The offer remains consistently low of residences for sale in Atticabut even more so at Thessaloniki, as demand remains high and new buildings are few and far between, while they are sold at prices that are difficult for the majority of the domestic buying public to reach, around 3,500-4,500 euros/sq.m. on average. At the same time, sales prices continue to rise at double-digit rates, even in areas where there has been a significant increase in the number of properties being sold.
Athena
According to the data of its online classifieds “Golden Opportunity”, in the center of Athens there was a drop of 7.6% in the number of houses for sale, which were limited to 63,892 properties. In this context, the asking prices continued to move strongly upward, increasing by 11.73%, to 2,326 euros/sq.m. The largest decrease was registered by the smaller apartments (up to 80 sq.m.), the number of which fell by 10.5%, to 36,686, while their prices increased by 14%, to 2,112 euros/sq.m. The program played an important role in the absorption of a significant part of the housing stock in the center of Athens “My house”which resulted in more properties being sold and prices rising at the same time.
On the contrary, at Dove, which was also an area that had enough properties that were suitable for the relevant program, an increase in supply and also in asking prices is recorded. Specifically, the supply increased by 26.13%, to 4,098 properties, and prices increased by 14.2%, to 1,830 euros/sq.m. So it seems that in this area there is a sharp mismatch between the expectations of sellers and those of buyers, who do not seem willing to spend the amounts requested, resulting in an increase in the inventory of homes for sale.
Something similar seems to be happening in other areas, such as e.g. in Saint Paraskevi, where the houses for sale increased by 15.3%, to 4,131, while an increase of 11.7% was also noted in the average asking price, which now reaches 3,271 euros/sq.m., not far from areas such as .x. the Kifissia, where the average price reached 3,376 euros/sq.m. (but with the stock there decreasing by 8.4%).
Another typical example is Maroussiwhere the supply remained practically unchanged at 4,250 properties during 2023. During the same period, however, the average asking price increased by 11.45%, to 3,031 euros/m², which is due both to the stable high demand as well as the addition of some new construction to the stock of homes for sale.
Piraeus
In Piraeus, which is the area with the second largest concentration of houses for sale after Athens, there is an increase in supply by 6.75%, to 11,606 properties, but also a rise in prices by 12.9%, to 2,180 euros/sq.m. . However, according to his data Spitogatos Insights, in some individual areas of Piraeus with high demand, such as e.g. Gallipoli – Freattyda, prices increased by 36.3% in just 12 months, with the result that they are now 2,700 euros/sq.m. A 36% increase is also recorded in Drapetsona.
This development is due to the fact that Piraeus is now the main “receiver” of interested foreign investors in the program “golden visa”. This is due to the exclusion of the previously most popular areas, i.e. the center of Athens and the southern suburbs, where from the beginning of August 2023 a new, doubled, minimum investment limit will apply, from 250,000 euros to 500,000 euros. In addition, new constructions have started to increase in Piraeus, as several builders are attempting to develop new apartments aimed at foreign buyers through the “golden visa” program.
Southern suburbs
As for the southern suburbs, it seems that the price rally continues unabated even at the current level, as in these areas there is strong buying interest from both foreigners and Greeks.
Thus, e.g. in the Greek, the stock of homes for sale decreased by 18% last year, while the average asking price increased by 10.3%, to 4,783 euros/sq.m. A similar picture is observed in the neighboring one Glyfada, where the offer fell by 7.1%, to 11,043 properties, while the average price increased by 12.35%, to 4,676 euros/sq.m. However, it is worth noting the very large number of houses for sale (despite the decrease), a large part of which are newly built. In recent years, the construction activity in the area has increased dramatically, which is also reflected in the high number of houses for sale.
Kalithea
Kallithea stands out from the areas with the biggest increases, where the average asking price increased by almost 20%, to 2,515 euros/sq.m., while the housing supply saw a slight decrease of 1.5%, to 7,024 properties . Real estate market executives note the consistently high demand in the area and the shortage of quality real estate, resulting in increased investment in new construction, where of course this is possible due to the lack of plots.
