Property values in Greece have rocketed, with rents scaling heights of up to 40%. The first quarter of 2024 witnessed a sharp incline in both sales and rental prices, a trend echoing across nearly every corner of the country, as indicated by the Spitogatos Price Index (SPI).
Data gleaned from the platform paints a vivid picture: the average asking price for residential rentals in Greece has escalated by 8% compared to the same period last year and 2.9% compared to the preceding quarter. Similarly, property sales have witnessed an uptick, with the average asking price soaring by 11.4% compared to last year and 2.3% compared to the final quarter of 2023.
Athens and Thessaloniki Lead Price Surge
Athens and Thessaloniki stand at the forefront of this property price surge, commanding attention with their substantial increases in average asking prices for residential sales.
In Attica, Piraeus districts such as Kallipoli-Freatida, Drapetsona, and the Piraeus center headline the list with remarkable hikes in residential sales prices. Neo Psychiko and Pallini trail closely, boasting increases of 34.9% and 34.4% respectively. Meanwhile, Thessaloniki's Charilaou, Ano Poli, and Pefka areas mark their presence with notable spikes in residential sales prices during the first quarter of 2024.
The rental panorama unfolds with its own narrative, witnessing substantial rises in average asking prices for residential rentals in Attica's Northern and Southern Suburbs, Piraeus, and Eastern Attica. Nea Penteli, Kallipoli-Freatida, Koropi, Ymittos, and Kaminia-Palaia Kokkinia emerge as the frontrunners in experiencing the steepest hikes. In Thessaloniki, Vardaris-Lahanokipoi, Michaniona, and Xirokrini-Panagia Faneromeni take the lead in driving up rental prices.
Greece's Priciest Property Pockets Unveiled
The first quarter of 2024 unveils the most affluent pockets for property purchase across Greece, with Aegean islands and the Southern Suburbs of Athens dominating the list. Mykonos, Vouliagmeni, Voula, and Hydra claim the spotlight, with Patmos making a noteworthy appearance at the zenith of the ranking.
Within Attica, Vouliagmeni, Voula, Kolonaki-Lycabettus, Glyfada, and Alimos reign supreme as the top five expensive areas for property purchase. Conversely, Agia Varvara, Perama, Patisia-Acharnes, Agios Ioannis Rentis, and Patissia emerge as the most affordable areas for property acquisition.
Rental Housing in Touristic Enclaves
Touristic hubs and regions supporting short-term leasing witness a surge in rental prices, as evident from the top five expensive areas for residential rentals: Pallini in Halkidiki, Sithonia and Kassandra, Mykonos, Kallikrateia in Halkidiki, and Paros.
In Attica, the Southern Suburbs steal the limelight once more with Vouliagmeni leading the pack with an average asking price of €18.1 per square meter. Trailing behind are the Kolonaki-Lycabettus area, Paleo Psychiko, Glyfada, and Elliniko. Conversely, Agioi Anargyroi, Agios Ioannis Rentis, Perama, Kryoneri, and Dionysos emerge as the most budget-friendly areas for residential rentals.
Global Demand Surges - Top Countries Eyeing Greek Properties
International interest in Greek properties registers an 11.8% surge compared to the first quarter of 2023, with Germany, the United States, the United Kingdom, Australia, and Bulgaria emerging as the top five countries showing keen interest.
The spotlight falls on Athens center, Halkidiki, the Southern Suburbs, Thessaloniki suburbs, and the Cyclades as the areas drawing the most attention from abroad. Apartments, detached houses, and villas stand out as the preferred property categories among international buyers.
Domestically, Thessaloniki suburbs, Athens center, Northern and Southern Suburbs of Athens, and Thessaloniki center are the most sought-after regions for property searches. Apartments, studios, and detached houses remain the top choices among Greek residents.
