Spitogatos Insights analyzed the overall picture of the market price trend for the third quarter of 2024 based on the Spitogatos Price Index (SPI), which records the price evolution over time in the domestic real estate market.
The strong demand for student housing, due to the announcement of bases and the start of the academic year, combined with the traditionally strong summer season, which boosts the demand for residential properties, contribute to the upward trend in average asking prices for rental and sale of residential properties in Q3 2024. According to SPI data, average asking residential sales prices across Greece rose by 6.8% in Q3 2024 compared to the same period in 2023, while average asking rental prices increased by 7.6%.
MOST EXPENSIVE AREAS
The southern suburbs of Athens, the Cyclades, the northern suburbs of Athens, Lefkada and Piraeus are the 5 most expensive areas in the country for buying a home in the third quarter of 2024. In the ranking of the most expensive areas for renting a house, the first positions are occupied by the Southern Suburbs of Athens, Cyclades, Northern Suburbs of Athens, the centre of Athens, followed by Piraeus. It is worth noting that among the most expensive areas for renting a home in Q3 2024 is Halkidiki, where short-term rental prices continue to exert upward pressure on rental prices.
Conversely, the most affordable areas for buying a home in the country are located in Northern mainland Greece, with Kastoria, the Florina Region, Karditsa, Kozani and Drama standing out. In terms of renting, the cheapest areas include Kilkis, Pella, the rest of the prefecture of Thessaloniki, Imathia and Fokida.
The largest increase in the average asking price of homes for sale in the third quarter of 2024 compared to the same period in 2023 was recorded in the Piraeus region (27.8%). In terms of renting, the Rest of the Prefecture of Thessaloniki ranks at the top of the regions with the largest increases in average asking price of renting a home across the country with a percentage increase of 20%.
The most expensive areas of Attica to buy a home in the third quarter of 2024 include Vouliagmeni, Voula, Glyfada, Kolonaki-Lycavettos and Papagos, where prices are reaching the highest levels. In terms of residential rental, the areas of Attica with the highest average asking prices in the 3rd quarter of 2024 are again Vouliagmeni, Kolonaki-Lycavettos, Glyfada, Paleo Psychiko and Voula. On the contrary, the most affordable options for renting a house are mainly located in the Western Suburbs, the Piraeus Suburbs and the centre of Athens. As far as the housing market is concerned, the most affordable areas are Agia Varvara, Perama, Acharnes, the Patission-Acharnon area and Patissia, offering opportunities for more affordable housing options.
BIGGEST PRICE INCREASES
In terms of annual change, areas of Piraeus and its suburbs almost monopolize the ranking of the top areas with the largest increases in average asking price of residential property in Attica for the 3rd quarter of 2024. More specifically, these areas are: the centre of Piraeus (port) (36.0%), the area of Tabouria-Agia Sophia (33.8%), Drapetsona (31.6%), Anthousa (29.7%) and Agios Ioannis Rentis (27.9%). In terms of rentals, the largest increases in average asking rental prices in Q3 2024, compared to the same period in 2023, were recorded in Neo Faliro (31.4%), Agios Stefanos (24.9%), Piraiki-Hatzikyriakeio (23.3%), Vari-Varkiza (23.0%) and Marathon (22.2%).
In the capital city, the largest increases in average asking price of houses for sale in the 3rd quarter of 2024, compared to the same period last year, were mainly in the suburbs of Thessaloniki and are: the area of Menemeni (21.7%), Ehedoros (18.7%) and Thermaikos (18.1%). In terms of renting, the largest price increases are again recorded in the suburbs of the capital and are the area of Eukarpia (27.0%), Agios Pavlos (22.6%) and Eleftherio-Kordelio (17.3%).
