Data from the Bank of Greece for the third quarter of 2025 indicate that Thessaloniki is recording the highest increase in apartment prices in the country, with a rise of 9.6% compared with the same quarter in 2024—significantly surpassing Athens and other major cities. The 2024 figures are equally striking: Thessaloniki’s annual price increase reached 11.7%, once again the highest in Greece.
Beneath these numbers lie a series of structural factors that clearly differentiate Thessaloniki from the broader market. As real estate professionals explained to ered.gr, major projects currently underway—such as the expansion of the Metro, the Flyover, redevelopment of coastal zones, the port upgrade, and new university and technology investments—are attracting both domestic buyers and international investors anticipating strong future growth.
Despite the rapid price increases and challenges posed by limited infrastructure, the market is effectively “pricing in” these expectations, driving property values higher. According to a study by the Association of Realtors – Certified Valuers, a significant portion of the city’s so-called “prime” properties are ultimately acquired by international buyers, primarily from Russia and Israel, as well as neighboring Turkey, Albania, and Bulgaria.
Older apartments remain particularly sought after, according to Bank of Greece data, and are typically purchased by Greek buyers either for personal use or as rental investments. The typical buyer profile includes families and couples aged roughly 30 to 55 years.
This is the same demographic that Dimand aims to attract. During the recent presentation of the masterplan for the redevelopment of the historic FIX complex on the city’s western side, the company noted that buyers have already shown interest in the residential complex under development, with pre-sales expected to begin next year. Dimand’s CEO, Dimitris Andriopoulos, emphasized that the strategy primarily targets domestic buyers, particularly Thessaloniki residents.
It is worth noting that prices for the 96 residences to be delivered by the listed company are expected to range from €5,500 to €10,000 per square meter, naturally narrowing the pool of potential investors to those with larger budgets. The project is scheduled for completion and unified operation by the end of 2028. The growing demand for high-quality renovated apartments and new builds is also confirmed by local real estate agents.
Two additional residential projects currently under development include SoHO Gardens, comprising 87 modern apartments in 8-storey buildings with a focus on quality, aesthetics, and energy efficiency/sustainability, and a project by Progreece, converting an old industrial space into co-living/co-working residences. The latter, titled “Lagada 222,” transforms the former tobacco factory into 138 apartments. Both projects are expected to be completed by 2027.
