Property Prices and Rents Rise in Athens, Thessaloniki in Q2

Athens, Greece.

Property prices and rents in Athens and Thessaloniki increased in the second quarter (Q2) of the year, found data released recently by real estate listings company Spitogatos.

According to Spitogatos Insights, the largest real estate price increases in Q2 compared the same period in 2022 were reported in Thessaloniki up by 21 percent, in the Thessaloniki suburbs (+17 percent), and in Athens’ southern suburbs (+15 percent).

Rents in the same quarter of the year rose by 8 percent in Thessaloniki, by 7 percent in Attica’s southern suburbs and by 7 percent in the northern suburbs.

Areas still offering affordable rents, in and around Athens in Q2 include Acharnes at 6.4 euros per square meter and Korydallos at 6.8 euros per square meter.

In Athens, selling prices rose by 32 percent in Ilion, by 27 percent in Agia Paraskevi, by 26 percent in Zografou and by 23 percent in Kallithea.

Affordable homes are available in the Patissia area with selling prices at 1,266 euros per square meter and in Keratsini in Piraeus at 1,333 euros per square meter.

Thessaloniki

Thessaloniki, Greece.

In Thessaloniki, rents increased by 26 percent in Thermi, 13 percent in Kalamaria, and by 11 percent in the center while selling prices were up by 32 percent in Charilaou and by 29 percent in Faliro-Ippokrateio.

“Relatively low supply and ever-increasing demand is pushing prices up,” said Spitogatos CEO Dimitris Melachroinos. “The supply of real estate in Greece at the moment is relatively low in relation to the demand. Domestic demand, on the other hand, is increasing and on an upward trend after the pandemic, driven by subsidy programs, while international demand is particularly strong, currently accounting for 18 percent (up from 15 percent a year ago) of our network’s website traffic,” he said.