• 30/04/25 Sales of Apartments in Thessaloniki: Price Analysis in the Last Five Years (30 April 2020 - 30 April 2025)

1. Summary:

This report provides a comprehensive analysis of apartment sales prices in Thessaloniki, Greece, over the past five years, from April 30, 2020, to the present. The study examines price ranges, average and median sales prices, historical trends, and fluctuations based on apartment size and location within the city. Key findings indicate a strong upward trajectory in apartment prices throughout the period, driven by a convergence of factors, including Greece's economic recovery, increased tourism, foreign investments, and significant infrastructure developments, particularly the Thessaloniki Metro. While there is a broad range of prices influenced by property characteristics and neighborhood, central areas and those near universities have experienced particularly strong growth. The market presents a dynamic landscape for investors and individuals interested in Thessaloniki's real estate sector, with a cautiously optimistic outlook for continued, albeit possibly more moderate, price increases.

2. Introduction:

Thessaloniki, Greece's second-largest city and a major cultural and economic hub in the northern Balkans, has increasingly drawn attention as a promising destination for real estate investments. Its strategic geographical location, combined with a developing economy and a rich historical heritage, makes it an attractive alternative to the capital, Athens. This report aims to provide a detailed analysis of apartment sales prices in Thessaloniki over the past five years, specifically from April 30, 2020, to the present date. The analysis will delve into observed price ranges, average and median transaction prices, historical trends shaping the market over this period, and price fluctuations based on apartment size and location. Understanding these dynamics is crucial for investors seeking opportunities, market researchers aiming to grasp the regional real estate landscape, and individuals considering purchasing property in Thessaloniki. By examining these key aspects, this report offers valuable insights into the current state and recent development of Thessaloniki’s apartment market.

3. Overview of Thessaloniki’s Real Estate Market:

The Greek real estate market has demonstrated remarkable recovery in recent years, bouncing back from the significant downturn experienced during the financial crisis. This resurgence has been fueled by several factors, including the stabilization of the Greek economy, government initiatives aimed at attracting investments—such as the Golden Visa program—and a significant increase in demand driven by tourism. Residential property transaction values in Greece have shown steady growth during this period, reflecting renewed confidence and activity in the market.

Within this broader context, Thessaloniki’s real estate market has emerged as particularly dynamic and increasingly attractive, especially in comparison to Athens. Specifically, Thessaloniki has led all Greek cities in terms of residential price growth, with values rising by 12.19% year-on-year in the first quarter of 2024. This continuous increase for eight consecutive quarters highlights the city's strong market momentum. A significant factor contributing to Thessaloniki’s appeal is its relative affordability compared to Athens, attracting buyers who may find the capital’s prices unattainable. Additionally, the city offers high rental yields and an expanding urban footprint, making it an attractive prospect for both homeownership and investors seeking income-generating properties.

One pivotal development affecting Thessaloniki’s real estate market is ongoing infrastructure projects, mainly the Thessaloniki Metro. The improved connectivity resulting from the metro’s phased operation has directly impacted property values in serviced areas, leading to notable price increases. Areas in close proximity to metro stations have seen the most significant price hikes, with some reports indicating increases of up to 60% between 2020 and 2024 in locations near the metro. This infrastructure enhancement is reshaping demand patterns across the city and solidifying Thessaloniki’s position as a key emerging market in Greece’s real estate landscape.

4. Apartment Sales Price Range (April 2020 - Present):

Determining the exact minimum and maximum sales prices of apartments in Thessaloniki over the past five years requires access to comprehensive transaction records, which are not fully available in the provided excerpts. However, an analysis of listing prices and market commentary offers a strong indication of prevailing price ranges. As of the first quarter of 2025, the median listing prices for residential properties in Thessaloniki ranged from €140,000 to €220,000. Notably, renovated two-bedroom units often fell within this range. A review of individual apartment listings from April 2025 reveals a broader spectrum, with prices ranging from approximately €35,000 to €850,000 and even up to €1,200,000 in certain cases. Listings from other platforms during the same period show prices starting from around €58,000 and reaching up to €182,000. This significant variation in listed prices reflects the heterogeneity of Thessaloniki's apartment market, where factors such as size, condition, and, most importantly, location play a major role in determining a property’s value. While these figures represent listing prices, they provide a reasonable reference point for understanding the potential range of actual sales prices during the defined five-year period. Clearly, the market caters to a wide range of budgets, from more economical options to high-end luxury apartments.

5. Average and Median Apartment Sales Prices (April 2020 - Present):

Several sources provide data on Thessaloniki’s average and median apartment sales prices, offering insights into the market’s central trend. As of the first quarter of 2025, the average sales price of residential properties in Thessaloniki stood at €1,970 per square meter. Another report indicated an average sales price of €2,181 per square meter for the entire Thessaloniki area in March 2025. Conversely, the median price per square meter for apartments listed for sale was reported as €2,806 in April 2025. For a one-bedroom apartment, the average price was estimated at €120,000 in 2025, with an average price per square meter of approximately €2,352. Another source indicated an average price of €2,452 per square meter for Thessaloniki overall.

The difference between the average and median price suggests a potential asymmetry in the market, where a number of properties may be selling at lower prices while a smaller segment of high-value properties skews the average price upward. The upward trend in these figures is notable. The average sales price per square meter saw a 12.19% year-on-year increase in the first quarter of 2024. Additionally, the average sales price in the Thessaloniki area rose by 6.18% in March 2025 compared to March 2024. This steady increase underscores strong demand and rising values in Thessaloniki’s apartment market during the recent period.

Table 1: Average and Median Apartment Sales Prices in Thessaloniki (Latest Available Data)