Following the 2nd trimester of 2023, property price trends across the 3rd trimester continue to rise across the Attica region. The highest average asking prices for the sale of houses in Attica was recorded in Piraeus suburbs, reaching an increase of 23,2%. Based on the data released from web portal Spitogatos (www.spitogatos.gr) it is evident that the rise in sales prices recorded in the last trimester particularly across in the Western suburbs (at an average of EUR 1.800/sq.m from EUR 1.714/sq.m.) and Pireaus (at an average of EUR 2.000/sq.m from EUR 1.917/sq.m.) continues to be an on-going result of the high demand for the application and issuance of the Golden Visa. In subject areas, as announced earlier in the year, the price to obtain residence permit via property investment would remain at EUR 250.000, being the cheapest Investor’s Program in all of Europe.



Sales prices in the southern suburbs continue to be the highest in all of the Attica region, with a recorded average of EUR 3.611/sq.m, increasing by 14% followed by the northern suburbs, with a recorded average of EUR 2.915/sq.m, increasing by nearly 11% within one year. Sub areas Argyroupoli shows the biggest increase in price/sq.m. (+18,9%) while Vouliagmeni maintains the lead with EUR 6.666,67/sq.m. followed by Voula with EUR 5.094,89/sq.m. and Alimos with €4.608,70/sq.m.


In the city center, areas such as Neos Kosmos and Pagkrati, with average increase of 24,8% and 12,9%, respectively continued to be the most popular Athenian neighborhoods. The sudden spike in sales prices could be a result due to the surge in demand  during the summer to lock in a property investment before 31st July 2023, as of 1st August, the prerequisite to obtain the Golden Visa would double, from EUR 250.000 to EUR 500.000. Year on year, the average annual rental prices increased within a range of 7% to 11%. This can be the result of the ongoing popularity of properties being operated and rented on short-term causing a shortage in market availability.



The Greek real estate market will remain steadily on an upward trajectory, despite the opposite course in other markets internationally.
 
In its recent analysis, Alpha Bank states that the course of the real estate market is characterized by strong base effects and is influenced by factors related to both the supply and demand side, such as:
 
(i) the return to positive economic growth rates from 2017 and their spectacular further strengthening in the last three years,
 
(ii) the upward trajectory of construction activity,
 
(iii) the increase of investments, especially in constructions, but also of Foreign Direct Investments (FDI) in real estate,
 
(iv) the development of tourism and the sharing economy,
 
(v) the Golden Visa program which provided incentives to third-country nationals to acquire real estate in the European Union (EU-27) and
 
(vi) the accumulation of savings during the pandemic.