Prices for Property Sales and Rent on the Rise

Rental property costs and real estate sales peaked at the end of 2023, according to the Price Index (SPI) recorded by Spitogatos Insights, Greece’s top online platform for real state queries.

The average sought-after rental price for properties in Greece recorded an 8.8% uptick in the 4th quarter of 2023, according to the analysis, while the average desired cost for real estate sales was up by 11.9% over the same period compared to the respective term in 2022.

Nationwide, the sales and rental costs of real estate in Greece rose by 1% compared to the 3rd quarter of 2023.

The southern and northern suburbs of the wider Athens area, as well as the Cyclades island cluster, rank among the most expensive areas in Greece for buying and renting homes in the 4th quarter of 2023.

The southern suburbs of Athens, in particular, recorded the highest average sought-after selling price nationwide. Thessaloniki, Greece’s 2nd largest city located in Macedonia, was among the priciest areas for home purchases, while increased average sought-after selling prices on the Ionian Islands off the coast of western Greece were also recorded, as the median asking price for homes often exceeds €2,000/sq.m. Regarding rentals, among the most expensive areas in Greece are the center of Athens and Halkidiki, a region in northern Greece.

The most expensive area in Athens for both renting and buying homes is Vouliagmeni, a seaside suburb 20 km south of Athens city center, with an average sought-after price of €18.1/sq.m. for rentals and €6,488/sq.m. for purchases. Kolonaki-Lykavittos – located in the center of the Greek capital – and Glyfada – situated in the Athens Riviera along the coast of Saronic Gulf – also rank among the priciest areas in Athens for both renting and buying homes.

In contrast, more affordable areas for renting homes include Acharnes, a suburb in the west Attica regional unit, and Keratsini, a suburban town in the western part of the Piraeus regional unit, while for home purchases, Agia Varvara – a suburban town in the western part of the Athens agglomeration in Attica – is considered an economical option.

In Thessaloniki, the costliest areas for buying homes are Kalamaria (€2,765/sq.m.) which is located about 7kn from the city center, and the city center (€2,593/sq.m.), while for rentals, the city center (€9.4/sq.m.) with an average sought-after rental price of €9.0/sq.m., stand out.