The areas around the center of Athens, which have the advantage of easy access, are the ones that are at the forefront of demand from the domestic public for both buying and renting homes.

Ambelokipi with the “Pentagon”, Pagrati, Kolonaki with Lycabettus, Kypseli and Neos Kosmos are the five locations in the capital that are attracting the most searches in the classifieds for both buying and renting, at a time when supply remains, admittedly, lower than demand.

This is leading to a further rise in prices in Attica, estimated to be close to 8%, on average, in 2024, in both sales prices and rents.

And if it is the very expensive southern suburbs that are most advertised as attracting, due to the sea front, the foreign audience, again the center of Athens is the big winner: it proves a solid value as the first preference even for foreigners looking for a home in the Greek capital, with the southern and northern suburbs following, while searches from the US, UK and Germany make up the top 3 countries with the most interest in Greek real estate.

Correspondingly, in the co-capital, the metro, beyond the rise in prices—which had already begun more intensively even before its operation two years ago—also brings changes. Apart from the small apartments in the city center, which are in high demand, the purchase of family apartments or large independent houses is becoming more common in areas where the metro is expected to expand, such as Kalamaria.

Price Trends

The well-known real estate listing network Spitogatos (www.spitogatos.gr) provides an overview of the Greek real estate market based on searches by prospective buyers and renters. It also tracks price trends over recent years, starting from the milestone of 2019, before the pandemic, up to 2024. A key conclusion regarding market trends during this period is the rise of so-called more affordable areas, which had lagged in prices compared to, for example, the southern suburbs and the center of Athens.

Thus, the Municipality of Piraeus, which started from a lower price base, has recorded an impressive surge, with an 84% increase in average asking sale prices over six years, securing the top spot. In terms of rentals, the eastern suburbs of Athens lead with a significant +47% increase. In 2019, the average asking rental price in these areas was 6 euros per square meter.

“The limited increase in new constructions in Attica compared to other regions in Greece in 2024, combined with rising demand from both Greek and foreign investors, has contributed to this price surge, making the search for affordable housing an even greater challenge for the capital’s residents,” the analysis notes.

Thessaloniki in Focus

However, Thessaloniki is also at the forefront. The well-known real estate services company Engel & Völkers, in its latest market analysis, focuses on the changes that the metro has already brought—and is expected to bring further—to the real estate landscape.

Supply and Sale Prices in Athens

More specifically, in terms of property listings in Athens, more than 1 in 2 properties for sale are located in the city center (26%) and the southern suburbs (27.8%). These areas also host the most expensive real estate in Attica, with Vouliagmeni leading the way. There, prices have climbed to an average of approximately 6,700 euros per square meter, with significant fluctuations upwards, as many listings exceed 18,000 euros per square meter.

Following is Voula, where the average asking price is around 5,700 euros per square meter, while Glyfada aligns with the most expensive popular area in the city center—Kolonaki and Lycabettus—both averaging around 5,000 euros per square meter. This figure is somewhat moderated by the presence of many older properties, which lower the overall average price.

The supply is lower in the northern suburbs, which account for 18.3% of the total listings for properties on sale. Even lower is the supply in the western suburbs, where only 1 in 10 properties listed is located. Piraeus and its suburbs account for 12% of the listings, while the eastern suburbs make up just 5.5%.

These areas also include the most affordable locations for property purchases in Athens. The lowest average asking price is recorded in Agia Varvara at €1,260 per square meter, followed by Perama at €1,360 per square meter.

Price Growth in Affordable Areas

On the other hand, the most affordable areas of the capital, starting from a lower price base, have also recorded the most significant increases over the past few years, especially since 2019, according to listings on the Spitogatos platform. As mentioned earlier, Piraeus stands out with an explosive 84% increase in average asking sale prices. This surge is attributed to the rapid upgrade of the coastal front, changes in the Golden Visa program, and major investments in tourism and residential developments.

The suburbs of Piraeus rank second with a +79% increase, while the western suburbs of Athens continue to gain ground, attracting new buyers due to their affordability and improved infrastructure. For instance, in Piraeus’ more affordable suburbs, the average asking price in 2019 was below €1,100 per square meter, but it has now surged to just under €2,000 per square meter. Similarly, in the western suburbs, the average asking price has risen from €1,200 per square meter in 2019 to over €1,900 per square meter today.

The increase in the center of Athens has been more moderate, with prices rising by 41% from 2019 to 2024. In the southern suburbs, the increase has been around 49%, bringing the average asking price to approximately €3,800 per square meter.

