Perceptible fluctuations occurred in 2022 both in the number and value of sales, based on a survey by the Real Estate Market Observatory TOPO GES IKE. More specifically, the areas of the Municipality of Athens (22%) and the islands of the Cyclades (21%) recorded the highest rates of increase in the number of sales. Increases are also noted in the Argosaronic islands (15%), in the areas of Western Attica (11%) and a milder increase in the areas of the Southern Suburbs (4%).

However, there are also areas where the number of sales has decreased. For example, we observe a drop in the Northern (-8%) and Western Suburbs (-6%), in Eastern Attica (-15%), as well as in Piraeus (-12%) and its suburbs (-3%). Nevertheless, as can be seen from the table, the total value of purchases and sales registered positive percentages in the majority of the areas examined by the survey in question.

Average property

The average value in the area amounted to 1,387 euros per sq.m. and 96,271 euros in total. In the areas of the Southern Suburbs, the average age of the property was 42 years and the area 76 sq.m. The price of the average value per sq.m. were 1,496 euros and 113,306 euros in total.

Regarding the Northern Suburbs, the age of the average property was 38 years and its area 101 sq.m. The average value of the average property in the areas of the Northern Suburbs was 1,705 euros per sq.m. and 171,849 euros in total. In the Western Suburbs, the average property was 42 years old and had an area of 74 sq.m., the average value per sq.m. increased to 835 euros and a total of 61,926 euros. In 2022 in Eastern Attica the age of the average property was 31 years and 99 sq.m. The price of the average value was 1,461 euros per sq.m. and 145,086 euros in total. In Piraeus the average property was 45 years old and 72 sq.m. area. The average value per sq.m. increased to 1,008 euros and a total of 72,443 euros.

Value per square meter

The biggest increase was recorded in the center of Piraeus (34%) and in the Northern Suburbs (25%). A slightly lower increase was noted in the Western Suburbs (21%) and in the Piraeus suburbs (20%). This percentage increased by 13% in the Municipality of Athens.

Among the most important increases were found in the area of Ag. Dimitriou (50%) and Palaio Faliro (41%) of the Southern Suburbs.

From the areas of the Northern Suburbs, the average value per sq.m. in St. Paraskevi increased by 48%, in Vrilissia by 64% and in Filothei-Psychiko by 50%. The specific percentage registered the biggest drop in the region of Mandra-Idyllia (-25%).

In the areas included in the Municipality of Athens, the area of the average residence in 2022 changed to a large extent compared to the previous year (4 sq.m.). One of the biggest fluctuations occurred in Glyfada, where buyers invested in homes smaller by 12 sq.m.

Similarly, in the Northern Suburbs, Pefki and Marousi, the average property area decreased by 16 sq.m. and 20 sq.m., while it increased in Kifissia (21 sq.m.) and in Filothei-Psychiko (30 sq.m.).

At the same time, an increase was also recorded in the area of Acharnon (22 sq.m.), Rafina (22 sq.m.) and Dionysos (16 sq.m.). However, a reduction of more than 10 sq.m. observed in the areas of Vari-Voulas-Vouliagmeni (17 sq.m.), Markopoulos (12 sq.m.) and the center of Piraeus (13 sq.m.).

Year of manufacture

In the majority of regions the variations in terms of the age difference of the properties range from 0-5 years. In St. Dimitrios, the age of the properties sold in 2022 decreased by 6 years compared to those in 2021. Newer properties were also preferred in the areas of Lavreotiki (7 years), Megareo (10 years), Penteli (4 years) and Chalkidona (4 years).

At the same time, older properties were transferred to the following areas: Lykovrisi-Pefki (5 years), Filothei-Psychiko (5 years), Metamorfosi (6 years), Markopoulo (6 years), Pallini (7 years), Elefsina (9 years).

It should be noted that, according to recent data from the Bank of Greece, in the fourth quarter of 2022 the annual rate of change in apartment prices for the entire country was 12.2%. Based on the age of the property, the annual rate of change in prices for new apartments was 12.1% and for old apartments at 12.2%. Based on geographic location, the annual rate of change in apartment prices was 15.2% in Athens, 14.5% in Thessaloniki, 10.3% in the other major cities and 6.3% in the rest of the country, such as TtE announced.

In detail, based on data collected by credit institutions, it is estimated that in the fourth quarter of 2022 apartment prices (in nominal terms) were on average increased by 12.2% compared to the corresponding quarter of 2021, while for 2022 apartment prices increased at an average annual rate of 11.1%, compared to an increase of 7.6% in 2021.