Real Estate: Apartment Values Set to Double Over the Next 10 Years

Apartment prices are on track to double over the next decade, according to the GEOAXIS Apartment Values Observatory, a certified real estate appraisal company in Greece.

Data released by GEOAXIS reveals that, over the past ten years, the average increase in apartment values across all types has been approximately 78%.

The price increase for newly built apartments has been substantial, rising by 8.51% over the past year and 24.7% over the last two years. For older apartments, the growth is also significant, with a 7.81% increase compared to the previous year and 22.68% compared to two years ago.

Annual Price Changes

Between the third quarter of 2023 and the third quarter of 2024, GEOAXIS recorded a median annual increase of 8.51% for newly built apartments and 7.81% for older ones. The sharp rise in values is largely attributed to a significant reduction in supply, driven by a strong tourist season and the rise of Airbnb rentals. This year’s data mainly reflects newer, higher-priced apartments entering the market.

Newly Built Apartments (Up to 5 Years)

For newly built apartments, with an average size of 105 m² and an average age of just 1 year, the market analysis found the highest price increases in certain areas.

• Cholargos saw the highest price per square meter, rising to €4,267 (from €4,048), reflecting an annual increase of 5.41%.
• Paleo Faliro followed with a price of €3,715 per square meter (up from €3,400), marking a 9.26% annual increase.
• Maroussi experienced an increase to €3,600 per square meter (from €3,304), an 8.96% rise.
• Ampelokipi recorded a price of €3,080 per square meter (from €2,795), showing the most significant annual increase of 10.20%.
• Peristeri had a rise to €2,610 per square meter (from €2,401), a 8.70% increase.

Among these areas, Ampelokipi experienced the largest annual growth, while Cholargos recorded the smallest, although still substantial, increase compared to the other regions.