Prices for buying and renting a house continue to rise – South Suburbs and Cyclades are the most expensive areas

The sale and rental prices of houses continued their upward trend in the second quarter of the year as well. Specifically, the average asking price for residential sales increased by 9.6% compared to the second quarter of 2023, while the average asking price for rental homes increased by 8.9% compared to the same period last year as shown by the data which analyzed Spitogatos Insights based on the Spitogatos Price Index (SPI), which captures the time evolution of prices in the domestic real estate market based on millions of real listing data.

The most expensive places in Greece to buy and rent a house

Based on the same data it follows that the Southern Suburb of Athens emerge as the most expensive area to buy a house in Greece in the 2nd quarter of 2024, marking a slight increase of 6.8% compared to the same period of the previous year. They follow the Cyclades, the Northern Suburbs, Lefkada and Piraeus.

The most expensive places in Greece to rent a house during the 2nd quarter of 2024 are the Cyclades, the Southern and Northern Suburbs of Athens, Corfu and the center of Athens. Halkidiki Prefecture also ranks high in average asking rental price, which however is not comparable due to the large number of properties for short-term rental, with their monthly prices being much higher than those for long-term rental.

The most expensive & most economical areas of Attica

As for Attica, the most expensive places to buy a home are located, primarily, in the Southern Suburbs with the exception of the Kolonaki-Lykavittos area which is in third place in the ranking of the most expensive areas in Attica for the purchase of a residence in the 2nd quarter of 2024. The first to emerge is Drowning with an average asking price of €6,476/sq.m.

In terms the rentalcentral areas of Athens, the Southern but the Northern Suburbs monopolize the ranking of five more expensive areas of Attica for residential rental, with Vouliagmeni being in first place here as well with an average asking price of €18.8/sq.m.

On the other side, the most economical areas of Attica to buy a residence located in areas of Western Suburbs but also the center of Athens. For the 2nd quarter of 2024, Agia Varvara is the most economical area to buy a home with an average asking price of €1,277/sq.m., followed by Perama, Patisia, the Patision-Acharnon area and Acharnes.

In terms the rental of housesthe Perama emerges as the most affordable area for residential rental in the 2nd quarter of 2024 with an average asking rental price of €6.9/sq.m., followed by Agios Ioannis Rentis, Acharnes, Agia Varvara and Agioi Anargyri in the Western Suburbs.

The biggest increases of the average asking price of the sale of houses in Attica, in relation to the 2nd quarter of 2023, are found in the center of Piraeus (port) (34.0%), in Keratsini (27.8%) and in the Gallipoli-Freattyda area (25.5%). In terms of rental, the largest increases in average asking price during the 2nd quarter of 2024 compared to the same period last year are found in Koropi (29.3%), Stamata (19.0%) and Kaminia-Palaia Kokkinia area (17.8%).

The most expensive places to buy and rent a house in Thessaloniki

According to Q2 2024 data, the five most expensive areas to buy a house in Thessaloniki are Kalamaria (€2,784/sq.m.), the center of Thessaloniki (€2,646/sq.m.), Pylaia (€2,560/sq.m.). In terms of rent, the most expensive areas in the 2nd quarter of 2024 are the center of Thessaloniki (€10.4/sq.m.), the Vardaris-Lakhanokipoi area (€9.7/sq.m.) ) and the Faliro-Ippokrateio area (€9.2/sq.m.).

On the contrary, the most economical areas of Thessaloniki to buy a house are Kallithea (€833/sq.m.), Mygdonia (€921/sq.m.) and Vassilika (€1,043/sq.m.) in the suburbs of Thessaloniki, while in the most economical areas for renting a residence by in the 2nd quarter of 2024, Mygdonia (€4.1/sq.m.) and Vasilika (€4.2/sq.m.) are again included. Next is the Hortiatis area (€4.4/sq.m.).

The areas of Thessaloniki with the largest increases in the average asking price of residential sales during the 2nd quarter of 2024 are Sykies (21.3%), Polichni (20.4%) and Evosmos (20.1%). Regarding rent, the areas with the highest price increases are Agios Pavlos (20.8%), Thermaikos (18.5%) and Stavroupoli (15.6%).