Property prices in Greece rose to unprecedented levels in 2022, when the Athens Riviera and Cyclades led the recovery of the real estate market.
According to Spitogatos, the leading real estate app used in Greece, the southern suburbs of Athens are the most expensive areas for buying properties.
The average price along the Athens Riviera, the coastline along the Saronic Gulf just outside the Greek capital, is 3,067 euros per square meter, an increase of 10.9 percent compared to the same period in 2021.
Hellinikon development drives the price of properties on the Riviera in Athens.
The massive development of Athens' former airport, the Linikon, has already led to much interest in real estate.
The development of real estate in Hellenic, which is considered the largest urban renewal project in Europe, will have a significant impact on the real estate market, especially in the southern suburbs of Athens, and will further raise prices for both rent and purchase of real estate.
Demand for properties on the Athens Riviera has also driven up prices in neighboring Piraeus, where there has been an 11.9 percent increase. Prices in central Thessaloniki rose 11.7 percent.
Strong demand and high inflation are expected to keep prices rising in 2022. Inflation, which rose to 11.3 percent in May 2022, reinforces this trend, as many investors prefer to put their money into investing in a property with good potential rather than expect its value eroded in the bank account.
The cheapest areas to buy property in Greece, according to Spitogatos, are Kilkis, priced at 644 euros per square meter, followed by Cardica at 688 square meters per square meter and Kozani, also there at 688 euros per square meter.
The largest drop in prices in 2022, compared to the same period in 2021, was recorded in drama in northern Greece, where prices fell by 11.3 percent, followed by Sepharotia in northwestern Greece, where prices fell by 7.5 percent.