Property prices keep soaring

Growth of transaction values as well as rental rates in the capital continues to accelerate

Property prices keep soaring

The growth of property rental rates and sale prices is showing no signs of abating, with the latter boosted also by the “My Home” government housing project.

There was a significant increase in the rate of price increases in the second quarter compared to the first, both in the center of Athens and in the western suburbs, precisely in the places where the largest stock of properties that meet the conditions set by the program is, which is aimed at young people aged 25 to 39 and subsidizes the borrowing rate up to 75%.

According to data from the Spitogatos Property Index (SPI) of the online classifieds platform, prices in the center of Athens rose by 11% in Q2, against an increase of 8.5% in Q1, and now stand at €1,890 per square meter, from €1,700/sq.m. a year ago. Likewise, in the western suburbs, the average asking price is €1,715/sq.m., marking an annual increase of 14.3% from last year, while the increase in the first quarter was 11.2%.

Meanwhile rental rates are also continuing their relentlessly upward course, as the average asking price in the Attica basin has almost reached €9/sq.m. (€8.95/sq.m.) – i.e. a price that before the financial crisis could only be found in selected areas, such as Kolonaki and Lykavittos. In Q2 the annual increase in the capital amounted to 5.2%, slightly higher than the 4.9% in the first quarter of 2023 (at €8.6/sq.m.).

In the center of Athens, the average price now exceeds €9.5/sq.m. up by 5.8% compared to the same quarter of 2022. Even so, of course, rents in the center are far from the average price of €9.95/sq.m. which was recorded shortly before the outbreak of the pandemic. A small decline followed, but in the last six month the trend is again upward.

However, the highest rents are observed in the northern and southern suburbs, where the growth rate is even faster. In the northern suburbs the average price now reaches €10.7/sq.m., marking an annual increase of 6.7%. In the southern suburbs the rates are even higher, as they average at €11.3/sq.m.

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