Greece’s Real Estate Market: Prices Surge 7.9%  

Greece's Real Estate Market: Prices Surge 7.9%  

Explore the significant price surge in Greece’s real estate market, highlighting a robust recovery in residential property values and rentals.

In an intriguing turn of events, the Greece’s real estate market has witnessed a notable uptick in prices, akin to a phoenix rising from the ashes. According to recent data from Spitogatos, the average asking sales prices for properties have surged by 7.9% compared to the fourth quarter of 2023, with a more modest increase of 2.2% when juxtaposed with the third quarter of 2024. This trend is not merely a blip on the radar; it signifies a robust resurgence in both the sale and rental prices of residential properties across the nation.

Specifically, the average asking rental prices have experienced a commendable rise of 5.8% compared to Q4 2023, while remaining relatively stable in comparison to Q3 2024. Such increases can be attributed to a confluence of factors, including sustained interest from buyers and investors in urban centers and tourist hotspots, as well as the impending launch of the “My House 2” housing initiative, which is poised to invigorate demand for eligible properties.

Examining the geographical landscape, the Southern Suburbs of Attica have firmly established themselves as the most expensive locale for property purchases in the fourth quarter of 2024. Following closely are the Cyclades, the Northern Suburbs of Athens, and the picturesque Prefecture of Lefkada. Notably, the Prefecture of Chania has made a surprising entry into the top five most expensive regions for home purchases, adding an unexpected twist to the rankings.

When it comes to rental properties, the Southern Suburbs again take the crown, boasting the highest average asking rental prices. The Cyclades retain their position among the priciest areas, with the Northern Suburbs and the heart of Athens trailing closely behind. Piraeus rounds out the top five, while Halkidiki remains a point of interest, with its rental prices consistently elevated due to burgeoning tourist activity and a plethora of short-term rental options.

Conversely, the most economical regions for property purchases are found in the Prefectures of Kastoria and Kozani, followed by Karditsa, Florina, and Kilkis. In terms of rental affordability, the Prefecture of Kilkis leads the charge, with the Rest of the Prefecture of Thessaloniki, Pella, Imathia, and Kastoria also offering budget-friendly options.

Delving deeper into Attica and Thessaloniki, the Southern Suburbs emerge as the priciest areas for property purchases, with Vouliagmeni commanding an astonishing average asking price of €7,216 per square meter. Other notable areas include Voula, Glyfada, Kolonaki-Lycabettus, and Elliniko. In the rental market, Vouliagmeni again tops the list, with an average asking price of €19.9 per square meter, followed by Filothei, Kolonaki-Lycabettus, Glyfada, and Vari-Varkiza.

On the flip side, the most affordable options for property purchases in Attica can be found in Agia Varvara, Perama, Acharnes, Varnava, and Patisia. For rentals, Perama and Acharnes boast the lowest average asking prices, with Kryoneri, Nea Chalkidona, and Ilion also featuring in this budget-friendly category.

Turning our attention to Thessaloniki, the fourth quarter of 2024 reveals that the most expensive areas for property purchases are Kalamaria (€2,917/sq.m.), the city center (€2,778/sq.m.), and Pylaia (€2,634/sq.m.). In the rental sphere, the city center leads with an average asking price of €10.5/sq.m., followed by Vardaris-Lahanokipoi (€10.0/sq.m.) and Ano Poli (€9.6/sq.m.). Conversely, the suburbs of Thessaloniki offer more economical options, with Kallithea (€864/sq.m.), Mygdonia (€974/sq.m.), and Vasilika (€1,064/sq.m.) emerging as the most affordable areas for property purchases. For rentals, Mygdonia (€4.2/sq.m.), Vasilika (€5.0/sq.m.), and the Chortiatis area (€5.3/sq.m.) present enticing options for budget-conscious renters.

The Greece’s real estate market is experiencing a dynamic shift, characterized by rising prices and varying affordability across regions. As buyers and investors navigate this evolving landscape, the interplay of demand, location, and economic factors will undoubtedly shape the future of property transactions in Greece.

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