Property price hikes over 30%
The Athens residential market witnessed price hikes of more than 30% year-on-year during the second quarter of 2023, an example of the excesses typically recorded during periods of upward trend in values.
According to the data collected by Spitogatos Insights, based on the Spitogatos Property Index (SPI), in individual areas of Attica, such as in Ilion, there was a 32% increase in the average asking price compared to last year’s second quarter.
The average price rose this year to 1,830 euros per square meter, from about €1,385/sq.m. just 12 months ago. This means that a typical apartment of 100 sq.m. which last year was sold for €138,500 (based on the asking price of the ad), is now up for sale for €183,000, i.e. €44,500 more.
Certainly, such an increase, especially in such a short period of time, can in no way be considered justified, not even taking into account factors such as the “My Home” program, or the chronic supply deficit. Besides, the specific area does not see demand from abroad, which would justify increased prices.
It is therefore largely a matter of speculation on the part of sellers/owners as well as brokers, as competition drives some of those professionals to promise sellers that they will secure a higher price for their property. This phenomenon has intensified recently, as the properties available for sale are limited and demand is high, so that “competition” is raging among estate agencies, or even some of their consultants.
Accordingly, in Agia Paraskevi, the average asking price has recorded an increase of 27% on an annual basis, now reaching €3,650/sq.m., from €2,875/sq.m. during the corresponding quarter of the previous year. In practice, an apartment of 100 sq.m. costs €76,500 more today than a year ago.
Large increases are also recorded in areas such as Zografou, where the average asking price today stands at €2,558/sq.m., up by 26%, while an increase of 23% to €2,362/sq.m. has also been observed in the area of Kallithea, southern Athens.