Largest Price Increases in 2024

Notably, Piraeus and its suburbs recorded the highest increases in average asking prices in Attica for 2024 compared to 2023. Specifically, Piraeus city center saw the most significant rise, with an impressive jump of nearly 40% compared to 2023. The areas of Kallipoli–Freattyda, Tampouria–Agia Sofia, and Drapetsona followed.

Completing the top five is Argyroupoli in the southern suburbs, where the average asking price has reached €3,850 per square meter, reflecting a 22.4% increase.

Rental Market Trends

Regarding rental prices, the lower the pre-pandemic prices (starting at €5.9/sq.m. in 2019), the greater the increase recorded up to 2024. On the other hand, the southern suburbs have the highest supply, with 1 in 3 rental properties located there, but prices remain steep. The average asking rent in the most expensive area, Vouliagmeni, has climbed to €19/sq.m., while in Glyfada, it stands at €15.8/sq.m.

The city center of Athens also has a high percentage of rental listings, accounting for 28.6% of the total supply, followed by the northern suburbs at 18%.

Apart from the southern suburbs, Palaio Psychiko, with an average asking rent of €15.9/sq.m., and Filothei, at €15/sq.m., also rank among the top five most expensive rental areas in the capital.
Most Affordable Rental Areas in Attica

The most affordable area for renting a home in Attica is Perama, with an average asking price of €6.9/sq.m. Prices exceed €7/sq.m. in the next most affordable areas, including Acharnes, Kryoneri, Agioi Anargyroi, and Dionysos, which completes the top five with an average rent of €7.6/sq.m.

Conversely, Marathon recorded the highest annual change in 2024, with an average asking rent of €10/sq.m., reflecting a 31% increase in just one year. Following closely is Piraiki–Chatzikiriakeio, with an average rent of €10.6/sq.m. and a 21% increase compared to 2023.

The Impact of the Metro in Thessaloniki

At the same time, the operation of the metro in Thessaloniki has reshaped the real estate landscape in areas near the stations, spanning from the city center and the New Railway Station to Nea Elvetia.

“From the very first months of metro operation, there has been high demand for properties located around Egnatia Street. In particular, property prices in the Vardaris area are expected to rise due to improved accessibility and the area’s overall upgrade,” states a recent analysis by real estate services company Engel & Völkers.

In terms of the types of properties in highest demand for purchase, the company identifies small apartments in the city center and around metro stations, mainly intended for professional use, such as medical offices and investment studios. “However, there is also strong demand for family apartments in southeastern Thessaloniki, where the metro line is set to expand.”

Similarly, in Thessaloniki, the metro—beyond the rise in prices, which had already begun significantly even before its operation in the past two years—has also brought major changes. Apart from the small apartments in the city center, which are in high demand, there is now an increasing trend of purchasing family apartments or large standalone residences in areas where the metro is expected to expand, such as Kalamaria.
Price Trends

The well-known property listings network Spitogatos (www.spitogatos.gr) provides an overview of the Greek real estate market based on buyer and tenant searches. It also tracks price trends over the years, starting from 2019—before the pandemic—until 2024. A key takeaway from the market’s trajectory during this period is the rise of so-called “more affordable” areas, which had lagged behind in prices compared to locations like the southern suburbs and downtown Athens.

For example, the Municipality of Piraeus, which initially had lower prices, has experienced a remarkable surge, with a six-year increase of 84% in the average asking sale prices, making it the frontrunner. In rental prices, the eastern suburbs of Athens take the lead with an impressive 47% rise. In 2019, the average rental price there was €6 per square meter. The slight increase in new constructions in Attica compared to other regions in 2024, combined with growing demand from both Greek and foreign investors, has contributed to this rise, making the search for affordable housing more challenging for Athens residents.

Thessaloniki is also at the center of attention. According to a recent analysis by the well-known real estate services company Engel & Völkers, the metro has already caused—and is expected to bring even more—market shifts.
Supply and Selling Prices in Athens

Regarding property distribution in Athens, more than half of the listings for sale are concentrated in the city center (26%) and the southern suburbs (27.8%). These areas also have the most expensive properties in Attica. Vouliagmeni leads with an average price nearing €6,700 per square meter, though many listings exceed €18,000 per square meter. Voula follows with an average asking price of €5,700 per square meter, while Glyfada and Kolonaki-Lykavittos are close, with average prices around €5,000 per square meter. The presence of older properties in these areas slightly lowers the overall average.

