Following the southern suburbs is the western suburbs and Piraeus attracting more and more investors over the last 3 months, with an average sales price increase by 14,30% (at EUR 1.714/sq.m.) and 11,10% (at EUR 1.917/sq.m.), respectively. The reason for this significant increase in sales price may be associated to the upcoming changes in the Greek Golden Visa.

Unlike other areas in the Attica region shifting to EUR 500.000 as of August 1st, 2023  both western suburbs and Piraeus will remain at EUR 250.000, this may create an attractive investment opportunity for current investors- homeowners who believe the neighborhood in the medium term will appreciate in value, and possibly result a profitable resale. 

In addition, government programs such as “Spiti Mou” offering soft loans up to a certain property value, targeting young people/couples to encourage them to buy their first home, has also created an increase in demand in these areas.

Following the 1st trimester, the 2nd trimester continues to show signs that building material costs remain high, resulting higher renovation and maintenance costs to homeowners, evidently this is also a fraction accounted for in the increased sales prices recorded.

A strong force still triggering the property market in Greece, relies on the Greek Golden Visa. Based on the data from the Bank of Greece, during the 1st trimester of 2023; foreign capital inflows of 500 million euros were recorded for the acquisition of Greek real estate. As demonstrated by Spitogatos, international demand remains strong, currently accounting for 18% of www.spitogatos.gr traffic.