High demand for the real estate market continues to be recorded in the southern suburbs, while the center of Athens continues to be the focus of investment interest.
Throughout time, the southern suburbs of Athens have been an important part of the domestic real estate market. Properties in the areas of the southern suburbs, such as Varkiza or Vouliagmeni, have almost always attracted the investment interest of both domestic and foreign investors.
In 2022, and specifically during the third quarter of this year, this interest is confirmed even more strongly thanks to the increase in the average asking price for the sale of a residence compared to the corresponding period last year. Especially in the third quarter of the year, the sale prices of real estate in the southern suburbs increased by 12.7% and stands at 3,167 euros per square meter from 2,810 euros per square meter.
As for 2022, there is a steady increase in the average asking price in the southern suburbs both compared to last year for the corresponding period and compared to the previous 2 quarters of this year. The development of the areas in the framework of the projects for the Athenian Riviera seems to have “ignited” the interest of investors in the southern suburbs of Attica.
According to a recent survey by the Vinswanger Greece Real Estate Group that recently presented the capital, in Paleo Faliro for property aged between 12 and 20 years (which are no more than 600 meters from the sea) the prices for apartments of 70 to 90 sq.m. they range from 3,300 to 3,600 euros per square meter, while for a property with a surface area of 100 sq.m. up to 150 square meters, sales prices range from 3,000 to 3,300 sq.m. In Alimos, the purchase value of a 2-bedroom property varies from 3,400 to 3,800 euros per square meter, while for a 3-bedroom property from 3,200 to 3,500 euros per square meter. The purchase values of real estate in Kalamaki fluctuate at the same levels.
Prices are much higher in both Glyfada and Voula, as they range from 6,000 to 7,000 euros per square meter (for an apartment of 70 to 90 square meters) and from 5,500 to 6,500 euros per square meter (for an apartment of 100 to 150 square meters).
The high demand for real estate in the southern suburbs is also confirmed by the latest data from REMAX, where in 2021 the total number of sales in the areas increased by 10.4% with the largest increases recorded in Paleo Faliro (+23%), in Kaisariani (+36%) and in the area of Zografou (21.8%). On the contrary, the same percentage in Dafni decreased by 21.3%.
At the same time, the volume of sales in all southern suburbs increased (+17.2%) as did the total square meters (+13%). In these measurements, the regions of Zografou, Kaisariani, Kallithea, Ilioupoles and Hellinikon-Argyroupoli recorded the highest percentages. The average value of the property seems to have increased in the areas of Hellinikon-Argyroupoli (+26%), Dafni (+21.8%), Glyfada (+20.4%) and Ilioupoli (+20.1%). These records are partly due to the fact that the sale of new constructions increased.
Investment interest holds the center
Once again the center of Athens draws all eyes on it with areas such as Goudi, Mets – Kallimarmaro and Ilisia showing a big change compared to last year (27.6% – 26, 4% and 22.1% respectively). During the third quarter of 2022, the average asking price of a residence in the aforementioned areas was €2,233/sq.m., €3,288/sq.m. and €2,714/sq.m. respectively. Apart from the fact that the mentioned areas are key points of the center of Athens, it is important to additionally say that they belong to the wider list of areas that are going to be connected to the new metro line.
According to executives of the real estate market, the effect that the construction of the project is expected to have on the real estate market will be great. It is estimated that the areas that will be the “apple of Eris” when the work on the new Metro Line 4 starts will be Galatsi, the area near the “Elikonos” station, located on the hill of Kypseli, as well as the area near of the courts, where the “Courts” metro station will be built.
As the same executives report, in Galatsi and at the “Elikonos” station, there will be a large increase in demand for residential properties, because the prices compared to the rest of the areas where there are already metro stops are tempting and at the same time they are close to the center of Athens. At the stop “Courts” and “Alexandras” there will be a large increase in demand mainly for office spaces, because there are still available independent buildings and stock of office spaces.