Piraeus continues to lead realty rate rise

Piraeus continues to lead realty rate rise

Piraeus continues to show the largest increase in the asking prices for sale and rent of houses in the second quarter of the year, according to the Spitogatos Property Index (SPI) of the online classifieds network

The average asking price recorded an annual increase of 28.9%, climbing to 2,470 euros per square meter, from €1,917/sq.m. during the corresponding period last year. Regarding rental prices, there was an annual increase of 14.3%, to €10/sq.m.

For a few more weeks Piraeus will be one of the last pockets where a non-EU investor can secure a residence permit through the Golden Visa program, paying only €250,000. This has sparked a significant increase in buying interest, so that a number of owners have proceeded to sharply raise the asking prices of their homes, even if they are properties of clearly lower value. 

However, with the latest changes to the Golden Visa regulations voted a few months ago, from September 1 this window will also close, as the minimum investment amount will increase to €800,000 for the whole of Attica, as well as for Thessaloniki and islands with a minimum population of 3,100 permanent residents.

Overall in Attica, sales prices continue to move strongly upward, although already last year in August the minimum investment amount for obtaining the Golden Visa had been increased to €500,000 in the center of Athens, as well as in the northern and southern suburbs. 

For example, in the center of Athens the average asking price during the second quarter was €2,120/sq.m., from €1,887/sq.m. last year, an increase of 12.4%. During the first quarter the average price had risen to €2,073/sq.m. (+14.6% annually), a sign that the rally is holding up well.

A similar picture is observed in rents. The double-digit number has now been established – i.e. more than €10/sq.m. in many areas of Attica. In the center of Athens, the average asking price reaches €10.58/sq.m., recording an increase of 11.1% since last year, while rents in the southern suburbs have also increased by 10.6%, reaching €12.50/sq.m.

At €11.30/sq.m. the average asking rent in the northern suburbs is also increasing, with the average increase being about 5.9%.

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