Real Estate Market - How prices were formed in the 4th quarter of 2022.

Significant increases continued to be reported in house prices in the 4th quarter of 2022, with the southern suburbs and Piraeus showing double-digit increases.

Photo Credits: IGN Building

According to Spitogatos.gr (a data base website for sale and rental properties) data, during October-November-December 2022, the average price for houses for sale was highest in the southern suburbs of Athens, with 3,261 euros per square meter and lowest in Florina with 579 euros per square meter. The largest increase in this quarter compared to the previous year was recorded in the Prefecture of Preveza with +16.40%, while the largest decrease was recorded in the Prefecture of Grevena with -18.00%. As for rentals, the lowest price was recorded in Kilkis with 3.54 euros / sq.m. and the highest price in Halkidiki with 33.33 euros / sq.m.

Piraeus and southern suburbs in the spotlight

Piraeus and the southern suburbs continue to hold the reins of the highest prices, recording increases of 10.90% and 13.80%, respectively.

Specifically in the southern suburbs, prices in the 4th quarter rose to 3,261 euros per square metre from 2,867 euros per square metre.

As for Piraeus, prices rose to 1,765 euros from 1,591 euros per square meter.

In the northern suburbs, according to Spitogatos data, the sale prices of properties increased by 8.80% and reached 2,721 euros from 2,500 euros per square meter, while in the eastern suburbs by 9.30% and reached 1,800 euros from 1,647 euros per square meter in the fourth quarter of 2021.

The price increase in the centre of Athens is also significant with an increase of 8.40% (from 1,636 euros to 1,774 euros per square metre).

According to real estate market executives the impact that the construction of metro line 4 is expected to have on the real estate market in the city centre will be great. It is estimated that the areas that will be the "apple of discord" at the start of the new Metro Line 4 will be Galatzi, the area near the station "Elikonos", located on the hill of Kypseli, and the area near the courts, where the metro stop "Dikastiria" will be built.

According to the same officials, Galatzi and the station "Elikonos" will see a big increase in demand for residential properties, because the prices in relation to the other areas where there are already metro stops are tempting and at the same time they are close to the center of Athens. At the "Dikastiria" and "Alexandra" stops there will be a big increase in demand mainly for office space, because there are still available detached buildings and office space stock.

A similar picture is presented by the residential rental sector.

The largest increase in rentals by 11.90 euros per square metre is in Piraeus, with prices rising from 7.31 euros per square metre to 8.18 euros per square metre.

Also in the eastern suburbs, rental prices increased by 9.30% and rose to 7.50 euros from 6.86 euros per square metre.

Above 10 euros (10.86 euros) have "climbed" rental prices in the southern suburbs with an increase of 5.20%, while at 10 euros per square are the rentals in the northern suburbs, with an increase of 4.20%.

Finally, in the center of Athens, prices are recording an increase of 2.50% and have reached 9.04 euros from 8.82 euros in the second quarter of 2021.

Source: www.capital.gr