Last year ended up with price increases in the housing market in most areas of Greece.
It is important to note that the prices of the last quarter of 2019 recorded a double-digit change in some of the cities or prefectures compared to the prices of Q4 2018.
House prices for sale in 2019
More precisely, the strongest growth of house prices for sale appeared in the Municipality of Thessaloniki, from 1,071 euros/sqm in 2018 to 1,416 euros/sqm in 2019, which accounted for 32.10% of change. Sporades followed with a 21.70% positive change which was mainly driven by foreign buyers who were interested in acquiring holiday houses in the beautiful islands. House value edged up by 16.30% in Piraeus and 11.20% in the continuously developing Piraeus suburbs. In Rethymno Prefecture and the center of Athens, a noteworthy increase of 11.10% and 10.70%, respectively, in house prices was reported.
South suburbs of Athens and the islands of Cyclades were proclaimed the areas with the highest prices in the house market for sale in 2019 with average prices of 2,576 and 2,500 euros per square meter, accordingly. On the other hand, possible buyers could acquire a house in Kilkis Prefecture spending only 500 euros/sqm and in Florina Prefecture paying 537 euros/sqm.
House prices to rent in 2019
Rest of Thessaloniki Prefecture was the strongest performer, with prices up by 31.70% in the fourth quarter of 2019, compared with a year earlier, from 2.62 to 3.45 euros/sqm. Lakonia was in the second place with an increase amounted to 27.60% followed by Lasithi Prefecture with a reported growth of 21.90%. The top five positions were filled by Kozani Prefecture and Cyclades, where the rent prices rose by 20.50% and 20%, subsequently. Lastly, Larissa Prefecture rates experienced an increase equal to 18%.
Buyers who wanted to rent a house in Chalkidiki needed a good investment of money, since average rent price topped 32.50 euros/sqm, the highest recorded in 2019. Cyclades prices were the second highest accounted for 28 euros/sqm. The weaker performers of the house rent market were Kilkis Prefecture (3 euros/sqm), Imathia Prefecture (3.13 euros/sqm) and Rest of Thessaloniki Prefecture with an average price of 3.45 in 2019 from 2.62 euros/sqm, the last price being the lowest in 2018.
In the overall Greek territory, the average asking price of houses for sale for the whole year 2019 was significantly increased by 8.20% compared to the previous year according to SPI price index, while house price to rent experienced much bigger growth by 10.10%.
The price data above are based on a tremendous property database of Spitogatos and are publicly available in SPI – Spitogatos Property Index page. You can explore the average house prices of rent and sale, as well as, the SPI which represents the annual and monthly price changes in all areas of Greece. The SPI page is updated every month, so you can always by informed about the trends of real estate market. Finally, don’t forget that prices are available not only for houses, but for commercial and land properties as well!
Spitogatos team
