In particular during the 3rd quarter of 2021 to the 3rd quarter of 2022, an average annual increase of 24.97% was recorded for newbuilt apartments and 24.34% for older apartments.
The explosive rise in values is explained by the fact that due to a large reduction in supply (thanks to an vivid tourism season and the Airbnb) this year's sample comprises mainly much newer and more expensive apartments.
According to analysts, the increase in values is at the highest point of the cycle.
It should be noted that the GEOAXIS Price Observatory monitors five specific regions – Ampelokipoi (centre) Maroussi (North) Palaio Faliro (South) Peristeri (West) and Cholargos (East), taking into account on the one hand the homogeneity of the characteristics of each region and on the other the possibility finding appropriate and reliable benchmarks
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Newbuilts (up to 10years)
For new apartments with an average surface area of 93sqm, median age of just 1 year and on the 2nd floor, the market research led to the conclusion that the highest values are recorded in Cholargos (3,565euro/sqm from 2,784euro/sqm, with an annual increase of 28.05%) and then in order in the area of Palaio Faliro (2,950euro/sq.m. from 2,465euro/sq.m. with an annual increase of 19.68%), in Marousi (2.856euro/sq.m. from 2.267euro/sq.m. with an annual increase of 25.98%), in Ampelokipis (2,500euro/m2 from 1,992euro/m2 with an annual increase of 25.50%) and finally in Peristeri (2,029euro/m2 from 1,615euro/m2 with an annual increase of 25.63%).
According to the Observatory, between the 3rd quarter of 2022 and the 3rd quarter of 2021 there is a median annual increase of 24.97% for newly built and 24.34% for older apartments. The explosive rise in values is explained by the fact that due to a large reduction in supply (thanks to an excellent tourist season and Airbnb) this year's sample includes mostly Based on the above, Cholargos recorded the largest while Paleo Faliro the smallest annual increase, relative to all other regions.
Older properties (35years plus)
As for old apartments with an average area of 90 sqm, a median age of 42 years and on the 2nd floor, the survey showed that the highest values are recorded in Cholargos (1,985euro/m2 from 1,499euro/m2 with an annual increase of 32.42%) and then by series: in Marousi (1,620euro/m2 from 1,275euro/m2 with an annual increase of 27.06%), in Paleo Faliro (1,536euro/m2 from 1,301euro/m2 with an annual increase of 18.06%), in the area of Ampelokipi ( 1,313euro/m2 from 1,036euro/m2 with an annual increase of 26.74%) and finally in Peristeri (1,268euro/m2 from 1,080euro/m2 with an annual increase of 17.41%). Based on the above, Cholargos recorded the largest annual increase while Peristeri recorded the smallest annual increase, compared to all other areas.
