House rates soar up to 23.2%

The average asking prices for the sale of houses in Attica in the third quarter of this year achieved increases that even reached 23.2% on an annual basis, consolidating the trend of a strong acceleration in rate hikes formed in recent months.

According to data from the Spitogatos Property Index (SPI) of the online classifieds network of the same name, the average asking price in Attica increased by 13.6% on average, to 2,230 euros per square meter, compared to Q3 of 2022, when the average rate was €1,962/sq.m. In practice, an apartment of 100 sq.m. which last year was sold for €196,000 today costs €223,000 – i.e. €27,000 more.

The biggest increase of 23.2% is observed in the suburbs of Piraeus, where the average asking price currently stands at €1,714/sq.m. Large growth of 19.2% is also recorded in the western suburbs, with the average price now reaching €1,800/sq.m. 

This development shows that the rally is stronger in the cheapest areas, which also had the greatest distance to cover compared to the most expensive ones, as values had fallen more during the financial crisis. At the same time, of course, it is clear that precisely because of this fact, they also attract a lot of demand from domestic buyers, so the asking prices increase accordingly.

Moreover, these areas also have the largest stock of properties that can be purchased through the My Home program, which has been very popular since it started running in April. Based on the relevant data, more than 40,000 applications have been submitted to date, of which 9,378 have already been approved, which means that the technical and legal control of the properties to be purchased is progressing, binding almost all of the available subsidy funds – i.e. €742 million out of a total of €750 million (another €250 million concerns the participation of the banks). 

Another reason that obviously continues to push prices up is demand from abroad, especially in the southern suburbs and the center of Athens.