Price rally in Piraeus real estate in one year [πίνακας] 2024-04-15 08:16:07

Although prices are rising across the market, the price trend in Piraeus and the surrounding areas stands out, as the rate of increase is almost more than four times the average. In a comparison of the first quarters of 2023-2024, the region covers the first three positions of the “top 5” price increase in Attica. In Piraeus, market prices increased by 42% (2,512 euros/sq.m.), in Drapetsona by 43.4% (2,191 euros/sq.m.), while the first to increase in prices is Gallipoli – Freattyda with 44% (3,000 euros/sq.m.).

It is reasonable to ask the question “why is there such a jump in prices around Piraeus?”. According to real estate market professionals, the reason why real estate sales prices in Piraeus are rising by… leaps and bounds is none other than the “Golden Visa”.

All the previous period and until the new limits for the golden residence permit approved by the Parliament came into effect, in Piraeus you could receive it with an investment of 250,000 euros. Exactly half the investment cost compared to other areas of increased interest from foreign investors, such as the center of Athens or the southern suburbs, where the threshold for the “Golden Visa” had been raised to 500,000 euros.

The large Greek port has always had investment interest, but since it became one of the most sought-after areas for the “golden visa”, it turned into an investment magnet. It is recalled that an amendment has already been approved that raises the “price” of the “Golden Visa” to 800,000 euros from 500,000 euros for Attica, Thessaloniki, Mykonos, Santorini and the islands with a population of more than 3,100 inhabitants. In the rest of the regions, the limit increases to 400,000 euros, from 250,000 euros.

Apart from the wider area of ​​Piraeus, the highest increases in the sale price of a house in Attica are fourth in Neo Psychiko (34.9%) and fifth in Pallini (34.4%). According to the data of the Spitogatos Price Index (SPI), in the “top 3” of Thessaloniki, the first are the Charilaou area (2,538 euros/sq.m.), the Upper Town (1,849 euros/sq.m.) and Pefka area (1,714 euros/sq.m.). In terms of rents, the biggest increases in Attica are in Nea Penteli with 38.5% (10.8 euros/sq.m.), in Kallipoli – Freattyda with 32.3% (10.6 euros/sq.m.), in Koropi with 30% (10 euros/sq.m.), in Ymittos with 29.5% (9.4 euros/sq.m.) and in Kaminia with 28.9% (8.7 euros/sq.m. .). In Thessaloniki, the biggest rent increases are in the areas of Vardaris – Lachanokipoi (9.7 euros/sq.m.), Michaniona (6 euros/sq.m.), Xirokrini – Panagia Faneromeni (7.4 euros/sq.m. ).

The regions of Attica with the biggest increases

Area	Average price (euro/sq.m.)	Change
Gallipoli – Freattyda	3.000	44%
Drapetsona	2.192	43,4%
Piraeus (center)	2.512	42%
New Psychic	4.267	34,9%
Pallini	2.750	34,4%

Source: Spitogatos insights, comparison of first quarters 2023-2024