The relentless surge in Greek property prices shows no sign of peaking, undermining expectations for a slowdown or a price correction (fall) in the near future.
While debates continue over whether the market is in a “bubble,” the underlying reality is that prices climb higher month after month.
Trend for property prices in Greece
According to data from estate agency Indomio, the national average asking price for properties in October reached €2,676 (about $3,098) per square meter (€/sq.m.), marking a year-over-year increase of 4.45 percent.
To put this into perspective, since 2019, when the construction sector emerged from its downturn, prices have skyrocketed. In October 2019, the average asking price stood at €1,936 ($2,242) per square meter. This means that property values have recorded a massive increase of 38 percent in the intervening period.
Related: Greece Sees 27% Drop in New Home Construction Following the End of Building Bonuses
Regional snapshot
Property price variation across Greece remains significant. Based on the October data:
- The Aegean Islands have the highest average asking price at €3,504/sq.m.
- The Attica Region (including Athens) follows closely at €3,089/sq.m.
- The Ionian Islands are also high at €2,894/sq.m.
- Other regions generally have lower averages, such as Thessaly (€1,340/sq.m.) and Central Greece (€1,379/sq.m.).
- Thessaloniki’s average is €2,301/sq.m., and Crete is €2,480/sq.m.
Focus on Attica (Athens Metropolitan Area)
After a brief pause earlier in the year, prices in the Attica region appear to be “galloping” again. The current average asking price of €3,089/sq.m. is 1.95 percent higher than last year. However, this regional average masks intense movements in specific areas:
- North Suburbs: Prices rose by a further 6.11 percent year-over-year.
- West Suburbs: Despite traditionally being more budget-friendly, these areas saw a significant increase of 6.18 percent.
- South Suburbs: The construction boom along the coastal front provided a new impetus, driving prices up by 1.37 percent.
The most surprising surge in the Attica basin, excluding the specialized market of the Saronic Gulf islands, was recorded in the Center of Athens.
The center saw an explosive increase of 7.84 percent, igniting neighborhoods such as Aghios Eleftherios, Attiki Square, Patision, and Sepolia. Within the center, Ano Patisia recorded the single largest jump at an astounding 23.74 percent year-over-year.
The Thessaloniki market
Thessaloniki is experiencing a similar trajectory. The average asking price is now €2,301/sq.m. The city has seen a steep rise since October 2021, when the average price was €1,367/sq.m., which means prices are now nearly 40 percent higher than just four years ago.
The price increases across the Thessaloniki region break down as follows:
- Thessaloniki Municipality: 5.80% increase.
- Periphery Municipalities: 9.10% increase.
- Rest of the Prefecture: 10.16% increase.
Related: Greece’s Real Estate Crisis: Why Housing Supply Has Collapsed
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