In the commercial real estate sector, significant price increases have been observed for office properties located near metro stations. Meanwhile, retail property prices have remained relatively unaffected, continuing to rise steadily in the city's commercial areas, although no notable increases have been seen near the stations.
Line 1 of the metro, which spans 9.6 km with 13 stations, has gained significant popularity since its inception, serving 270,000 daily users.
In the office market, which has experienced upward trends over the past two years across the entire municipality of Thessaloniki, rental prices for offices close to metro stations have seen a remarkable increase.
Specifically, in areas such as the city center and Vardar, where properties are located within 350 meters of the metro stations, rental price increases ranged from 40% to 58% between 2020 and 2024. The largest increases were observed around Vasileos Herakleiou, Ermou, Ionos Dragoumi, and Egnatia Streets.
This demonstrates that the operation of the metro has had a significant positive impact on the value of office properties, especially in areas directly adjacent to the stations. The improved transport connectivity is driving increased demand for commercial spaces in these areas, making them more attractive to businesses and investors, which in turn is driving property value growth.
On the other hand, retail properties have seen more limited price increases within a 250-meter radius of metro stations. Although property owners initially raised asking prices by up to 50% when the metro began operating, the market has not responded to the same extent. Today, there are still several vacant retail spaces within the influence zone around the stations at Egnatia, Fleming, Analypsis, and 25th March. However, the area surrounding the Agia Sofia station has seen full commercial development, a trend that began even before the metro's operation, due to the area's inherent commercial potential. In contrast, major commercial streets like Tsimiski and Mitropoleos, located more than 500 meters from the nearest metro stations, seem to lie outside the metro's influence zone.
While prices in these areas have been rising, the increase is not directly tied to the metro's operation.
As for residential properties, the Cerved index indicates a steady rise in prices across Thessaloniki from 2018 to the present. Specifically, during the period from 2020 to 2024, residential prices in the entire Thessaloniki urban area increased by 50%, regardless of whether the area is or will soon be serviced by the metro. However, the most notable price increases have been seen in areas surrounding metro stations, such as Papafi, Euclid, Fleming, Analypsis, and 25th March, for properties built in the 1970s and 1980s, with price hikes reaching 60%. This rate of increase surpasses the citywide average for the same period.
Impressively, the municipality of Kalamaria, which will soon be connected to the metro, has seen price increases of up to 35% over the past two years. This suggests further growth will follow once the metro is fully operational. These trends indicate that the area will continue to experience strong real estate market growth, as enhanced transport connections are expected to further boost demand and increase property values in the future.
