The TOPO GES IKE Housing Market Observatory publishes the following report focused on market behavior regarding the sales of housing in Attica. The report concerns the first semesters (January-June) of the years 2021, 2022 and 2023. The data of the report has been collected from the Register of Values of Real Estate Transfers, a digital tool of the General Secretariat of Information Systems.
At a glance
In the first half of 2023, it seems that the boost of the housing market in Attica is returning to with the big “winner” being Piraeus where the increase is massive. The areas that had slowed down, i.e. Eastern Attica, the Suburbs of Piraeus, the Northern and Western Suburbs show a significant increase in sales and follow the areas that until now led the race, such as the Center of Athens and the Southern Suburbs. It seems that the Golden Visa policy change has played its part in shaping the market in these regions as a whole. In addition, the increase in the declared value of real estate is also clear, which far exceeds previous years, particularly in the areas where the amount of 250,000 euros in the Golden Visa remained.
Increase in Sales
In contrast to the previous two years, the scale is – clearly now – favorable for the recovery of buying and selling in the Attica basin. According to the findings of the report, the number of sales in the first half of 2023 increased in the areas of the Municipality of Athens by 15% compared to 2022, while for the corresponding period of the years 2021-2022 the percentage was 3%. In the same area, the total value of sales jumped to 34% (2022-2023) from 19% (2021-2022). At the same time, there is also an increase in the average price per sq.m. by 31% for the first semesters of the years 2021-2023 and by 17% for the same period for the years 2022-2023.
in the first half of 2022, the areas of the Northern Suburbs, in Eastern and Western Attica, in Piraeus and its suburbs, record a drop in the number and value of sales. However, in 2023, sales appear to be recovering and growing rapidly.
In the Argosaronic islands and the Cyclades, the situation regarding sales does not seem so auspicious for the year we are going through. Specifically, in the Argosaronic islands, sales had increased in 2022, both in number and value (18% and 11% respectively). The same percentages for the first half of 2023 vary between -7% and -20%. A similar situation is also observed in the Cyclades. The number of sales fell by 7% in the first half of 2023 compared to 2022, and the value of sales for the same period fell by 21%.
Minimal changes in square footage and age
The main conclusion regarding the square footage of sold houses is that in the majority of the areas studied, no significant changes were presented. Nevertheless, in the Southern Suburbs we observe a gradual increase in the surface area of the average residence, from 74 sq.m. in 2021 in 80 sq.m. in 2023 and in the Northern Suburbs a reduction of 6 sq.m. In the regions of Eastern Attica, while the area of the average property decreased in 2022 by 7 sq.m., in 2023 it returned to 103 sq.m. – same as the year 2021. Some of the most noticeable changes can be found ιn the center of Piraeus. The square footage of the average home has been declining since 2021 and its age in 2023 has dropped by 4 years. At the same time, in the suburbs of Piraeus, the construction year of the average property changed only in the first half of 2022 (1986 from 1983) and in 2023 there was also an increase in the surface area of the average house (74 sq.m. from 70 sq.m.).
Region
Sales(21-22)
Sales(22-23)
Total Sales Value(21-22)
Total Sales Value (22-23)
Average Value
Square footage of average property
Year of construction of average property
2021-2023
2021-2022
2022-2023
2021
2022
2023
2021
2022
2023
MUNICIPALITY OF ATHENS
3%
15%
19%
34%
34%
15%
16%
65
67
67
1971
1970
1971
SOUTHERN SUBURBS
-9%
19%
-6%
65%
43%
3%
39%
74
76
80
1980
1981
1982
NORTHERN SUBURBS
-22%
18%
-11%
21%
18%
15%
2%
103
102
97
1986
1986
1984
WESTERN SUBURBS
-18%
18%
-5%
42%
39%
16%
20%
74
75
77
1982
1982
1982
EASTERN ATTICA
-29%
28%
-39%
52%
2%
-14%
18%
103
96
103
1993
1992
1992
WESTERN ATTICA
-10%
11%
-21%
59%
25%
-12%
42%
78
83
79
1988
1987
1989
PIRAEUS
-33%
65%
-39%
143%
33%
-10%
47%
100
67
73
1978
1978
1982
SUBURBS OF PIRAEUS
-26%
22%
-5%
30%
37%
29%
7%
70
70
74
1983
1986
1983
ARGOSARONIC ISLANDS
18%
-7%
11%
-20%
-16%
12%
-25%
81
80
87
1985
1963
1971
CYCLADES
32%
-7%
44%
-21%
-6%
9%
-14%
84
88
70
1971
1981
1970
Table 1. Overall housing market statistics by region
Key features of average property sold 2023
Average Value
As established by this report, during the first half of 2023, the average property sold in the Municipality of Athens cost 16% more than in 2022 and 34% more compared to 2021. As for the Southern Suburbs, the price of the average property increased by 39% from 2022 to 2023 and by 43% from 2021 to 2023. In the areas of the Northern Suburbs the average property sold for 2% more in the first half of 2023 compared to 2023. However, this difference was noted at 15% for the years 2021-2022 and 18% for the years 2021-2023. In the Western Suburbs, this percentage for the years 2022 and 2023 reached 20% and 39% for 2021-2023. At the same time, in Eastern Attica the average residence cost 18% more in the first half of 2023 compared to the corresponding half of the previous year, while in the regions of Western Attica the specific percentage rose to 42%. In the center of Piraeus during the first half of the current year, the price of the average sold property increased by 47% compared to 2022 and by 33% compared to 2021. In the suburbs of Piraeus the percentage of the average value fluctuated at 7% for the years 2022 and 2023. In the Argosaronic islands the percentage of the average property price for the first half of 2023 was 25% lower than in 2022 and in the Cyclades it similarly decreased by 14%.
