Nationwide research RE/MAX Greece for real estate sales in 2023

RE/MAX Greece records a noticeable rise in real estate sales prices for 2023, with the average increase of 12% for all categories
real estate, regardless of the year of construction.
This increase is largely due to increased demand, the gradually improved purchasing power of the Greek consumer after the end of the
memoranda and the coronavirus health crisis, the search for better and higher quality housing, but also the fact that Greeks still trust real estate as the safest investment.

The real estate market in Greece continues to be one of the main pillars of the economy and after a period of economic instability and recession, the real estate market in Greece is in a recovery phase.
The return to economic stability and positive growth rates, combined with the increase in tourism and the attraction of foreign investors in the country have given a strong impetus to the market, contributing significantly to the increase in interest in real estate, thus also affecting prices

According to the official data collected from sales that took place in 2023 through RE/MAX Hellas, the largest RE/MAX Greece
real estate network in the country for 22 years with 81 offices and over 1,100 real estate consultants throughout the country, the resulting increase in the purchase prices of newly built properties up to 5 years old is 11% and 13% for properties 5 years old and older compared to the previous year.
Indicative of the upward trend of the real estate market is the fact that RE/MAX Hellas in 2023 showed an overall increase in sales by 26.14% and
transactions (operations) by 14.24%.

Greece, as a popular tourist destination, known worldwide for its wealth of natural beauty and cultural heritage, attracts
million visitors every year, making the real estate sector particularly attractive for real estate investment for the purpose of buying a home during the
retirement, the purchase of a holiday home or for investment purposes. However, what is worth emphasizing is that the largest volume of buyersproperties come from Greece, while foreigners are not limited to buying properties only in tourist areas or in Athens and Thessaloniki but have
expanding their interest to other areas that have not been in high demand until recently. This proves that the Greek Real Estate
is a key player in the global real estate market and rivals traditional markets such as Spain, Portugal and Italy in terms of interest from foreign buyers.

The prices
In the prefecture of Attica recorded an increase in the prices of newly built properties up to 5 years old by an average of 10.6%, in used properties older than 5 years the
growth averaged 13.1%.
Specifically, in the centre of Athens, for newly built properties up to 5 years old, an increase of 4.9% was observed, forming the average sales price
at 3.439 euros per sq.m. The upward trend was the result of the increase in prices in all areas of the center, with the biggest changes occurring in the area of Ampelokipoi and Zografou. At the same time, a significant increase of 9.9% was recorded in properties 5 years old and older, with the average selling price being 2,299 euros per square meter.

According to the completed sales of the RE/MAX Hellas network in Athens, the Zografou and Hilton areas recorded the highest number of
change in price per square metre for properties over 5 years old. In the area of the Northern Suburbs, both newly built and used
properties show even larger increases compared to 2022.
Specifically, an average increase of 7.6% was recorded for newly built properties and 11.4% for used properties. This resulted in average prices of 4,255 euros and 2,828 euros respectively.

High prices are also recorded in the South Suburbs, with very significant increases in newly built houses by an average of 15.8%. Specifically, the largest increase per sq.m. was in the areas of Vari, Glyfada and Elliniko. In used cars, the increase averaged 17.2%. The biggest increases
in market prices were observed in the areas of Vari, Voula and Elliniko.
In the western suburbs, the average price per sq.m. of used properties increased by an average of 20.1%, with the largest increase observed in Heraklion and Nea Ionia, and the average price per sq.m. to 1,561 euros. The average price per square metre for newly built properties reaches 2,675 euros, 17.3% higher than in 2022.

In Piraeus and adjacent areas, the average price of newly built properties was 3,303 euros per sq.m., while the older ones 2,490 euros,
increasing by 9.8% and 9.9% respectively.
In the rest of Attica, the newly built properties saw an increase of 7.4% on average with the average price to 2,900 euros per square meter and used 12.7% with an average price of 1,850 euros per square meter.
Based on all of the above, in all areas of the prefecture of Attica, prices for used properties have increased more than the price increase for newly built properties, compared to 2022.

In the prefecture of Thessaloniki, the average selling price of newly built properties is 2,449 euros per sq.m., an increase of 9.6% and in older properties
properties at 1,690 euros per sq.m., 12.6% higher. With the exception of the eastern side of the city, in all other areas the largest
increases were seen in properties 5 years old and older.Specifically, in the center of Thessaloniki, the average sales price of used properties increased by 11.7% to 2,528 euros per
square metre. It is noteworthy that the largest increases were observed mainly in the historic centre of the city and in the area of
Faliro. The newly built properties recorded an increase of 9% with the average selling price being 3,522 euros per square meter. In addition, similar variations in prices were observed on the North and West sides of the city.

In the West, an average increase of 14.2% was recorded for properties over 5 years old, with the largest price increases being observed in the Stavroupoli and Oraiokastro areas. The average increase in newly built homes was 7.1% compared to 2022.
East, the average sales price of newly built properties rose to 2,556 euros, with the largest increases - close to 20% - being observed in the area of
Panorama. In older properties, the average price was 1,636 euros, 10.9% higher than the previous year.

In the rest of Greece, equally significant increases were observed in both newly built and second-hand properties. In particular, the average price per square metre
in properties up to 5 years old was 2,561 euros and used properties at 1635 euros, or 13% and 13.5% respectively.


Here are the detailed tables of property prices per sq.m. and area