In 2023, the cost of real estate continues to grow steadily in five key districts of Athens, according to the GEOAXIS Apartment Values Observatory. These districts include Ampelokipi (central), Marousi (north), Paleo Faliro (south), Peristeri (west), and Cholargos (east).
The average annual price increase for real estate in the period from the third quarter of 2022 to the third quarter of 2023 reached an impressive 14.92% for new constructions and 13.81% for old apartments. This significant increase is due to a reduced supply in the market, driven by a successful tourist season and the popularity of the Airbnb platform.
An analysis covering the last 10 years emphasizes a significant rise in real estate prices. Compared to 2014, prices for new buildings increased by 66%, while old apartments saw a 61% increase.
According to the research, new apartments with an average area of 95 sq.m. and an age of just 2 years, located on the first floor, show the highest price levels in the Cholargos area, with a growth of 13.55%. This is followed by Paleo Faliro (with a growth of 15.25%), Marousi (with a growth of 15.69%), Ampelokipi (with a growth of 11.80%), and Peristeri (with a growth of 18.33%).
Overall, Peristeri stands out among other districts with its significant annual price growth, while Ampelokipi once again demonstrates the lowest growth among all the districts considered.
As for old apartments older than 35 years, with an average area of 100 sq.m. and an age of 43 years, a significant price increase is also noted. Once again, the Cholargos district leads with a growth of 12.59%, followed by Marousi (with a growth of 14.20%), Paleo Faliro (with a growth of 14%), Peristeri (with a growth of 17.27%), and Ampelokipi (with a growth of 10.97%).
In summary, Peristeri also stands out among other districts with its significant annual price growth, while Ampelokipi once again demonstrates the lowest growth.
The current generation is facing the issue of limited opportunities to become property owners. This generation of renters, which is likely to dominate in the coming decades, even in countries with high homeownership levels, such as Greece and Spain. The long-term gap between wage growth and the cost of real estate questions property ownership, and many prefer renting.
It is important to note that from 2012 to 2022, the base salary decreased by 11.7%, while the cost of real estate in the country increased by 17.0%, according to data from the Bank of Greece and Eurostat.