Square footage and year of construction of the average property
For the first half of 2023, in the areas included in the Municipality of Athens, the average house was built in 1971 and has an area of 67 sq.m. In the Southern Suburbs, its area is 80 sq.m. and is 41 years old and in the North the surface of the average property is 97 sq.m. and his age is 34 years. In the Western Suburbs the year of construction of the average residence was 1982 and the surface area is 77 sq.m., while in Eastern Attica the construction date of the average property is 1992 and the area is 103 sq.m. During the same period, the average house sold in Western Attica is 34 years old and has an area of 79 sq.m. In the center of Piraeus it appears that the age of the average property is 41 years and its surface is 73 sq.m. At the same time, in the suburbs of Piraeus the average house was built in 1983 and has an area of 74 sq.m. Regarding the Argosaronic islands, the average property sold is 52 years old and has an area of 87 sq.m., while in the Cyclades it is 53 years old and has an area of 87 sq.m.
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
MUNICIPALITY OF ATHENS
67
0
1971
1.511€
17%
101.328€
16%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
SOUTHERN SUBURBS
80
4
1982
1.820€
32%
145.983€
39%
AGIOS DIMITRIOS
81
4
1990
1.588€
-10%
128.094 €
-6%
ALIMOS
103
19
1987
2.414€
36%
249.172 €
67%
VIRONAS
76
7
1975
1.110€
18%
83.885 €
30%
GLYFADA
91
5
1989
2.814€
14%
255.965 €
21%
DAFNI – YMITTOS
77
5
1974
1.300€
9%
100.492 €
16%
ELLINIKO – ARGYROUPOLI
100
18
1991
2.130€
11%
213.164 €
35%
ZOGRAFOU
63
4
1976
1.485€
54%
94.181 €
64%
ILIOUPOLI
80
2
1979
1.466€
30%
117.155 €
34%
KAISARIANI
68
-3
1979
1.405€
66%
95.001 €
59%
KALLITHEA
72
3
1976
1.550€
44%
110.993 €
50%
MOSHATO – TAVROS
74
-9
1984
1.353€
40%
99.559 €
25%
NEA SMYRNI
84
6
1981
1.791€
103%
150.149 €
120%
PALAIO FALIRO
89
-7
1981
2.235€
17%
199.841 €
9%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
NORTHERN SUBURBS
97
-5
1984
1.672 €
8%
162.632 €
2%
AGIA PARASKEVI
97
0
1988
1.961 €
1%
191.213 €
2%
MAROUSI
98
12
1987
1.917 €
19%
188.572 €
36%
VRILISSIA
125
5
1995
1.829 €
-30%
228.976 €
-27%
GALATSI
67
-2
1980
1.008 €
-11%
67.478 €
-14%
IRAKLIO
79
-3
1986
1.418 €
21%
112.077 €
17%
KIFISIA
157
-12
1985
1.746 €
18%
273.564 €
9%
LIKOVRISI – PEFKI
97
21
1987
1.963 €
53%
190.090 €
94%
METAMORFOSI
80
-3
1985
1.540 €
33%
122.418 €
29%
NEA IONIA
71
-7
1983
1.229 €
18%
86.660 €
8%
PAPAGOS – HOLARGOS
104
-9
1975
1.728 €
26%
178.915 €
16%
PENTELI
98
-29
1994
1.973 €
39%
193.324 €
7%
FILADELFIA – HALKIDONA
69
0
1976
1.136 €
15%
78.009 €
15%
FILOTHEI – PSYCHIKO
113
-35
1978
1.681 €
-28%
190.374 €
-45%
HALANDRI
96
9
1984
1.930 €
31%
184.806 €
45%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
WESTERN SUBURBS
77
2
1982
942 €
17%
72.203 €
20%
AGIA VARVARA
81
13
1978
669 €
-1%
54.274 €
18%
AGION ANARGYRON – KAMATERO
