Energy efficiency of residential properties is becoming one of the most important factors when it comes to defining the price of a home, according to a recent research done by real estate platform Spitogatos. Spitogatos utilizes their own price index, SPI, to accurately reflect market trends in central Athens and the suburbs, in relation to their energy rating from 2021 till present day.
European directives, Greek legislation and government subsidy programs such as Exoikonomó (Save and Renovate) have played a major role in increased demand for energy efficient properties. Residences that score high in indoor environment quality, thermal comfort and low greenhouse gas emissions are more desirable and tend to have higher asking prices, as well.
More specifically, the SPI findings reveal significant price variations across Athens and its suburbs. For high-energy-class homes (A+, A, B+, B), Southern Athens commands the highest prices at 4,636 euros/sq.m., while Eastern suburbs, despite having the lowest prices, saw the most substantial growth since 2021 at 52.4%. Central Athens experienced the largest annual increase at 19.9%.
Medium-energy-class properties (C, D, E) follow a similar pattern, with Southern suburbs leading in price. Western suburbs, though cheapest, showed remarkable growth of 28.3% since 2021 and 10.7% year-over-year.
Low-energy-class homes (F, G) are most affordable in Western suburbs at 1,429 euros/sq.m., but priciest in Northern suburbs at 2,514 euros/sq.m. Western suburbs saw a 29.9% price increase since 2021, while Eastern suburbs and central Athens recorded an 11.1% annual rise.
Rental markets mirror these trends. High-energy-class rentals in Southern Athens fetch 15.3 euros/sq.m., with a 36% increase since 2021 and 12.7% year-over-year growth. Eastern suburbs follow closely with a 12.3% annual increase.
Medium-energy-class rentals peak at 12 euros/sq.m. in Southern suburbs, while Western suburbs offer the lowest rates. Eastern Athens saw a dramatic 28.2% rental increase since 2021, with Western suburbs showing the highest annual growth at 8.4%.
For low-energy-class rentals, Northern suburbs lead at 10.9 euros/sq.m., while Western suburbs remain most affordable. Eastern suburbs experienced the most significant growth, with a 38.2% increase since 2021 and a notable 19.9% rise in 2023-2024 alone.
The distribution of properties varies by energy class. Over 40% of high-energy-class homes for sale are in Southern Athens. Medium-energy-class homes are more evenly spread across Southern, Northern, and central areas. Half of the low-energy-class homes are concentrated in central Athens.
In the rental market, Northern and Southern suburbs, along with central Athens, dominate the high-energy-class segment, accounting for over 85% of available properties. Southern suburbs lead in both high and medium-energy-class rentals, while central Athens houses over 40% of low-energy-class rental properties.
