Heraklion housing prices 32% higher than Patras, ReDataset analysis finds

Despite their comparable population sizes, the two cities show significant differences in residential sale and rental prices, the age of available properties and recorded housing supply.

The median sale price in Heraklion stands at €2,442 per sq m, compared with €1,847 per sq m in Patras, a difference of 32%. The gap becomes even more apparent when examining the distribution of asking prices. In Heraklion, 34% of homes listed for sale are priced above €3,000 per sq m, whereas the corresponding share in Patras is just 10%.

Conversely, almost three in ten homes listed for sale in Patras are priced below €1,500 per sq m, compared with just one in ten in Heraklion.

The difference also extends to the rental market, although the gap is narrower. Median monthly rents stand at €10.3 per sq m in Heraklion, compared with €8.7 per sq m in Patras, representing an 18% difference.

In Patras, 39% of homes listed for rent are priced below €8 per sq m per month, compared with just 17% in Heraklion. The distribution of rental prices in Heraklion is therefore skewed towards higher levels.

Almost five times as many homes listed for sale per capita in Patras

Beyond prices, the comparison reveals an even more pronounced difference in recorded housing supply. Patras has 20.1 homes listed for sale per 1,000 residents, compared with 4.3 in Heraklion. This represents 4.7 times as many properties relative to population.

A similar pattern emerges in the rental market, where Patras records 58.3 homes per 1,000 residents, compared with 19.3 in Heraklion — approximately three times as many.

The difference is particularly notable given the comparable population sizes of the two cities. Patras offers significantly more recorded housing options, while Heraklion commands higher prices in both the sales and rental markets.

It is worth noting that these figures refer to residential properties recorded in listings during the period under review and do not necessarily represent properties simultaneously available on the market.

Newer homes in Heraklion

The two cities also differ in terms of the age of properties listed for sale. In Heraklion, 26% of homes listed for sale were built in 2020 or later, compared with 17% in Patras. The median construction year is 1996 in Heraklion and 1989 in Patras, meaning that the typical property listed for sale in Heraklion is seven years newer.

A similar difference can be observed in the rental market. In Patras, 41% of homes listed for rent were built before 1990, compared with 21% in Heraklion.

By contrast, 56% of rental properties in Heraklion date from the period between 1990 and 2009. The median construction year is 2000 in Heraklion and 1995 in Patras, a five-year difference.

Price differences persist across construction periods

Could the difference in the age of available properties explain Heraklion’s higher prices? The data suggest that the age profile alone is insufficient to account for the gap.

When properties are examined separately by construction period, Heraklion remains more expensive across every category. The largest absolute difference is recorded among homes built in 2020 or later, where the median sale price reaches €3,889 per sq m in Heraklion, compared with €2,900 per sq m in Patras — a difference of almost €1,000 per sq m.

The rental market, however, presents a more nuanced picture. Heraklion records higher rents in five of the six construction-period categories. The largest percentage gap concerns properties built in the 1970s, with median rents of €10 per sq m in Heraklion compared with €7.5 per sq m in Patras.

For newly built properties, by contrast, median rents converge at €12.7 per sq m in both cities. Thus, while a substantial difference in sale prices persists for newly built homes, the same divergence does not appear in their rental prices.

What can buyers and tenants expect in each city?

The differences become clearer when prices per square metre are translated into the total cost of a property.

For homes listed for sale, the typical property in Heraklion measures 90 sq m and is priced at €220,000, while in Patras it measures 75 sq m and costs €125,000.

In other words, the typical property in Heraklion is 15 sq m larger but costs €95,000 more.

In the rental market, property sizes are almost identical: 49 sq m in Heraklion and 50 sq m in Patras. Monthly rents, however, stand at €530 and €430, respectively.

This means tenants in Heraklion pay €100 more per month for a property of virtually the same size, equivalent to a 23% premium.

What could explain these differences?

Why does Patras have almost five times as many homes listed for sale per resident, while Heraklion records significantly higher prices? Could tourism and short-term rentals be affecting housing availability in Heraklion? Does student demand in Patras contribute to greater activity in its rental market?

Other factors may also play a role, including differences in construction activity, the length of time properties remain on the market, and the way residential listings are recorded and advertised in each city.

These questions point to potential areas for further investigation. The current analysis identifies differences between the two markets but does not establish the factors causing them.

Two comparable cities, two distinct housing markets

ReDataset’s comparison of Heraklion and Patras demonstrates that similar population sizes do not necessarily translate into similar housing market conditions.

Heraklion is characterised by higher sale and rental prices, alongside a newer housing stock among available properties. Patras, by contrast, has substantially greater recorded housing supply per capita and lower prices.

Importantly, the differences in sale prices persist even when properties from the same construction period are compared, indicating that the age of the housing stock alone cannot explain the contrasting market dynamics.

The key takeaway is that understanding housing markets requires more than looking at prices. The composition of available properties and the recorded supply of housing are equally important to understanding how local markets operate.