Apartment Prices in Greece Increase Due to Demand

Real estate prices in Greece jumped by 9.1 percent in the last quarter of 2021, driven by strong demand in Athens and Thessaloniki, data from the Bank of Greece shows.

“According to data collected from credit institutions, apartment prices (in nominal terms) are estimated to have increased on average by 9.1% year-on-year in the fourth quarter of 2021, while in 2021 apartment prices increased by an average annual rate of 7.1%, compared with an average increase of 4.5% in 2020,” the Bank of Greece said in a statement.

Apartment prices in Athens raced ahead 10.5 percent in the last quarter of the year and 8.3 percent in Thessaloniki.

More specifically, in the fourth quarter of 2021 the year-on-year rate of increase in prices was 9.8% for new apartments (up to 5 years old) and 8.6% for old apartments (over 5 years old). 

For 2021, prices of new apartments increased on average by 7.4%, against an increase of 4.9% in 2020, whereas prices of old apartments increased by 6.9% in 2021, against an increase of 4.2% in 2020.

Broken down by region, in the fourth quarter of 2021 apartment prices increased year-on-year by 10.5% in Athens, 8.3% in Thessaloniki and other cities and 7.1% in other areas of Greece. For 2021 as a whole, prices increased on average by 9.1%, 6.9%, 5.4% and 4.6% respectively in the above-mentioned areas. Finally, as regards all urban areas of the country, in the fourth quarter of 2021 apartment prices increased by 9.7% compared to the fourth quarter of 2020, while for 2021 they increased at an average annual rate of 7.5%.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s Greece 

Greece’s Rent Cost Ratio is Second Lowest in the World

Rent costs, as a percentage of total monthly living expenses, in Greece are the second-lowest in the world, according to money.co.uk.

Based on an assessment of more than 50 developed nations (as defined by the United Nations), Greeks spend 19.73 percent of their monthly budget on rent, amounting to the second-lowest rent expense globally after Saudi Arabia.

The figures put together by money.co.uk show that the average monthly rent for a three-bedroom house in Greece reaches 526 euros, versus total monthly living expenses of 2,141 euros for a four-person family.

Insights Greece - Greece's Rent Cost Ratio is Second Lowest in the World
Image courtesy of The Greek Guru

“We’ve looked at the average cost of rent for a three-bed property in over 50 countries around the world and compared it to the cost of living for a family of four, including food shopping, utilities, transportation, leisure and more,” says the site.

In neighboring Turkey, rent costs are also among the cheapest in the world where the monthly bill reaches an estimated 290 euros, against a total monthly budget of 1,154 euros.

At the other end of the spectrum is Singapore where rents demand 50.2 percent of monthly spending for a four-person family. In Europe, the biggest relative rent bills are paid in Ireland (37 percent) and the United Kingdom (32 percent).

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Airbnb 

A-31 Wins Distinguished Architizer Award for Modern design in Andros

Athens based A31 has been named one of the best architectural firms in the world for 2020, taking home a prize at the internationally acclaimed Architzer Awards for their ‘Nonagriam Twins’ design, which is currently being built in Andros.

Set on the mountainside of this Cycladic island, this property features two detached houses. 

‘Residence A’ consists of a living/dining room, kitchen, bathroom, two bedrooms with sea views, a subterranean master bedroom, and an independent guesthouse on a lower level. A stairway links the residence to an existing natural stone cave. While ‘Residence B’ features a living /dining room, kitchen, bathroom, one bedroom with a sea view, and two subterranean ‘en-suite’ bedrooms, accessible through an interior atrium. This house also has an independent guesthouse, a basement, and a swimming pool.


“Modern and rigorous, the design bears clear lines and is organically linked to the natural landscape of Andros. The commitment to fully integrate with the surrounding area, as well as the need to maximize the utilization of the plot’s seamless view due to the land’s topography and position, lead the design team to the creation of open (airy) spaces with large openings without columns or walls,” says A+A.

The underground abode boasts smart examples of energy-efficient architecture such as geothermal heating and passive design that keep the interior comfortable while minimising the need for heating or cooling in the winter and summer months. 

Focusing on functionality and soundness of engineering, A31 creates spaces that are characterised by a clean-cut layout and reputable construction, tailored to the needs of people as well as the land and its surrounding environment.

You can view the full list of winners of the Architzer A+A Awards for 2020 here.

Architect: Praxitelis Kondylis Design team: Praxitelis Kondylis, Iro Papadopoulou, Stefanos Nasopoulos 3d visualizations: code3dd A31