Rising housing costs in Athens: Western Suburbs at the head

Today we will tell you about the undoubtedly interesting dynamics of housing prices in the Greek capital Athens. Geoaxis, a company specializing in real estate valuation, conducted a study, and the results are noteworthy: the greatest increase in real estate prices is observed in the western suburbs of Athens.

Changes in the Real Estate Market

According to Geoaxis, the average selling price of a home in the western suburbs of Athens has increased by 20% since last year and by an amazing 39% compared to 2021. This growth exceeds all expectations and makes the western suburbs of Athens one of the most sought-after regions for real estate in Greece.

Why does the choice fall on the western suburbs?

As average house prices in the central areas of Athens are getting higher, many buyers and investors are paying attention to the suburbs. Today, old houses and apartments in the western suburbs are experiencing a real boom. Property prices in areas such as Peristeri can reach €1,500 euros per square meter, which until recently was incredible.

This trend can be explained by rising prices, especially in those areas where prices were lowest during the economic crisis. These areas have become a magnet for buyers, and as a result, prices are rising rapidly.

Expert Analysis

Ioannis Xylas, head of Geoaxis, notes that despite the impressive price growth, the market is not experiencing a bubble. This growth is due to a limited supply and an increase in the cost of building materials. Xylas also suggests that price growth may slow down in the coming months due to a number of factors, including rising mortgage rates and energy costs.

Thus, the western suburbs of Athens provide excellent opportunities for real estate investment, despite rising prices. This may be an interesting prospect for those who are looking for stable and sought-after real estate markets in Europe.