Real Estate Sale and Rent Prices 2022-2023: Evolution and Trends

Property prices across the Athenian Riviera continue to rise creating a steep upward trend. With particular focus on the southern suburbs of Athens and Pireaus, comparing the same quarterly time frame (Oct-Nov-Dec), one year apart (2022-2023) in accordance to SPITOGATOS NETWORK DATA, Piraeus Port recorded a jaw dropping average price increase of over 30%, whereas other neighbourhoods within Pireaus collectively increased by an impressive 23,2%. The drive behind this significant incline is related to the recent changes and updates associated to the Greek Golden Visa scheme across the  Athenian city centre, its northern and southern suburbs, a few islands and Thessaloniki, however Pireaus remained immune to those changes, and continued to offer this attractive investment scheme to non EU-residents at the minimum threshold of EUR 250.000. The other districts augmented to double this amount.
Source: Spitogatos 2024
In the southern suburbs following Pireaus is Argyroupoli, Agios Dimitrios and Kallithea, with average price increases of 22,8%, 18,5% and 18% respectively. Somewhat, can be described as positioned at the foot of the historic city centre, offering various means of transportation links including the metro (stations available at both Argyroupoli and Agios Dimitrios) as well as direct access to and from the city centre via Vouliagmenis Avenue which traverses through Argyroupoli and Agos Dimitrios, whereas Poseidonos Avenue traverses Kallithea and Nea Smirni.

Source: Spitogatos 2024
More sought after neighbourhoods, known for their more cosmopolitan lifestyle , blue flagged beaches and idyllic seaside resorts, such as in Glyfada, Voula, Varkiza-Vari and Vouliagmeni property prices have also risen in the range between 6,2% and 15,70%. The lowest being Vouliagmeni, as prices in Vouliagmeni compared to any other suburb within the Attica basin were historically significantly higher, also taking into account its limited stock availability, this makes it a particularly niche market.  Whereas on the upper scale is Vari-Varkiza, reason being the latest construction activities within, as well as the redevelopment of Akti Varkiza currently taking place. From the latter five seafront neighbourhoods, Glyfada comes in first place with an increase of over 16% in long term lettings, whereas the other areas range between 5,6% and 12,2% overall. 
Source: Spitogatos 2024
The data provided paints a clear picture of the upward trajectory in property values across the Athenian Riviera, particularly in response to the alterations in the Greek Golden Visa program. The significant price increases in Piraeus and the southern suburbs highlight a growing investor interest and the ongoing appeal of these areas as prime real estate locations.

Given these trends, it is crucial for investors to navigate this evolving market landscape with a strategic approach. The insights from the Property Founders team offer a valuable resource for understanding these changes and making informed investment decisions. As the market continues to adjust to new regulations and investment patterns, staying informed and adaptable will be key to capitalizing on opportunities in the Athenian real estate market. For more information and insights contact us here
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