Property Market Surge: Piraeus Leads Nationwide Price Increases in Q2 2024

Housing prices and rental rates for Greek property have soared throughout the country, with continued increases in the second quarter of 2024 compared to the same period in 2023. According to data from Spitogatos’ listings network, Piraeus the country’s largest port, has recorded the highest increases in average sale prices nationwide for the period of April to June 2024.

In Piraeus, house prices have surged due to factors like the golden visa, increased short-term rentals, and high local demand from metro infrastructure projects, making them more expensive than in central Athens.

Sale prices in central Piraeus have risen to 2,471 euros per square meter. The suburbs are also experiencing significant increases, with a 23.6% rise in the second quarter compared to last year. Rents are climbing as well, with the average asking price in Piraeus now at 10 euros per square meter, a 14.3% increase from a year ago.

In central Athens, property sale prices rose by 12.4% to 2,120 euros per square meter, according to the platform’s index based on listings. In the northern suburbs, prices increased by 7% to 3,043 euros per square meter, while in the eastern and western suburbs, prices climbed by 12.8% and 11.4%, respectively.

Prices continue to rise sharply in the city of Thessaloniki, in northern Greece, where the average price in the city center is currently 2,342 euros per square meter, up 10.5% in one year.

What is more, property prices on the Greek islands remain very high as well. Specifically, the average asking price in the Cyclades is 3,542 euros per square meter, up from 3,182 euros per square meter.

Prices in the Ionian Islands are also high. For example, in Lefkada, the average asking price for houses is 2,672 euros per square meter, showing a 21% increase compared to 2023.

In the second quarter of 2023, the largest annual decrease in home sale prices was recorded in the Karditsa region (-8.8%) at 663 euros per square meter.

However, this is not the lowest price nationwide; that distinction belongs to Kastoria. The bottom three in terms of prices are Kastoria, Kozani at 650 euros per square meter, Karditsa, and Florina.