Home values rise 9.9% in northern suburbs of Athens

Home values rise 9.9% in northern suburbs of Athens

Residential property prices continued to climb in Attica over the third quarter of the year, with significant increases also reported in other parts of the country.

According to data from the Spitogatos Property Index, the northern suburbs of Athens posted the biggest annual rise in prices, at 9.9% in July-September, as the average asking rate stood at 2,491 euros per square meter, from €2,267/sq.m. a year earlier.

A remarkable 9.3% annual increase to €1,444/sq.m. was also recorded in the western suburbs of the capital, while in the suburbs of Piraeus the rise amounted to 8.7%, to €1,270/sq.m.

However, the most expensive residential properties are to be found in Athens’ southern suburbs, with the average asking price at €2,813/sq.m., up 7.4% from Q3 2020. In the city center the increase was milder, at 4.2% year-on-year, reaching €1,612/sq.m.

In Thessaloniki asking prices increased 8.1% to €1,600/sq.m., but this pales in comparison with the 24% jump recorded in Karpenisi; however, the rate in this town in central Greece remains below €1,000/sq.m. Prices in Grevena, Western Macedonia, climbed 15.8%. On the other hand houses in Ilia, in the western Peloponnese, declined by 10.2% on average in the third quarter to €825/sq.m.

All this follows a major increase over the second quarter, when Piraeus’ suburbs posted a 10.1% annual price rise, and the northern and western suburbs of Athens saw their rates grow 7.9%.

Official second-quarter data from the Bank of Greece pointed to a 6.4% increase in asking prices throughout Attica. This is a trend expected to accelerate in the second half of the year.

Buyers’ increasing shift toward the northern suburbs of the capital, reflected in the steep rise of rates, confirms the strong mobility in demand. Apparently the number of Greek candidate buyers has grown, as they turn to house hunting having saved some cash during the lockdowns. The northern suburbs have long been coveted by many households, and after the revival in demand this is reflected in the asking rates.

In contrast, demand for the center of Athens, which mostly originated from foreign investors, has now subsided.

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