According to the data, there is an average increase of 66% in newly built and 61% in older apartments, compared to 2014 values
An impressive increase in the potential sale prices of apartments in five areas of the greater Athens area (Ampelokipoi, Marousi, Palaio Faliro, Peristeri, Cholargo) continues to be recorded, according to the conclusions of the Apartment Value Observatory 2023 by GEOAXIS, the first certified valuation company in Greece . The increase in values is very close to the peak of the cycle, according to the conclusions of the study
In particular, according to the Observatory, between the third quarter of 2023 and the third quarter of 2022, a median annual increase of 14.92% is recorded for newly built apartments and 13.81% for older apartments. The significant increase in values is explained by the fact that due to a large reduction in supply (due to the excellent tourist season and Airbnb) this year’s sample includes mostly much newer and more expensive apartments.
Newly Built Apartments (up to 5 years): In new-age apartments, average surface area 95 sqm, median age of just 2 years and 1st floor, the market research led to the conclusion that the highest values are recorded in Cholargos (4,048 euros/sqm from 3,565 euros / sqm, with an annual increase of 13.55%) and then in order in the area of Palei Faliro (3,400 euros/sqm from 2,950 euros/sqm with an annual increase of 15.25%), in Maroussi (3,304 euros/sqm from 2,856 euros/ sqm with an annual increase of 15.69%), in Ampelokipi (2,795 euros/sqm from 2,500 euros/sqm with an annual increase of 11.80%) and finally in Peristeri (2,401 euros/sqm from 2,029 euros/sqm with an annual increase of 18.33%) . Based on the above, Peristeri recorded the largest, while Ampelokipi recorded the smallest annual increase, compared to all other areas
Older Apartments (35+ years): With regard to older apartments, average surface area 100 m2, median age 43 years and 2nd floor, the research showed that the highest values are recorded in Cholargos (2,235 euros/m2 from 1,985 euros/m2 with an annual increase 12.59%) and then in order: in Marousi (1,852 euros/sqm from 1,620 euros/sqm with an annual increase of 14.20%), in Paleo Faliro (1,751 euros/sqm from 1,536 euros/sqm with an annual increase of 14% ), in the area of Peristeri (1,487 euros/m2 from 1,268 euros/m2 with an annual increase of 17.27%) and finally in Ampelokipi (1,457 euros/m2 from 1,313 euros/m2 with an annual increase of 10.97%). Based on the above, Peristeri recorded the largest annual increase while Ampelokipi recorded the smallest annual increase, compared to all other areas.
Decade Research Conclusions
Particularly important are the results of the temporally deeper analysis that we have carried out over the last 10 years. From the processing of the data, it appears that there is an average increase of 66% in newly built and 61% in older apartments, compared to the values of 2014
The market research was carried out with on-site data collection through autopsies that we carried out as well as through advertisements published in newspapers and on the internet, for five indicative apartment markets (residential markets), during the 3rd quarter of 2023. The study areas were defined as the following: Vineyards (Center) Marousi (North) Paleo Faliro (South) Peristeri (West) Cholargos (East).
In more detail, Ampelokipi was chosen for the Center considering that the specific area meets the average criteria (quality of buildings, access, population identity, etc.) presented by the wider area of the center of Athens, without having been significantly affected by the Airbnb phenomenon, such as for example the neighborhoods around Syntagma Square and the Acropolis. In the North, Marousi was chosen, due to the clearer homogeneity within it.
In the South, Paleo Faliro was chosen, as it is an area that combines the special characteristics of the areas of the Southern Suburbs (proximity to the sea along with the easy connection to the center of Athens).
In the West, Peristeri was chosen mainly because of its very large population coverage, which makes it one of the few suburbs with such a large offer of apartments. Finally, in the East, Cholargos was chosen due to the clearer homogeneity within it.
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