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The Most Expensive and Cheapest Areas in Greece to Buy Property

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Prices on Santorini range from € 3,500 per square meter to € 10,000 per square meter. Credit: Dimitra Damian / Greek Reporter

Property price Greece The Athens Riviera and the Cyclades Islands led the post-COVID recovery of the real estate market, rising to unprecedented levels in 2022.

according to Spitogatos The southern suburbs of Athens, the leading app used to search for real estate in Greece, is the most expensive area to buy real estate.

The average price along the Athens Riviera, a coastline along the Saronic Gulf just outside the Greek capital, is € 3,067 per square meter, up 10.9 percent from the same period in 2021.

Elliniko development boosts prices for properties in Athens Riviera

The large-scale redevelopment of Elliniko, the old airport in Athens, has already brought great interest in real estate.

“Herinikon’s real estate development, which is considered Europe’s largest urban revitalization project, will have a significant impact on the real estate market, especially in the suburbs of southern Athens, further raising prices for both rental and purchase of real estate.” Korea’s Greece. Managing Director, Ana Vukovic, Said Greek reporter soon.

Real estate demand in the Athens Riviera is up 11.9%, also pushing up prices in the neighboring Pizzeria. Prices in central Thessaloniki rose 11.7 percent.

Price property greece
Credit: Spitogatos

Cyclades is the second most expensive region in Greece

The Cyclades are the second most expensive region to buy real estate in Greece. Prices in the second quarter of 2022 were up 6.9% compared to the same period last year. The average house in the Cyclades costs € 2,887 per square meter, making the region the second most expensive in Greece.

The Cyclades have always been attractive not only to expatriates, primarily from the United States and Australia, but also to traditional buyers from the United Kingdom, France, Italy, and the Middle East.

Mykonos and Santorini are the most expensive islands to buy real estate in the Cyclades.According to a recent survey by financial sites Oikonomikos Tachydromos (OT) Prices for luxury homes in Mikonos range from € 5,500 to € 7,500 per square meter, but villas can exceed € 10,000 per square meter.

Santorini is also experiencing significant growth in the real estate market, especially as demand from Asia and China has pushed real estate prices to new heights. According to OT, the price of a house without Akrotiri ranges from € 3,500 to € 4,000 per square meter, but depending on the display it can be up to € 6,000 per square meter. Houses with views of Santorini’s famous caldera cost more than € 10,000 per square meter.

According to OT, real estate prices have also risen significantly in other Cyclades, such as Paros, Naxos, Siros, Tinos, Milos and Amorgos.

Investment from overseas buyers

In recent years, investment from overseas buyers has skyrocketed, and many have realized their dream of owning a summer villa in Greece.

Inflation is expected to remain high in 2022 due to strong demand and high inflation. Inflation, which rose to 11.3% in May 2022, is driving this trend as many investors prefer to put money into potential homes rather than monitor their value. Bank account erosion.

Studies show that Greek assets are performing best in the Mediterranean as rental prices are catching up.

According to a report by Algean Property, Mikonos surpassed the region’s yield list, with returns of 7.4% against 4.3% in Nice and 4.2% in Marbella. Paros was second on the list, with a yield of 7.1% and Santorini third (6.3%).

“In contrast to what happened during the pandemic, more and more properties are in the city center, suburbs, and Greek islands“Mrs. Anna Koraki says. Founder and Managing Partner of the Koraki LawA law firm that provides legal services to quickly and effectively complete all stages of the process of buying, selling, or renting real estate.

Talk to Greek reporterHowever, Mrs. Koraki said:Demand is growing and outpacing supply in many regions“Force the real estate price to rise.

According to the cheapest area to buy real estate in Greece SpitogatosIs Kilkis, with an average home price of 644 euros per square meter, followed by Karditsa at 688 and Kozani at 688.

Compared to the same period in 2021, the biggest drop in prices in 2022 was in the drama in northern Greece, where prices fell 11.3%, followed by 7.5% in Thesprotia in northwestern Greece.

Price property greece
Credit: Spitogatos
Price property greece
Credit: Spitogatos

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