Over the past few years, there has been a noticeable increase in the asking prices for house rentals in Piraeus. From 2015 up to the present day, the average asking price for residential rental has nearly doubled, with the current price as of 2023 being €9.0/sq.m. The average house rental prices in the Suburbs of Piraeus have also increased, but to a lesser extent, from 2017 onwards, with the current average asking price being €7.4/sqm. In 2023, the average rental price for residential properties in Piraeus increased by 10% compared to the previous year. Similarly, the average rental prices for residential properties in the suburbs of Piraeus increased by 7.6%.
In terms of residential property sales, the pricing trend was slightly different between 2015 and 2023. The average asking prices for residential sales in both Piraeus and its suburbs decreased until 2018. However, since 2018, the average asking prices for both regions have been increasing steadily, with the current average asking prices standing at €2,000/sq.m. and €1,653/sq.m. respectively.
As for the sale of homes, the average asking price for homes in Piraeus saw an increase of 15.9%, while the average asking price for homes in the suburbs of Piraeus increased by 19.5% in 2023 compared to the previous year. This significant increase in the average asking price in Piraeus and its suburbs in 2023 is largely due to changes in the "Golden Visa" program, which has attracted more buyers to the area.
The high level of interest in the area of Piraeus and its suburbs seems to have affected the expectations of property owners, causing them to set their asking prices at very high levels, often exceeding the objective characteristics of the property.
Upper and lower ends of the price range
The most expensive areas to purchase a house in Piraeus and its suburbs are Moschato (€2,889/sq.m.), Neo Faliro (€2,560/sq.m.), and the Castella-Pasalimani area, which has a price of €2,438/sq.m. On the other hand, the cheapest areas to buy a house in Piraeus and its suburbs are Perama (€1,340/sq.m), Agios Ioannis Rentis (€1,342/sq.m), and Keratsini (€1,432/sq.m.).
For the year 2023, the areas of Piraeus and its suburbs that saw the largest increase in comparison to the previous year are Gallipoli-Freattyda (24%), Moschato (23.8%), and Drapetsona (23.7%).
When it comes to renting a house, the most expensive areas in Piraeus and its suburbs are Moschato (€9.4/sq.m.), Kastella-Pasalimani (€9.4/sq.m.), and the center of Piraeus (port) (€9.4/sq.m.). The most affordable areas are located in the suburbs of Piraeus and are Nikaia (€7.3/sq.m.), Korydallos (€7.1/sq.m.), and Keratsini (€6.8/sq.m.). The largest increases in house rental prices in 2023 compared to the previous year were noted in Perama (30.9%), Drapetsona (22.2%), and the Tambouria-Agia Sofia area (15.1%).
Commercial real estate properties in Piraeus and its suburbs
In 2023, there was an increase in the average asking price for renting and selling commercial real estate in Piraeus and its suburbs. Specifically, there was a 12.8% increase in the average asking price of commercial properties in Piraeus, which is now at €1,231/sq.m. The corresponding price for commercial properties in the suburbs of Piraeus increased by 10.3% and is now at €993/sq.m.
In terms of renting, the average asking price for commercial properties in 2023 was €8.2/sq.m, which is an 11.3% increase compared to 2022. In the suburbs of Piraeus, the average asking price for renting commercial properties is now at €6.6/sq.m., which is a 7.8% increase compared to the previous year.
The most expensive areas to buy commercial property in Piraeus and its suburbs for 2023 are Kastella-Pasalimani (€1,507/sq.m.), Piraiki-Hatjikyriakeio (€1,367/sq.m.) and the center of Piraeus (port), with an average asking price of €1,334/sq.m. On the other hand, the most economical areas are Korydallos (€717/sq.m) in the Piraeus suburbs, Kaminia-Palaia Kokkinia area (€844/sq.m.) and Tambouria-Agia Sofia area (€844/sq.m.).
The most expensive areas of Piraeus and its suburbs for renting commercial space are Neo Faliro (€8.8/sq.m.), Kastella-Pasalimani (€8.7/sq.m.) and the center of Piraeus (port), with an average asking price of €8.7/sq.m. On the other hand, the most economical areas for renting commercial property are Agios Ioannis Rentis (€4.5/sq.m.), Perama (€5.6/sq.m.) and Kaminia-Palaia Kokkinia (€6/sq.m.).
