If we were asked to name the areas with the highest rents and property prices, Athens would certainly dominate the top five. It would claim the top spots in both categories, without a doubt. But, surprisingly, that’s not the case. Athens doesn’t hold the first place in either category. While it does have the top spots in both markets, there’s an unexpected island that comes in fourth in terms of property prices. And when it comes to rents, Athens doesn’t even own the top position, despite occupying 4 out of the top 5 spots. Let’s break it down in detail, based on the first quarter of 2025, where the unexpected happened, according to Spitogatos.gr.
Rents in the Cyclades: Higher than the Southern Suburbs and Even Central Athens
The rent situation is not as dramatic as it might seem, given that the Cyclades were already expected to be high up. But no one would have guessed that they would top the list in average asking rent per square meter, not just above the southern suburbs of Athens, but above the northern suburbs and even central Athens—the next three areas following the Cyclades in terms of high rents.
Not the Athenian Riviera or the Southern Suburbs: The Most Expensive Area in Greece for Rent
According to Spitogatos’ data from January to March 2025, the Cyclades top the list for rents and also occupy the second spot in terms of average asking price per square meter for property sales. Athens holds the 4th and 2nd positions respectively in these categories.
The Islands Competing with Athens
In property prices, the Southern Suburbs of Athens, as expected, top the list at €4,000 per square meter, while the Northern Suburbs follow closely. However, the Cyclades come in at €3,741, ahead of the northern suburbs’ €3,222.
The Surprising Island That Surpasses Central Athens and the Northern Suburbs in Property Prices
The surprise comes from a different direction. Central Athens is not in the top five for property prices. Instead, an island and a regional island area take its place. No, it’s not Mykonos, Santorini, Milos, or Paros—islands that are well-known brands. It’s Lefkada, perhaps the most popular island in the Ionian Islands, where, unlike rents, the average property price per square meter is €3,091. Right behind the Cyclades is Chania, expected to be the top sought-after area in Crete. However, it’s a surprise that it surpasses central Athens.
The Most Expensive Area in Greece for Rent: Not the Athenian Riviera or the Southern Suburbs
Chania continues to dominate Crete, as it had the most popular search spots for property purchases even in 2024.
Price Increases in 2025 – What’s Behind It
There has been a noticeable increase in both property sale and rental prices across the country by the end of the first quarter of 2025. Specifically, the average asking sale price of homes showed an 8.8% increase compared to the same quarter in 2024, while compared to the fourth quarter of 2024, it saw a slight rise of 3.1%. Similarly, average asking rental prices for homes experienced a 6.7% year-on-year increase, with a 3.7% increase compared to the previous quarter.
The launch of the housing program "My Home 2" in January 2025 seems to have influenced the price trends, boosting demand for homes for sale nationwide, especially in areas where available properties meet the program’s criteria.
