Greek housing market maintains momentum in Q2 2024

In the second quarter of 2024, Greece’s property market kept its upward trend, with both sales and rental prices showing significant increases compared to the same period in 2023.

The average asking price for house sales grew by 9.6% on an annual basis while the average asking price for house rentals increased by 8.9%, according to Spitogatos, the leading real estate website in Greece.

Realty rates vary considerably across the country with the most expensive areas for buying a residential property being Southern Suburbs of Athens, Cyclades, Northern Suburbs of Athens, Lefkada, and Piraeus. 

The Cycladic island of Mykonos, a must-visit destination for the world’s jet set, commands premium prices. Vouliagmeni, The seaside southern suburb of Athens stands out in the Attica region with an average price of €6,476 per square meter.

On the other end of the spectrum, Attica’s most affordable areas for buying are Agia Varvara (€1,277/sqm), Perama, Patisia, and Acharne.

As regards rentals, the Cyclades, Southern and Northern Suburbs of Athens, Corfu, and Central Athens are among the priciest regions to rent a residential property, Spitogatos said. Vouliagmeni holds the reins (€18.8 per square meter).  

In contrast, the most affordable areas  in Attica can be found in Perama (€6.9/sqm), Agios Ioannis Rentis, Acharnes, Agia Varvara, and Agioi Anargyroi.

As noted by Spitogatos, the second quarter of 2024 highlighted the strength of the Greek property sector amid notable increases in both housing sales and rental prices. The market witnesses domestic as well as international demand. The Cycladic islands are sought after from buyers from the USA, UK, Germany, France, and Switzerland.

With a mix of high-end and  budget-friendly options, the market offers diverse investment opportunities. Investment from overseas buyers has surged in recent years, and many have seasoned investors and first-time buyers realized their dream of owning a summer holiday home in Greece.

Looking ahead, the upward trend in real estate prices is poised to persist, Spitogatos predicts.