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Athens real estate market slows, gaining momentum Piraeus – Thessaloniki

The real estate market bid farewell in 2019 with a 6,5% rise in house prices and with an average sale price of 1,519 €/sq.m

The map of the real estate market is changing, with prices pulling uphill in the suburbs of the capital, Thessaloniki and the big cities, as opposed to downtown Athens, where the market is undergoing a correction. In the heart of Athens real estate sales have been dropping rapidly following the frantic two-year climbing rally that was mainly caused by airbnb fashion. Market data show that in the last quarter of 2019 house prices in central Athens rose by 10,7% when in the third quarter they were running at 25,3% and in the second quarter the converter recorded an increase of 30,9% compared to the corresponding period of 2018.

House prices have also risen slightly in the Athenian Riviera, while real estate prices in Piraeus and in western suburbs have gone uphill, indicating that investors are now on the radar of so-called “popular” properties neighborhoods. But the biggest increase across the country was in Thessaloniki. With an increase of 32,1%, apartments sold an average of 1,416 euros per square meter, when in December 2018 it was 1,071 euros per square meter.

REGION

4th QUARTER

CHANGE %

2018

2018

Greece

1,519 1,427 6,50%
Central Athens 1,549 1,400

10,70%

Athens – north

2,222 2,138 3,90%
Athens – south 2,576 2,458

4,80%

Athens – west

1,246 1,136 9,70%
Athens – east 1,500 1,429

5%

Piraeus

1,400 1,204 16,30%
Piraeus suburbs 1,112 1,000

11,20%

Rest of Attica

1,571 1,522 3,30%
Thessaloniki 1,416 1,071

32,10%

Etoloakarnania

0,891 0,867 2,70%
Dodecanese 1,375 1,333

3,10%

Heraklion

1,261 1,231 2,40%
Ioannina 1,133 1,071

5,80%

Kavala

1,111 1,071 3,70%
Karditsa 0,523 0,511

2,20%

Corfu

1,638 1,538 6,50%
Kefalonia 1,957 1,863

5%

Kilkis

0,500 0,478 4,50%
Corinthia 1,200 1,136

5,60%

Larisa

0,889 0,875 1,60%
Lasithi 1,750 1,667

5%

Messenia

1,327 1,278 3,80%
Rethymnon 1,444 1,300

11,10%

Serres

0,667 0,629 6,10%
Chalkidiki 1,585 1,497

5,90%

Chania

1,676 1,650 1,60%
Chios 1,160 1,125

3,10%

Sporades

1,739 1,429

21,70%