The northern suburbs account for 18.3% of total listings, while only one in ten properties for sale is in the western suburbs. Piraeus and its suburbs represent 12% of listings, and the eastern suburbs just 5.5%. The most affordable areas to buy in Athens include Agia Varvara (€1,260 per square meter) and Perama (€1,360 per square meter).

Interestingly, these same affordable areas have experienced the largest percentage increases in recent years. Since 2019, Piraeus has seen a massive 84% increase in asking prices, driven by waterfront upgrades, changes in the Golden Visa program, and significant investments in tourism and residential developments. The suburbs of Piraeus follow with a 79% rise, while the western suburbs continue to gain popularity among buyers due to their affordability and improving infrastructure. For example, in 2019, asking prices in Piraeus’ cheapest areas were below €1,100 per square meter, but they have now surged to just under €2,000 per square meter. Similarly, in the western suburbs, prices have risen from €1,200 per square meter in 2019 to over €1,900 per square meter today.

The central Athens market has seen a more moderate increase of 41% from 2019 to 2024, while the southern suburbs have recorded a 49% rise, with average prices now at €3,800 per square meter.

Notably, Piraeus and its suburbs have had the highest price increases in Attica for 2024 compared to 2023. Central Piraeus recorded the largest jump, with an impressive 40% rise, followed by areas like Kallipoli–Freattyda, Tampouria–Agia Sofia, and Drapetsona. The top five also include Argyroupoli in the southern suburbs, where average asking prices have reached €3,850 per square meter, up 22.4%.

Rental Market Trends

Regarding rental prices, the areas that had the lowest prices before the pandemic (starting from €5.9 per square meter in 2019) have recorded the highest increases through 2024. The southern suburbs have the highest rental supply, with one in three properties listed there, but prices are steep. Vouliagmeni, the most expensive rental area, has an average asking price of €19 per square meter, while Glyfada follows at €15.8 per square meter.

Central Athens also has a large share of the rental market (28.6% of listings), followed by the northern suburbs with 18%.

Besides the southern suburbs, Palaio Psychiko (€15.9 per square meter) and Filothei (€15 per square meter) are among the top five most expensive rental areas in Athens.

The most affordable rental area in Attica is Perama, with an average asking price of €6.9 per square meter. Other low-cost areas, where prices exceed €7 per square meter, include Acharnes, Kryoneri, Agioi Anargyroi, and Dionysos, the latter averaging €7.6 per square meter. However, Marathonas saw the highest annual rental price increase in 2024, rising 31% to €10 per square meter, followed by Piraiki–Chatzikyriakio, which increased 21% to €10.6 per square meter.

Metro’s Impact on Thessaloniki Real Estate

The metro’s operation in Thessaloniki has transformed the city’s real estate landscape, especially around its stations from the city center and the New Railway Station to Nea Elvetia. According to Engel & Völkers, there has been a surge in demand for properties above and below Egnatia Street. Particularly in the Vardaris area, prices are expected to rise due to improved accessibility and neighborhood upgrades.

Small apartments in the city center and near metro stations are highly sought after, mainly for professional use, such as medical offices or investment studios. However, demand is also high for family apartments in southeastern Thessaloniki, where the metro is expected to expand.

Real estate prices near metro stations in Thessaloniki had already started increasing over the past two years before the metro’s operation. Many owners deliberately withheld their properties from the market, expecting prices to rise further after the metro began operations. According to the latest Bank of Greece data, apartment prices in Thessaloniki increased by 12.1% in the third quarter of 2024 compared to the same period in 2023.

Engel & Völkers notes that Thessaloniki’s real estate market has strong investment potential, particularly among foreign investors, mainly from the Balkans and Israel.

The city’s real estate advantages include:

– Growing tourism appeal, confirmed by increasing airport arrivals, which boosts demand for Airbnb and hotel properties.
– High rental yields, thanks to a strong student population and growing corporate presence.
– Competitive prices compared to major European cities, despite recent increases.
– Strong foreign investor interest.

However, the metro’s introduction has also highlighted parking concerns in metro-adjacent neighborhoods. Properties with private parking are expected to see even higher demand and price increases. This could reduce demand for downtown properties, as buyers might prefer areas outside the city center where they can use the metro for commuting.

The most profitable property types in Thessaloniki include small city-center apartments for short-term rentals, student-friendly apartments near universities, and family residences in metro expansion areas like Kalamaria. Commercial properties near metro stations and main roads remain highly desirable due to improved accessibility.