In particular, in the fourth quarter of 2023 the average asking price for renting homes nationwide showed an increase of 8.8%, while the average asking price for selling homes increased by 11.9% compared to the fourth quarter of 2022. Sales and rental prices of residences across Greece increased by approximately 1% compared to the third quarter of 2023.
Which are the most expensive areas of Greece for sale and rent
The Southern and Northern Suburbs of Attica as well as the Cyclades are among the most expensive areas of Greece to buy and rent homes in the fourth quarter of 2023, with the Southern Suburbs recording the highest average asking price of a home nationwide. Among the most expensive areas to buy a home is the Municipality of Thessaloniki, while the increased average asking prices on the Ionian islands, where the average asking price of houses is often over €2,000/sq.m., are also of interest. As far as renting is concerned, the center of Athens and Halkidiki are among the most expensive areas of Greece.
The most expensive and cheapest areas in Attica and Thessaloniki
The most expensive area of Attica for renting and buying a home is Vouliagmeni in the Southern Suburbs, with an average asking price of €18.1/sq.m. and €6,488/sq.m. respectively. The Kolonaki - Lykavittos area and Glyfada are also ranked among the most expensive areas of Attica for renting and buying a home. On the contrary, the most economical areas for renting a house include Acharnes and Keratsini, while for buying a house Agia Varvara and Perama. In Thessaloniki, the most expensive areas to buy a house are Kalamaria (€2,765/sq.m) and the center of Thessaloniki (€2,593/sq.m), while for rent it is again the center of Thessaloniki (9.4 €/sq.m.) and the Vardaris – Lachanokipoi area, with an average asking price of €9.0/sq.m.
Attica & Thessaloniki: The areas with the largest average asking price increases
Piraeus and its Suburbs are high in the ranking of the regions of Attica that showed the largest increases in the average asking prices of houses during the fourth quarter of 2023 compared to the fourth quarter of 2022. More specifically, the average asking price in Gallipoli – Freatida (€2,692/sq.m.) increased by 36.3%, while the average asking prices of houses in Drapetsona and Tavros increased by 35.9% and 35.0% respectively compared to the same period in 2022. In Neo Psychiko, the average asking price of houses increased by 35.2% (€4,146/sq.m.). A significant increase of 33.3% was also recorded in Ilion (€2,000/sq.m.).
In terms of renting, Piraeus and the center of Athens are among the areas with the largest increases in average asking rental prices. More specifically, in the Kaminia – Palaia Kokkinia area (€8.8/sq.m.) the average asking rental price increased by 32.2%, while in Kallipoli – Freatida (€10.0/sq.m.) for rent became 24.4% more expensive compared to the fourth quarter of 2022. In Petralona (€10.9/sq.m) in the center of Athens, an increase of 24.6% was recorded in the average asking price of rental houses compared to same period last year, while the areas with the largest increases in average asking rental price include Agia Varvara (23.8%) in the Western Suburbs of Athens.
In Thessaloniki, the largest price increases of houses for sale compared to the fourth quarter of 2022 are recorded in the areas of Charilaou (37.3%), Vardari – Lachanokipoi (34.3%) and Polichni (28.2%). As far as rent is concerned, the largest increases in average asking prices are noted in the area of Vardari - Lachanokipoi (22.8%), Xirokrini - Panagia Faneromeni (19%) and Ampelokipi (19%).
Dimitris Melachrinos, CEO of Spitogatos, said: "The upward trend in asking prices nationwide, which started in 2017 in sales and since 2015 in residential rentals, continues for some areas at a particular pace. The limited supply of real estate, combined with increased demand, both domestic and international, is constantly pushing prices up. In fact, in some areas, such as Piraeus and its suburbs, which have a particularly high international demand due to the recent changes to the conditions of the Golden Visa, prices rose at a particularly high rate in the second half of 2023."
