Greece small apartment prices rise faster than broader market

Small apartments in Greece, specifically those measuring between 40-60 square meters, are experiencing significant price increases that outpace the broader housing market. According to data from RCG Group's Redataset included in the IOVE Bulletin on Private Debt in the Economy, one-bedroom apartments have seen annual price hikes of up to 7.9% in southern and western suburbs.

Other notable increases for small units include 6.9% in central Athens, 5.5% in Thessaloniki, 4.9% in Piraeus, and 4.8% in northern suburbs. In contrast, the overall market growth for all housing categories remains lower, with increases capped at approximately 6.1% in central Athens and western suburbs, and as low as 3.6% in Piraeus.

This trend is driven by higher demand for more affordable living spaces and shifting demographics. The Bank of Greece notes that while the total population has decreased, the number of single-person households is rising significantly. In Attica, despite a marginal population decline of 0.4%, the number of households increased by 8.4%, largely due to a 36.9% surge in single-person households.