Affordable Housing in Kastoria, Greece
In Kastoria, the cheapest city in Greece to buy property, homes are being sold for a quarter of the price of a home in the center of Athens. Comparing prices in various regions of the country, it is clear that affordability has mainly affected the two major urban centers and tourist areas, with much less impact on other cities, especially in Northern Greece, where it is very easy to acquire a home for less than 1,000 euros per square meter.
Specifically, in the city of Kastoria, the average asking price this year is…
Real Estate Prices in Greece
In the second quarter of the year, real estate prices in Greece dropped by 3.3% to just 566 euros per square meter. However, in the center of Athens, according to the SPI index data from Spitogatos, the average price reached 2,120 euros per square meter during the same period, marking a 12.4% annual increase. This means that in Kastoria, one would need an average of 56,500 euros to buy 100 square meters, while in Athens, with the same amount of money, one can purchase more than just a bedroom, as a total of 212,000 euros is required.
Low Prices in Other Cities
Similarly low prices can be observed in many other cities in the region, such as Kozani.
Regional Disparities in Housing Prices in Greece
When it comes to buying a house in Greece, the prices can vary greatly depending on the region. In some areas, such as Karditsa and Florina, the average price per square meter is around 663 euros. On the other hand, in regions like Drama, the average price can go up to 714 euros per square meter.
It’s interesting to note that out of the 16 areas in the country where housing can be bought for less than 1,000 euros per square meter, 12 of them are located in Northern Greece. This stark contrast with the rest of the country, where prices are often double or even triple, highlights the economic inequality between different regions of Greece.
Real Estate Market Trends in Greece
The concentration of real estate activity and investments in specific areas, primarily in the two major urban centers and in regions with high tourist demand, is a key trend in the Greek market. According to real estate market experts, the values of properties largely reflect the economic development of each region.
These trends also highlight the economic inequality among different regions of the country. Based on data from the price indices of the Bank of Greece, housing prices in the region have a
ώρας, η αύξηση των ακινήτων δεν έχει είναι τόσο υψηλή. Σε πόλεις όπως η Πάτρα, η Λάρισα και η Βόλος, η αγορά ακινήτων παραμένει σταθερή με μικρές διακυμάνσεις τιμών.
Real Estate Market Trends in Greece
In recent years, the real estate market in Greece has experienced significant growth, although at a much slower pace compared to the two major urban centers of Athens and Thessaloniki. Specifically, in Attica, the increase from 2017 to the first quarter of this year reaches 85%, resulting in values now being 2.4% higher than their previous peak in 2008. Similarly, in Thessaloniki, the increase stands at 72%, with prices now trailing just 4.1% below the levels they reached in 2008.
On the contrary, in other major cities of the country, such as Patras, Larissa, and Volos, the increase in real estate is not as high. The property market in these cities remains stable, with small price fluctuations.
Rising Real Estate Prices in Greece
From 2017 until the first quarter of this year, the increase in prices has not exceeded 48.5% in Athens, while in the rest of the country (including tourist areas) prices have risen by up to 48%. This is still significantly below the peak of 2008, with prices in other major cities being 11% lower, and in the rest of the country the corresponding percentage stands at 11.4%.
On the other hand, it appears that this imbalance is starting to be mitigated, as during the first quarter, property prices increased at a faster rate compared to the previous years.
Rising Real Estate Prices in Greece
In recent years, real estate prices in Greece have been increasing at a faster pace in the regions compared to the major urban centers of Athens and Thessaloniki. Specifically, in Attica, the average annual price increase was 9.4%, while in other major cities it reached 10.3%, and in the rest of the country it was 12.1%. This marks the first time in recent years that prices seem to be rising at a faster rate in the regions compared to the two major urban centers.
Outlook for 2023
According to revised data from the Hellenic Statistical Authority, real estate prices nationwide rose by 13.8% in 2023, compared to an increase of 11.9% in 2022. This indicates a continued upward trend in real estate prices in Greece, with regions outside of major cities experiencing even higher price hikes.
Real Estate Market Trends
In 2023, the prices of old apartments increased by 14.5%, surpassing the 11.6% growth in 2022. On the other hand, newly built apartments saw an average annual increase of 12.7%, slightly higher than the 12.5% growth in 2022.
