Greece Real Estate: Property Sale Speed in Athens & Thessaloniki

Explore how quickly residential properties sell in Athens and Thessaloniki and the key factors affecting the Greece real estate market.

In the intricate tapestry of Greece’s real estate market, the interplay between limited housing supply and escalating prices unveils a compelling narrative regarding the absorption rates of residential properties. Spitogatos Insights has undertaken a meticulous analysis, shedding light on the temporal dynamics of property sales across various Greek regions, while also delineating the average asking prices per quarter for the year 2024. This analysis is anchored in the Spitogatos Price Index (SPI), a robust metric that encapsulates price fluctuations within the domestic real estate sector, derived from an extensive dataset of real estate advertisements on Spitogatos—the preeminent real estate platform in Greece.

Focusing on the Attica and Thessaloniki regions, we observe a pronounced disparity between supply and demand, particularly given that these urban centers house a significant proportion of the nation’s populace. This discrepancy poses a conundrum for prospective homeowners, whether they are navigating the intricacies of the “My House 2” initiative or pursuing independent avenues for property acquisition. 

In the Attica region, data reveals that the absorption time for residential properties hovers around six months during the initial three quarters of 2024. Conversely, Thessaloniki presents a slightly more expedited scenario, with properties being absorbed approximately two weeks faster than their Attican counterparts. Notably, in the third quarter of 2024, the absorption period in Thessaloniki was recorded at just over 5.5 months, following minor fluctuations in preceding quarters. The suburbs of Thessaloniki have emerged as a veritable hotspot for homebuyers, as evidenced by the SDI demand index, which reflects the search volume on the Spitogatos platform. This confluence of data underscores the robust demand for residential properties within the Thessaloniki Prefecture.

Extending our analysis beyond the urban centers, we turn our attention to the Aegean Islands, where the absorption time for residential properties in the third quarter of 2024 is approximately seven months, exhibiting slight variations from earlier quarters. A broader examination of the Greek islands reveals that the Ionian Islands experience a comparatively slower absorption rate, clocking in at 7.8 months during the same period, while the Aegean Islands and Crete maintain a more synchronized absorption timeline of around seven months.

On the mainland, the Peloponnese showcases a lower absorption rate for homes, whereas Macedonia and Epirus exhibit a slightly more brisk pace, with absorption times just above six months in the third quarter of 2024. Notably, Macedonia has witnessed a significant uptick in absorption rates, with the duration for property sales decreasing from 7.7 months in the first quarter to 6.4 months by the third quarter of 2024.

Spitogatos provides a sophisticated platform for targeted searches of residential properties for sale or rent, facilitating access to thousands of real estate listings across Greece. Additionally, users can opt to receive notifications for new listings that align with their specific search criteria, thereby enhancing the overall property acquisition experience in this dynamic market.