Explore Greece's Real estate prices trends in Q2 2024, highlighting the most and least expensive areas for buying and renting, regions with the highest price increases, key findings for Greek islands, and international demand.
The second quarter of 2024 has seen significant increases in both housing sales and rental prices. This article explores the key findings, highlighting the most expensive and affordable areas for buying and renting residential properties, as well as the areas with the highest price increases. Additionally, the enduring appeal of Greek islands, coupled with strong international demand, continues to drive this upward trend, offering diverse investment opportunities for both high-end and budget-conscious buyers. Let's see more key insights in detail.
General trends
The housing market in Greece has maintained its upward trajectory, with both sales and rental prices showing significant increases compared to the same period last year. The average asking price for house sales increased by 9.6% compared to Q2 2023, while the average asking price for house rentals increased by 8.9%. These figures underscore a robust demand in the housing market, driven by various economic and demographic factors.
📌 Read also: Greek Real Estate Insights - Analysis of listing 2022 – 2024
Most expensive & affordable areas for buying & renting
Residential properties for sale
The most expensive areas in Greece for buying a residential property include the following: Southern Suburbs of Athens, Cyclades, Northern Suburbs of Athens, Lefkada, and Piraeus. Specifically, Mykonos holds the reins overall, while Vouliagmeni stands out in Attiki with an average price of €6,476 per square meter, followed closely by Voula (€5.625sqm) and Kolonaki-Lycabettus (€5.000/sqm).
In contrast, the most affordable areas for buying in Attiki are Agia Varvara (€1,277/sqm), Perama, Patisia, and Acharne, making them attractive options for budget-conscious buyers.
Residential properties for rent
The Cyclades, Southern and Northern Suburbs of Athens, Corfu, and Central Athens are among the priciest regions to rent a residential property, with Vouliagmeni leading at €18.8 per square meter. And right after that we see Kolonaki-Lycabettus (€16.4/sqm). On the contrary, more affordable options in Attiki can be found in Perama (€6.9/sqm), Agios Ioannis Rentis, Acharnes, Agia Varvara, and Agioi Anargyroi.
Price increases in Attica
The areas with the largest increases in average asking prices for purchase, compared to Q2 2023, include Piraeus center (34%), Keratsini (27.8%), and Kallipoli-Freattyda (25.5%). Regarding rentals now, the highest increases were observed in Koropi (29.3%), Stamata (19%), and Kaminia-Palaia Kokkinia (17.8%).
📌 Read also: Time on market of residential properties for sale in Attica: Insights from 2023
Thessaloniki: Key real estate Insights
According to data for Q2 2024, in Thessaloniki, the most expensive areas to buy a residential property are Kalamaria (€2,784 sqm), Thessaloniki center (€2,646/sqm), and Pylaia (€2,560/sqm). For the same period, the priciest areas to rent a home are Thessaloniki center (€10.4/sqm), Vardaris-Lachanokipi (€9.7/sqm), and Faliro-Ippokrateio (€9.2/sqm).
Affordable buying options in Thessaloniki include Kallithea (€833/sqm), Migdonia (€921/sqm), and Vasilika (€1,043/sqm). For rentals, the most affordable areas are Migdonia (€4.1/sqm), Vasilika (€4.2/sqm), and Chortiatis (€4.4/sqm).
The most significant sale price increases in Thessaloniki and its suburbs were recorded in Sikies (21.3%), Polichni (20.4%), and Evosmos (20.1%), while the highest rental price increases were in Agios Pavlos (20.8%), Thermaikos (18.5%), and Stavroupoli (15.6%).
Increased demand for properties in the Greek islands
The demand for properties for sale in the Greek islands remains high, particularly from international buyers and investors. The Cyclades and Argo-Saronic islands are especially popular while also including some of the most expensive areas to buy residential property. Mykonos (Cyclades), Paxoi (Ionian Islands), Skiathos (Sporades), Hydra (Argo-Saronic Islands), Patmos (Dodecanese), Ikaria (North Aegean Islands), and Chania (Crete) are among the most expensive islands.
For those looking for more budget-friendly options, Skopelos, Salamina, Rhodes, Kos, Chios, and parts of Crete (Rethymno and Lasithi) and Euboea offer properties below €2,000 per square meter.
Home prices in the Greek islands
In the Cyclades, Mykonos and Antiparos have the highest average asking sale prices, while Tinos, Andros, and Syros are more affordable. Kythnos, Folegandros, and Milos had the biggest price increases.
In the Ionian Islands, Paxoi is the most expensive, followed by Lefkada and Ithaca, with Corfu being the least expensive. Lefkada had the highest price increase at 23.5%.
In the island complex of Sporades, Skiathos is the most expensive island to buy a home, Skopelos is the most affordable, and Alonnisos saw the highest price increase.
Furthermore, in the Argo-Saronic Islands, Hydra is the most expensive, while Salamina is the most affordable and experienced the highest price increase of 10.8%.
Next, in the Dodecanese, Patmos is the most expensive island to buy a residential property and Leros the least expensive.
In the North Aegean Islands, Ikaria had the highest average asking sale price and Samos the lowest, with Chios experiencing a 17.4% price increase.
Last but not least, in Crete, Chania is the most expensive, while Heraklion is the most affordable area to buy a home. Heraklion also had the highest sale price increase (9.9%) compared to last year.
Demand trends & top countries with highest demand
The Greek islands continue to be a prime destination for real estate investment, attracting both domestic and international buyers. With a mix of high-end and affordable options, the market offers diverse opportunities. The stable increase in demand and notable price increases in specific areas highlight the islands' enduring appeal and investment potential. Let's look in further detail at the international demand by island group.
Initially, the Cyclades continue to have increased international demand, particularly from the USA, UK, Germany, France, and Switzerland. Paros, Syros, Naxos, and Mykonos are the most popular islands among international buyers.
Interest in the Sporades has surged, especially in Skiathos, attracting buyers from the UK, USA, Germany, Sweden, and France.
Similarly, in the Argo-Saronic Islands, Aegina remains a top choice, with strong demand from the UK, USA, Germany, France, and Israel.
The Ionian Islands, especially Corfu, are popular with buyers from the UK, USA, Germany, Serbia, Netherlands, Australia, and Israel.
In the Dodecanese, Rhodes and Kos attract significant interest from the UK, USA, Germany, Sweden, and Israel.
Subsequently, the North Aegean Islands have seen significant increases in demand from both domestic and international buyers, particularly in Samos, Ikaria, and Lesvos, with interest from the USA, Germany, Netherlands, Turkey, and Australia.
Regarding Crete, especially Chania, has seen decreased domestic demand but increased international interest, particularly from the USA, Germany, UK, Canada, Israel, and Netherlands.
Finally, Euboea has seen increased demand from the USA, Germany, Israel, UK, and Canada.
💡 For further info on property rental and sales prices in Greece you can check the Spitogatos Price Index (SPI), that monitors the evolution of property prices over time, while if you need more specific data, please contact Spitogatos Insights directly.
In conclusion, the Q2 of 2024 has underscored the strength and resilience of Greece's real estate market. With notable increases in both housing sales and rental prices, the market is buoyed by a blend of domestic demand and growing international interest. The diversity in property prices -from the high-end locales of Mykonos and Vouliagmeni to more budget-friendly areas like Agia Varvara and Salamina- offers a wide array of investment opportunities. As Greece continues to captivate buyers with its unique charm and robust economic outlook, the upward trend in real estate prices is poised to persist, making it a vibrant and promising market for both seasoned investors and first-time buyers.

Spitogatos team