House Prices Surge by 23.2% in Attica, Greece

Property Transfers Go Digital

House prices in the Attica region of Greece have experienced a remarkable surge, with some areas witnessing an astonishing 23.2% increase in the third quarter of this year, compared to the same period last year. This trend highlights a significant acceleration in the rate of price hikes that have been building over recent months.

According to data gathered by the Spitogatos Property Index (SPI), an online classifieds network, the average asking price for houses in Attica has risen by an average of 13.6%. This surge has pushed the average price per square meter to €2,230, compared to €1,962 in the third quarter of 2022. In practical terms, a 100-square-meter apartment that was sold for €196,000 last year now costs €223,000, an increase of €27,000.

The most significant price increase, standing at 23.2%, was observed in the suburbs of Piraeus, where the average asking price now stands at €1,714 per square meter. Meanwhile, the western suburbs have seen a substantial growth of 19.2%, with the average price reaching €1,800 per square meter.

These price increases are most prominent in the areas that historically had lower property values, and they also suffered more significant declines during the financial crisis. Consequently, these areas are attracting a considerable amount of demand from domestic buyers, which is driving up asking prices.

Additionally, these areas have a large inventory of properties available through the My Home program, which has been popular since its launch in April. More than 40,000 applications have been submitted, with 9,378 already approved. This indicates that the process of reviewing and approving properties for purchase is progressing, nearly exhausting the available subsidy funds, amounting to €742 million out of a total of €750 million (with an additional €250 million allocated to bank participation).

Another key factor driving the price increase is international demand, especially in the southern suburbs and the central area of Athens. This foreign interest in the housing market is further fuelling the upward trend in property prices across the region.

House Prices Surge by 23.2% in Attica, Greece

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