Rise of house prices continues
Property rates in Attica registered an annual increase of 13.5% on average in January-March
The growth in the sale and rental rates of houses and apartments in Attica continued during this year’s first quarter, even though, as market executives note, a significant demand “fatigue” has begun to set in, especially with regard to buying and selling residential property.
Based on the latest data available from the online classifieds network Spitogatos.gr, in January-March the average sale price of residences in Attica was 2,350 euros per square meter, compared to €2,070/sq.m. during the same period last year, an increase of 13.5%.
Accordingly, as far as rents are concerned, the average asking rental price has now reached €9.6/sq.m., being 11.6% higher than a year ago, with no signs of even stabilizing.
Among the individual regions, the largest increase in asking sales prices is still found in Piraeus: On an annual basis, the increase now reaches 27.3% to €2,333/sq.m., while in the suburbs of Piraeus the average asking price is now €1,875/sq.m., increased by 25% on an annual basis base.
These increases are due to the shift of Golden Visa program investors to the Piraeus area, where the minimum investment amount remained at €250,000, against €500,000 required from August 1, 2023 in the center of Athens and the northern and southern suburbs. However, a large increase of 14.6% is also observed in terms of the asking prices in the center of Athens, where the average price now reaches €2,073/sq.m., from €1,810/sq.m.
The following months are expected to be decisive for the future course of prices and the possibilities of their stabilization or even correction in some areas, given that new changes to the Golden Visa program are being promoted, with the minimum investment limit for the whole of Attica increasing to €800,000.
In the rental market the picture looks particularly difficult for those looking for a home, as even in the center of Athens the average asking price has now increased to €10.36/sq.m., or 10.4% higher compared to last year’s first quarter.
