Rents and Property Prices in Wider Athens Rise in Q4 2023

Photo source: Municipality of Glyfada

Rents and property prices in the wider Athens area increased in the fourth quarter (Q4) of 2023, according to data released this week by real estate listings company Spitogatos.

More specifically, based on Spitogatos Insights data, the average going rental rate in Q4 across Greece was up by 8.8 percent with selling prices up by 11.9 percent compared to Q4 a year earlier and by 1 percent over Q3 2023.

The most expensive neighborhoods in Attica to buy property in Q4 2023 were: Vouliagmeni, Voula, Kolonaki–Lykavittos, Alimos and Glyfada.

The most affordable areas in Attica to buy a home were: Agia Varvara, Perama, Center of Athens, Patissia-Acharnon, and Patissia

The most expensive areas to rent a home in Q4 2023 were: Vouliagmeni, Kolonaki-Lykavittos, Filothei, Palio Psychico, and Glyfada.

The most affordable areas to rent a home in Attica in Q4 2023 were: Acharnes, Keratsini, Agioi Anargyri, Marathonas, and Spata.

Rents and selling prices also rose in Thessaloniki and on the Ionian islands, where the average selling rate came to 2,000 euros per square meter.

In addition to the center of Athens, rents also were high in Halkidiki, northern Greece.

Photo source: Thessaloniki Tourism Organization

According to Spitogatos CEO Dimitris Melachroinos, the price hikes for home sales began in 2017 and for rents in 2015. Melachroinos attributes the increases to “the limited supply of real estate, combined with increased demand, both domestic and international” which is pushing prices up.

“In some areas, such as Piraeus and its suburbs, which have a particularly high international demand due to the recent changes to the Golden Visa requirements, prices rose at a particularly high rate in the second half of 2023,” he said.

Piraeus and its suburbs were among the areas in Attica with the highest sale price increases in Q4 2023 over Q4 2022. The going rate for an apartment in Kallipoli-Freatida came to 2,692 euros/m2 up by 36.3 percent while rents were up by as much as 32.2 percent in some Piraeus suburbs.

Indicatively, the largest real estate price increases in Q2 2023 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).