Greece Sees Rental and Home Sale Prices Surge During Q3 2024

Omonoia Square, Athens. Photo source: Athens Municipality

The demand for university student accommodations, combined with the traditional high demand for housing during the summer months, has led to a further increase in average rental and home sale prices during the third quarter of 2024.

According to SPI, the Spitogatos Index — which is based on millions of data points from related advertisements — average home sale prices in Greece increased by 6.8 percent in the third quarter of this year compared to the same period in 2023, while rental prices saw a corresponding jump of 7.6 percent.

The five most expensive areas in Greece for purchasing a home in the third quarter of 2024 were the southern suburbs of Athens, the Cyclades islands, the northern Athenian suburbs, the Ionian Island of Lefkada, and the port city of Piraeus.

Lefkada, Greece.

When it comes to rental prices, the top three most expensive areas remain the southern suburbs of Athens, the Cyclades islands, and the northern Athenian suburbs, followed closely by downtown Athens and Piraeus.

Notably, Halkidiki in Northern Greece was among the most expensive regions for rental accommodations in the third quarter of 2024, with short-term leasing options in high demand, thereby exerting upward pressure on regular home rental prices.

In the regional unit of Thessaloniki, excluding the metropolitan area, rental prices surged by 20 percent in the third quarter of this year, although it remains one of the more affordable areas to rent in the country.

Meanwhile, the regional unit of Piraeus recorded a significant increase of 27.8 percent in asking prices for housing sales during the third quarter of 2024 compared to the same period last year.

Conversely, the most affordable areas for purchasing a home in Greece are located in the northern part of the country, specifically Kastoria, Florina, Karditsa, Kozani, and Drama. The least expensive rental areas include Kilkis, Pella, Imathia, and Fokida.

In the Region of Attica, the most expensive neighborhoods for purchasing housing in the third quarter of 2024 were Vouliagmeni, Voula, Glyfada, Kolonaki, and Lykavitos, along with the Athenian suburb of Papagos. Among the least expensive areas in the vicinity of Athens are Agia Varvara, Aharnes, Patission-Aharnon, and Patissia.