75
0
1984
1.042 €
66%
78.345 €
67%
AEGALEO
67
-5
1979
851 €
46%
57.030 €
35%
ILION
77
7
1983
794 €
-6%
60.999 €
4%
PERISTERI
74
-1
1980
1.054 €
35%
78.386 €
34%
PETROUPOL
94
15
1992
925 €
1%
87.348 €
19%
HAIDARI
73
-18
1978
1.104 €
-9%
80.490 €
-27%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
EASTERN ATTICA
103
7
1992
1.361 €
11%
139.589 €
18%
AHARNES
84
-30
1992
774 €
35%
64.696 €
0%
VARI-VOULA-VOULIAGMENI
102
9
1986
2.737 €
-12%
277.818 €
-4%
DIONISOS
186
19
2003
1.138 €
71%
211.403 €
91%
KROPIA
80
-10
1994
781 €
-39%
62.715 €
-46%
LAVREOTIKI
72
-11
1988
700 €
90%
50.538 €
65%
MARATHONAS
88
-9
1990
1.016 €
18%
89.745 €
7%
MARKOPOULO
101
27
1992
1.177 €
-5%
118.746 €
30%
PEANIA
88
-22
1997
1.374 €
81%
121.042 €
45%
PALLINI
121
3
2000
1.390 €
16%
168.214 €
19%
RAFINA PIKERMI
102
28
1987
1.461 €
33%
149.107 €
84%
SARONIKOS
138
46
1993
1.130 €
37%
155.417 €
105%
SPATA ARTEMIDA
83
0
1990
1.200 €
96%
99.784 €
96%
OROPOS
96
-2
1985
530 €
-32%
50.689 €
-33%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
WESTERN ATTICA
79
-4
1989
556 €
50%
43.866 €
42%
ASPROPIRGOS
77
9
1986
495 €
124%
38.106 €
153%
ELEFSINA
80
17
1996
1.090 €
87%
87.172 €
137%
MANDRA – EIDILLIA
89
-4
1993
483 €
75%
42.921 €
68%
MEGARA
68
-29
1977
401 €
-25%
27.213 €
-48%
FILI
88
1
1993
474 €
12%
41.601 €
13%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
PIRAEUS
73
5
1982
1.200 €
36%
87.202 €
47%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
SUBURBS OF PIRAEUS
74
4
1983
818 €
1%
60.484 €
7%
KERATSINI DRAPETSONA
80
8
1986
891 €
3%
71.205 €
14%
KORYDALLOS
76
8
1977
773 €
-1%
58.899 €
11%
NIKEA AGIOS IOANNIS
69
0
1976
772 €
4%
53.354 €
4%
PERAMA
72
7
1991
911 €
-22%
65.496 €
-14%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
ARGOSARONIC ISLANDS
87
7
1971
890 €
-21%
77.081 €
-14%
AEGINA
87
-4
1989
994 €
-13%
86.145 €
-17%
KITHIRA
94
5
1919
701 €
85%
65.609 €
96%
SALAMINA
81
15
1984
521 €
12%
42.050 €
37%
SPETSES
147
45
2003
5.095 €
34%
750.000 €
92%
HYDRA
108
-48
1965
2.931 €
301%
317.961 €
179%
Region
Area of average property (sq.m.)
Year of construction of average property
Average Value per sq.m.
Average Property Value
2023
Deviation sq.m. (22-23)
2023
2023
% (22-23)
2023
% (22-23)
CYCLADES
70
-18
1970
1.490 €
8%
104.170 €
-14%
ANDROS
68
-16
1980
925 €
62%
63.196 €
31%
AMORGOS
77
-26
1954
857 €
-61%
66.180 €
-71%
THIRA
49
-35
1977
1.562 €
-36%
75.890 €
-62%
IOS
58
-132
1971
1.920 €
55%
110.752 €
-53%
KEA
94
28
1985
1.079 €
21%
100.940 €
74%
KYTHNOS
47
-27
1972
1.119 €
22%
52.331 €
-23%
MILOS
76
0
1959
995 €
-55%
75.541 €
-56%
MIKONOS
88
-9
1983
3.248 €
126%
284.852 €
105%
NAXOS
80
37
1977
1.384 €
-10%
111.095 €
67%
PAROS
81
-21
1986
1.815 €
-9%
146.392 €
-28%
SIFNOS
84
64
1900
2.378 €
627%
200.000 €
2957%
SIROS
107
22
1963
2.996 €
108%
321.667 €
162%
TINOS
78
-12
1974
770 €
53%
60.286 €
33%
Table 2. Main characteristics of average sold property