Rising selling prices residences up 28.4% in areas like Vrilissia, the market recorded real estate during 2022. In the area of ​​the northern suburbs, the average offer price is now 3425 euros/sq.m.

According to price index Online classifieds platform Spitogatos (SPI), strong growth also seen in the regions the center of Athens, for example, in Metz and in the area of ​​Kallimarmaro. There, the average asking price currently stands at 3,240 euros/m², almost 22% higher than in 2021. growth was 8%.

The most expensive real estate is located in the Vouliagmeni area.where the average offer price increased by 19% last year to 5,933 euros/sq.m. Accordingly, in the center of Athens, the districts of the Historic Center and Kolonaki are at the top of the list with the highest prices.

According to the relevant analysis, “civil interference in center of Athens, as part of the Grand Promenade projects, as well as the upcoming reconstruction and expansion projects of metro stations in the surrounding areas, contributed to an even greater increase in average property prices. It is significant that in relation to 2021 there was an impressive increase in the sale prices of real estate in Metz (+22%), Ilisia (+21%) and Goudi (+20%).”

Significant growth in parts of the center, the northern suburbs as well as the southern suburbs is due to the return of foreign buyers, as well as the desire of many Greeks to get ahead of buying property before interest rates rise. to the point of no return to secure bank financing. According to the Bank of England, in the nine months of 2022, foreign investors placed a total of 1.27 billion euros, an increase of 60% compared to the corresponding period in 2021.

In fact, the pace of foreign investment in the real estate market has returned to pre-pandemic levels and is expected to even surpass it. In 2019, the total inflow from abroad reached 1.45 billion euros.

Foreigners prefer property in the center of Athens, especially near tourist attractions, to exploit it either through short-term leases or through long-term contracts, while the number of digital nomads who rent properties for several months is increasing. year is steadily growing.

At the same time, a significant number of foreign investors are choosing the southern suburbs, looking for future capital gains from the development of the Athenian Riviera, centered on Ellinikon. Accordingly, Greek buyers are moving to certain areas of the northern suburbs, focusing on points with the highest possible concentration of younger properties, whether new buildings or up to 15-20 years old.

The return of foreign buyers, redevelopment projects and expectations from the metro are the main reasons.

High prices were also recorded in the center of Piraeus and its suburbs. For example, in the center of Piraeus, real estate sales prices have increased by 10% compared to 2021. The opening of new metro stations in October 2022 played a very important role in the renewal of the vast territory.

In Thessaloniki The “Champions” are Forty Churches, Agios Pavlos and Toumba, with increases in average property sales prices compared to 2021 of 39%, 24% and 20% respectively. In the rest of Greece, more significant increases in property prices compared to 2021 were observed in Preveza, Sporades, Chalkidiki, Trikala, Larissa, Chania, Corinth and the Cyclades.

According to Mr. Dimitris Melahrinos, Managing Director of Spitogatos.gr, “Based on the data so far, the demand trend remains upward, while real estate prices in Greece are more dynamic compared to other recessionary European countries. like, for example, in Germany. However, real estate will face several challenges in the new year, such as inflation dynamics, mortgage interest rates, NPL management, and election year first home purchase support programs. .”

Rent

The average asking rental price in 2022 increased by 6.7%, with the highest changes recorded in Vari Varkiza (23%), Filotei (21%), Imitto (18%), Kifisia (15%), Piraiki ( 14%), Kolonaki (13%), Agia Paraskevi (12%) and Pagrati (11%).

According to Spitogatos, “In the always popular areas of Attica, rental prices have risen even more, which rather indicates that areas with high investment interest retain their great strength. It is also undeniable that the forthcoming expansion of the metro network through line 4 has already affected the areas around the new stations.

It is significant that in Kipseli, Galatsi, Ilisia and Exarchia, apartment rental prices increased by an average of +8.5% compared to 2021. A large increase in rental prices was demonstrated by areas in the eastern suburbs of Attica. It is indicative that in Glyka-Nera, Geraka and Lutsa rental prices increased by 20%, 15% and 8% respectively.