According to data presented by Spitogatos at the "Greece 2025 Business Real Estate Investments" event, the rankings for land purchase inquiries in 2024 were as follows: first, the Municipality of Athens, followed by Kifisia, Chalandri, Glyfada, Artemida, Loutsa, Maroussi, Vari, Varkiza, Voula, Agia Paraskevi, and Markopoulo.
These shifts reflect significant trends, as noted by journalist Christos Koutras and investor and analyst Elias Papageorgiadis, the latter being the event organizer. They pointed out that, "While in 2022, eight out of the top ten areas for searches were located in the Northern Suburbs, this year that number has decreased to four. Concurrently, interest in the Southern Suburbs has risen, and for the first time, there has been notable activity in the Eastern suburbs, with Artemida-Loutsa and Markopoulo appearing in the rankings."
Regarding the residential market, searches have remained stable over the past three years, with areas such as central Athens, Glyfada, Chalandri, Kifisia, Piraeus, Marousi, Nea Smyrni, Paleo Faliro, Kallithea, and Agia Paraskevi maintaining strong positions in the top rankings.
In the rental market, the Municipality of Athens continues to hold the top spot, with Kallithea consistently ranking second. Chalandri has risen to third place, surpassing Glyfada, which now holds fourth position, followed by Nea Smyrni, Piraeus, Maroussi, Zografou, Paleo Faliro, and Ilioupoli. Mr. Melachroinos highlighted the rise of Chalandri, the slight decline of Glyfada compared to 2022, and the first-time appearance of Ilioupoli in the rankings.
Attica: Foreigners are willing to pay more. Where Greeks are overtaking them
Another valuable insight provided by Spitogatos is its ability to compare the preferences of domestic buyers with those of foreign investors. In 2024, the data revealed that foreign buyers were willing to invest an average of €231,625 in residential properties in Attica, compared to €216,688 for Greek buyers.
The most significant price differences were observed in the Southern Suburbs, where foreign investors were prepared to pay 38% more than Greek buyers, followed by Piraeus, where the difference was 22%. Conversely, Greek buyers set higher price limits in three areas: the center of Athens (+19%), the Eastern Suburbs (+9%), and the Piraeus Suburbs (+4%). As Mr. Koutras noted, "In the city center, there is a strong demand for properties intended for short-term rentals."
In the rental market, foreign tenants are once again willing to pay higher rents, with the average asking price standing at €787 per month, compared to €668 per month offered by Greek tenants. In most areas, foreigners are willing to pay more, with the exception of the Eastern Suburbs, where Greek renters are offering 4% higher rents than their foreign counterparts.
Thessaloniki: Stability in purchases and rentals, increased transactions in the land market
The housing market in Thessaloniki revealed few surprises, with Kalamaria consistently ranking first, followed by the city center. Other prominent areas include Evosmos, Toumpa, Thermi, Pylaia, Thermaikos, Panorama, the "Analipsi-Bottsari-Nea Paralia" district, and Sykies. Christos Koutras commented that, at present, the metro system is primarily viewed as an opportunity for relocating professional premises, rather than for residential purposes. Elias Papageorgiadis, on the other hand, noted the rise of Panorama in search activity and the emergence of Sykies in the top ten.
In the rental market, Kalamaria again takes the lead, with the city center of Thessaloniki in second place, followed by Evosmos, Toumpa, Pylaia, and Thermi. The remaining top ten rental areas include "Analipsi-Bottsari-Nea Paralia," Stavroupoli, Charilaou, and "Voulgari-Depo-Martiou." As Mr. Melachroinos pointed out, "The rental market shows a remarkable level of stability."
However, Spitogatos' data highlights substantial shifts in the land market, where changes in Thessaloniki have been more pronounced. Thermi has surged to the top of land search activity, followed by Thermaikos, Pylaia, Chortiatis, Evosmos, Oreokastro, Stavroupoli, Panorama, Kalamaria, and Epanomi.
Notably, Efkarpia, which ranked first in 2022, is absent from the 2024 list, while Evosmos and Kalamaria have experienced significant declines in search interest, likely due to rising property prices, as observed by Messrs. Melachroinos, Koutras, and Papageorgiadis. Conversely, Thermi, Pylaia, and Chortiatis have seen rapid increases in demand, and for the first time, Epanomi has entered the top ten.
Thessaloniki: Greeks pay much more to buy, foreigners pay more to rent
The situation in the Thessaloniki prefecture presents an intriguing comparison between the property search behavior of Greeks and foreigners. In the housing market, Greeks are willing to invest an average of €129,100, though this figure decreases when considering areas surrounding Thessaloniki, as the average is significantly higher within the city itself. Foreign buyers, in contrast, are prepared to spend only €106,083. Greeks pay 22% more for properties within Thessaloniki, 32% more in its outskirts, and 6% more in other parts of the prefecture.
In the rental market, however, the trend is reversed. Foreign tenants are able to afford higher rents, with an average of €571 per month, compared to €505 per month offered by Greek tenants (with the overall average also lower in areas outside Thessaloniki). Foreigners are willing to pay 12% higher rents in the city center, 3% more in the outskirts, and 26% more in the rest of the prefecture.
The quality and relevance of the data presented by Mr. Melachroinos were highly appreciated by the event's audience, as evidenced by the exceptionally high score given to the presentation and analysis during the live voting session.
