Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of Thessaloniki's property market is included in our pack
What do the latest numbers reveal about Thessaloniki’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Thessaloniki, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Households in Thessaloniki pay an average of €150 monthly for utilities
In Thessaloniki, the average monthly utility cost for a household is €150.
Electricity costs can vary quite a bit. For example, if you used 400 kWh in March 2023, you'd pay €78 without subsidies. However, with state subsidies, this cost could drop to €62. This fluctuation makes it tricky to predict exact expenses.
Water bills are more predictable, averaging around €20 each month. This stability helps in planning your monthly budget. Gas heating, mostly used from November to March, averages about €16 monthly when spread over the year.
When you add up these costs—electricity, water, and gas—it's easy to see how they can exceed €150 monthly, especially if your electricity usage is on the higher side. These figures give a clearer picture of what to expect.
While these numbers provide a snapshot, the exact average monthly utility cost can still be elusive due to varying consumption levels and subsidies. It's important to consider these factors when budgeting for your new home.
Sources: Nikana.gr, Two Tickets Anywhere
2) Rental yields in Thessaloniki rose by 3% in the past year
In the past year, rental yields in Thessaloniki have increased by 3%.
Thessaloniki's rental market is thriving, especially in central and waterfront areas, where demand is high. This surge has pushed up property prices and rental yields, making it a hot spot for both residential and commercial investments.
In popular neighborhoods like Ladadika and Kalamaria, rental yields are exceeding 7%, showcasing strong potential for rental income. The property price-to-rent ratio stands at about 23.91, highlighting a robust rental market.
The city's property market is on the rise, thanks to improvements in infrastructure and economic revival. Cultural attractions also play a role, drawing in a diverse range of buyers and boosting the real estate scene.
Programs like the Golden Visa and favorable tax policies have further attracted investors, enhancing the appeal of Thessaloniki's real estate market.
With these factors in play, Thessaloniki is becoming a prime location for property investment, offering promising returns and growth potential.
Sources: The Luxury Playbook, The Luxury Playbook
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) Demand for luxury apartments in Thessaloniki rose by 15% in 2024
Thessaloniki's real estate market is booming, with luxury apartment demand up by 15% in 2024.
One key factor is the city's economic recovery, which has led to steady property value increases since the 2020s. Thessaloniki is about 10% more affordable than Athens, making it a smart choice for those seeking value.
Infrastructure improvements have also been pivotal. Projects like the metro expansion and the modernization of Macedonia International Airport have enhanced the city's accessibility, attracting both residents and businesses.
Thessaloniki's charm lies in its rich cultural heritage and lively atmosphere. The city offers a unique mix of historical sites and modern conveniences, appealing to a wide range of buyers looking for a vibrant lifestyle.
These elements combined make Thessaloniki a compelling real estate investment. The city's blend of affordability, improved infrastructure, and cultural allure continues to draw interest from potential buyers.
As a result, Thessaloniki is becoming a preferred destination for those seeking luxury living in Greece, with increased interest from international investors.
Sources: Iland.co, The Luxury Playbook
4) Demand for properties near public transport in Thessaloniki rose by 4% in 2024
In 2024, Thessaloniki's real estate market saw a 4% increase in demand for properties near public transport.
Thessaloniki is bouncing back from an economic slump in the 2020s, with a noticeable rise in property values, especially in areas like Ladadika and Kalamaria. These neighborhoods are popular due to their proximity to public transport and other amenities, making them prime spots for potential buyers.
The city is also investing heavily in infrastructure, expanding the metro system and modernizing Macedonia International Airport. These upgrades have boosted accessibility, making Thessaloniki more attractive for both living and business. Properties near public transport are now hot commodities for those who prioritize convenience.
Looking ahead, Thessaloniki's real estate market shows promise. With Greece's economy projected to grow by 8.1% over the next five years, property values are expected to rise further. Initiatives like the Golden Visa and favorable tax policies are drawing international buyers, increasing demand for well-connected properties.
These factors are reshaping Thessaloniki's real estate scene, making it a vibrant market for potential investors. The city's focus on connectivity and development is a key driver in this trend.
Source: The Luxury Playbook
5) Foreign investment in Thessaloniki's residential property market rose by 5% in 2024
In 2024, Thessaloniki's residential property market saw a 5% increase in foreign investment.
This surge was part of a broader trend in the Greek real estate market, which had been on the rise thanks to economic stability and a booming tourism sector. These factors made Greece, and particularly Thessaloniki, appealing to international investors.
The Golden Visa program played a significant role in this development. By offering residency permits to non-EU citizens who invested at least €250,000 in real estate, it turned Greece into a prime destination for foreign buyers seeking residential properties.
