In the 2nd quarter of 2024, the asking prices for real estate in Piraeus jumped by almost 30% year-on-year to 2,470 euros per sq.m. Prices for the arena increased by 14.3% to 10 euros per sq.m. These are the data of the Spitogatos Property Index (SPI).
The boom in demand for apartments and houses in the city is caused by the fact that non-EU investors can still obtain a residence permit under the Golden Visa program by buying a property here for 250,000 euros. From September 1, the amount required for participation will increase to 800,000 euros throughout Attica, as well as in Thessaloniki and on islands with a population of 3,100 permanent residents.The rapid increase in the investment threshold caused a boom in consumer interest, and property owners, taking advantage of the moment, began to sharply raise prices for their homes, even if their object is clearly of lower value.
In general, housing prices in Attica continue to steadily move up, although in August last year the minimum investment amount for obtaining a golden visa was increased to 500,000 euros in the center of Athens, as well as in the northern and southern suburbs.
For example, in the center of the capital, the average asking price in the 2nd quarter was 2,120 euros per square meter (+12.4%). The cost of renting a house in this location is 10.6 euros per sq. m (+11% year-on-year).
Source: Ekathimerini