The price of apartments is about to double over a 10-year period, according to the GEOAXIS Apartment Values Observatory, a certified real estate appraisal company in Greece.
Based on the data released by GEOAXIS, over a decade, the average increase in the value of each type of apartment was measured over 78%.
The increase in values for newly built apartments stands at 8.51% compared to a year ago and 24.7% compared to two years ago. For older apartments, the increase is also very large (7.81% compared to a year ago and 22.68% compared to two years ago).
Annual changes
According to the GEOAXIS, between the third quarter of 2023 and the third quarter of 2024, a median annual increase of 8.51% was recorded for newly built apartments and 7.81% for older apartments. The significant increase in values is explained by the fact that due to a large reduction in supply (thanks to an excellent tourist season and Airbnb) this year’s sample includes mostly much newer and more expensive apartments.
Newly built Apartments (up to 5 years)
In new apartments, with an average area of 105 m2, a median age of just 1 year and on the second floor, the market research led to the conclusion that the highest values were recorded in Cholargos (4,267 euros/m2 from 4,048 euros/m2, with an annual increase of 5.41 %), and then in order: in the area of Paleo Faliro (3,715 euros/sqm from 3,400 euros/sqm with an annual increase of 9.26%), in Maroussi (3,600 euros/sqm from 3,304 euros/sqm with an annual increase of 8, 96%), in Ampelokipi (3,080 euros/sqm from 2,795 euros/sqm with an annual increase of 10.20%) and finally in Peristeri (2,610 euros/sqm from 2,401 euros/sqm with an annual increase of 8.70%). Based on the above, Ampelokipi recorded the largest, while Cholargos recorded the smallest annual increase, compared to all other regions.
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