How the prices for the sale and rental of real estate in Athens and Thessaloniki have changed in 2020

According to a survey conducted in January by Greek real estate platform Spitogatos, 2020 saw an overall increase, with a few exceptions, in asking prices for properties for sale and rent in Athens and Thessaloniki.

Nationally, asking prices for housing increased by + 3.3% in sales and + 6.5% in rent, while significant price reductions of more than 15% were observed in several areas of the territory.

In particular, according to the study, in terms of real estate sales in Attica, asking sales prices rose 81.2%, fell 14.5% and remained stable in 4.3% of the districts. In Thessaloniki, selling prices also rose 82%, fell 14% and remained stable in 4% areas. The largest price increases were recorded in Tavros Attica (+ 32.3%), as well as in Doxa (+ 31%) and Triandria in Thessaloniki (+ 30.7%).

A significant drop of about -20% was recorded exclusively in a few suburbs such as Drapetsona Attica (-20.8%) and Assyros Thessaloniki (-19.4%).

According to the latest figures obtained from the bid prices listed in the published ads by Spitogatos, the highest asking sales prices per square meter in Attica are found in Filotea (€ 3440), Sounio (€ 2562), Legrena (€ 2325) and Argyroupoli (€ 2300 ) and in Byzantium (1750 euros), Doxa (1666 euros), 40 churches (1445 euros) and Depo (1422 euros) in Thessaloniki. Accordingly, the lowest selling prices in Attica are recorded in Nea Peramo (Megalo Pefko) (900 euros) and Elefsina (925 euros), as well as in Thessaloniki in Lahanas (371 euros) and Assiro (555 euros).

The rental property market also presents an interesting picture, where asking rental prices in Attica increased by 71.8%, decreased by 23.9% and remained stable in 4.3% of districts, while in Thessaloniki they increased by 86.8 %, decreased by 7.9% and remained stable in 5.3% areas. In particular, in Attica, in many suburbs, growth exceeded 20%, for example, in Sounio (+ 34%), Agia Anargyri (+ 24.8%), New Philadelphia (+ 21.6%), Tavros (+ 20.8 %) and Likovrisi (+ 20%). Accordingly, in Thessaloniki, in the Sfagia-Ichthyoskala region, the maximum growth is observed, more than 20%, while a significant increase in prices is observed in many other suburbs, such as Polichni (+ 16.7%), Byzantium (+ 14.6%) and Filiro (+ 14.5%).

According to the survey data, among the few areas that saw a decline in rental prices compared to 2019 are some areas close to the center of Athens, such as the Historic Center (-6.9%), Petralona (-7, 6%), Metz-Kallimarmaro (-9%) and Kesariani -11.9%, while in Thessaloniki, a significant decrease in rental prices is observed only in Angelochori (-8.7%) and Kifissia (-4.4% ).

Finally, the highest asking rental prices per square meter are still found in the Historic Center (€ 12.22), Metz Kallimarmaro (€ 11.03), Sounio (€ 10.32) and Alimos (€ 10.14) while the areas of Attica with the lowest rents, according to the latest figures from Spitogatos published advertisements: Agii Anargyri (5.58 €), Perama (5.66 €), Palea Fokia (6.34 €) and Kaminia (6, 52 euros) In Thessaloniki, the areas with the highest rents are Sfageya Ichthyoskala (8.41 euros), Vardaris (7.5%) and Byzantio (6.8 euros), while the areas with the lowest rent are Mygdonia (2 , 92 euros), Vasilika (3.5 euros) and Chortiatis (3.72 euros).

Spitogatos CEO notes: “While asking prices for the sale and rental of properties have risen significantly across the country, in the midst of the pandemic – a phenomenon that has been observed in about 80% of Attica and Thessaloniki – based on the data we gathered from our platform, there are some areas -exceptions, most noticeable are some high-demand areas near the center of Athens where rents are falling. We expect to see how the pandemic evolves, and the possible return on tourism – and therefore the recovery of short-term rental housing – will further impact the market. ”