In 2024, the outlook for Greece's property market remained positive, with expectations of continued growth. This optimism was driven by the country's stable economy and thriving tourism industry, which further boosted foreign investment in urban areas like Thessaloniki.
Thessaloniki, known for its rich history and vibrant culture, became a hotspot for investors. The city's appeal was enhanced by its strategic location and affordable property prices compared to other European cities.
As a result, Thessaloniki attracted a diverse range of investors, from those seeking vacation homes to others looking for long-term investment opportunities. The city's dynamic environment and promising market conditions made it a compelling choice for property investment.
Sources: NTL Trust, Elxis, Immigrant Invest
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6) Residential properties in Thessaloniki average 30 years old
In Thessaloniki, the average age of residential properties is 30 years.
This trend is part of a broader pattern across Greece, where many buildings, especially those built before 1980, are around this age. Such properties are crucial when considering energy efficiency and thermal performance in Greek homes. According to the Georgia Institute of Technology, the average age of these buildings is influenced by factors like location and energy consumption habits.
Although specific data for Thessaloniki isn't explicitly detailed, the city's residential buildings likely mirror the national trend. The Bank of Greece provides insights into property age and price fluctuations, highlighting a dynamic real estate market.
Understanding the age of properties is essential for potential buyers, as it affects not only the structural integrity but also the potential for renovations and energy upgrades. Older buildings might require more investment in terms of modernization to meet current energy standards.
For those considering purchasing property in Thessaloniki, it's important to factor in the potential costs of updating older homes to improve energy efficiency. This can be a significant consideration in the overall investment.
Ultimately, the age of properties in Thessaloniki reflects a broader national trend, offering both challenges and opportunities for buyers looking to invest in this vibrant city.
Sources: Georgia Institute of Technology, Bank of Greece, The Luxury Playbook
7) A studio apartment in Thessaloniki costs an average of €100,000 in 2025
In 2025, the average cost of a studio apartment in Thessaloniki is estimated to be €100,000.
Back in 2023, the median price per square meter for these apartments was around €2,921. This gives us a good starting point to understand the market. If you're looking at a 40 square meter studio, you're looking at a price tag of approximately €116,840. This makes the €100,000 estimate quite reasonable, especially when you consider how the market can fluctuate with changes in demand and supply.
In the years leading up to 2025, listings showed a wide range of prices. For instance, in 2023 and 2024, studio apartments were priced anywhere from €66,401 to €143,017. This kind of variability is common, and while €100,000 might not be the exact average, it’s a solid benchmark for anyone thinking about buying or investing in Thessaloniki.
Market trends and economic factors play a big role in these numbers. Over the past two years, the real estate market has seen shifts that affect pricing. For example, changes in local policies or economic conditions can lead to significant price adjustments, making it crucial to stay informed.
For potential buyers, understanding these dynamics is key. The €100,000 figure is not just a number; it reflects a balance of past data and future expectations. It’s a useful guidepost in a market where prices can swing based on various factors.
So, if you're considering a purchase, keep in mind that while the average price is a helpful indicator, the actual cost can vary. Always look at the specifics of each listing and consider the broader market context.
Sources: Properstar, Properstar
8) A one-bedroom apartment in Thessaloniki averages €120,000 in 2025
In 2025, the average price for a one-bedroom apartment in Thessaloniki is €120,000.
This price reflects the broader trends in Thessaloniki's real estate market, which has seen significant growth over the past few years. The introduction of the Metro has played a crucial role, boosting housing prices by 30% in areas it serves. This development has made certain neighborhoods more desirable, contributing to the overall increase in property values.
In 2023, the median price for an apartment in Thessaloniki was about €2,808 per square meter, though this varied by neighborhood. For example, in Kalamaria, prices ranged from €2,500 to €3,500 per square meter, while in Evosmos, they were more affordable, ranging from €800 to €1,000 per square meter. These neighborhood-specific prices have been a key factor in the rising property values across the city.
Despite these increases, Thessaloniki's property market remains relatively affordable compared to other European cities. The average price per square meter is around €2,352, which has attracted more buyers. This influx of interest has driven demand, further pushing prices upward.
The combination of these factors—Metro expansion, neighborhood price variations, and relative affordability—helps explain why a one-bedroom apartment could average €120,000 in 2025. Buyers are drawn to the city not only for its affordability but also for its growing infrastructure and vibrant neighborhoods.
As Thessaloniki continues to develop, these trends are likely to persist, making it an attractive option for potential property buyers. The city's unique blend of affordability and growth potential offers a compelling case for investment.
Sources: Properstar, Ground News, The Luxury Playbook
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.