In the western suburbs, prices have surged by 56%, reaching €1,920 per square meter, while the southern suburbs have experienced a 49% increase, with average prices now at €3,785 per square meter. The northern suburbs and the heart of Athens have also seen commendable increases of 40% and 41%, respectively.
When examining rental prices, the eastern suburbs of Attica have recorded the most significant increases, with an almost 50% rise (49.7%). The Piraeus suburbs follow closely with a 40.1% increase, while the western suburbs of Athens have seen rental prices climb by 38.8%. The highest average asking rental prices are found in Vouliagmeni (€19/sq.m.), Kolonaki-Lycabettus (€16.7/sq.m.), Palaio Psychiko (€15.9/sq.m.), Glyfada (€15.8/sq.m.), and Filothei (€15/sq.m.).
On a national scale, average asking prices for rental properties have risen by 7.8% compared to 2023, with Attica experiencing a slightly higher increase of 8.1%. As we look ahead to 2024, both sales and rental prices continue their upward trajectory, with national increases of 8.8% and 7.9% in Attica, respectively. Rental prices have similarly risen by 7.8% nationwide and 8.1% within the Attica basin.
The southern suburbs of Attica dominate the list of areas with the highest average asking sales prices, led by Vouliagmeni, Voula, and Glyfada. In Vouliagmeni, the average asking price has reached an eye-watering €6,667 per square meter, followed by Voula at €5,653 per square meter and Glyfada at €5,053 per square meter. Kolonaki and Lycabettus complete the top five with €5,000 per square meter and Alimos at €4,815 per square meter.
Conversely, the most affordable areas for home purchases in 2024 are found in the central sector of Athens, particularly in the western regions and the outskirts of Piraeus. Notable mentions include Agia Varvara (€1,260/sq.m.), Perama (€1,365/sq.m.), and Acharnes (€1,500/sq.m.), where the average asking price aligns with the latter figure.
In 2024, the Piraeus area and its suburbs have emerged as frontrunners in the housing market, boasting the highest increases in average asking sale prices in Attica. The center of Piraeus has recorded a remarkable 39.9% increase compared to 2023, followed by Gallipoli-Freattida (28.2%), Tambouria-Agia Sofia (26.6%), and Drapetsona (22.9%). Argyroupoli in the southern suburbs rounds out the top five with a 22.4% increase.
International interest in purchasing homes in Attica remains robust, with the center of Athens topping the list of foreign buyers’ preferences, closely followed by the southern and northern suburbs. The most sought-after types of housing among potential foreign buyers include apartments, single-story homes, and maisonettes. Notably, the greatest interest in acquiring properties in Attica comes from citizens of the USA, Britain, Germany, Israel, Cyprus, Australia, Switzerland, Canada, France, and the Netherlands.
The Greece’s real estate market, particularly in Attica, is experiencing a dynamic transformation, characterized by significant price increases and a burgeoning interest from both domestic and international investors. As we navigate this evolving landscape, one can only wonder what the future holds for this vibrant sector.
