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
Thessaloniki's property market in early 2026 is still climbing, with prices rising and rents catching up across most neighborhoods.
Whether you want strong rental yields in the western districts or long-term appreciation near the new metro stations, getting the right neighborhood matters more than ever.
We keep updating this guide as new data comes in, so you always have the freshest picture of where to buy.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Thessaloniki.
What's the Current Real Estate Market Situation by Area in Thessaloniki?
Which areas in Thessaloniki have the highest property prices per square meter in 2026?
As of early 2026, the three most expensive areas to buy property in Thessaloniki are the Historic Center (Istoriko Kentro), Kalamaria Center, and Konstantinopolitika in Pylaia, where renovated apartments and newer buildings command the highest premiums.
In these top-priced Thessaloniki neighborhoods, you can expect to pay between €2,800 and €3,100 per square meter, with the Historic Center often pushing above €3,100 for well-renovated units near Aristotelous Square or the Nea Paralia seafront.
Each of these expensive areas in Thessaloniki commands high prices for different reasons:
- Historic Center (Istoriko Kentro): ultra-walkable location near Tsimiski corridor and White Tower draws premium buyers
- Kalamaria Center: family-friendly reputation plus the new metro extension opening February 2026
- Konstantinopolitika (Pylaia): newer building stock with better insulation and modern amenities
Which areas in Thessaloniki have the most affordable property prices in 2026?
As of early 2026, the most affordable areas to buy property in Thessaloniki are Stavroupoli, Evosmos Center, parts of Ampelokipoi-Menemeni, and Kordelio, where prices remain well below the city average.
In these budget-friendly Thessaloniki neighborhoods, you can find properties priced between €1,500 and €1,800 per square meter, which is roughly half of what you would pay in the Historic Center.
The main trade-off when buying in these lower-priced western Thessaloniki districts is that building quality varies a lot: you might find older apartments with poor insulation, outdated heating systems, or no elevator, so careful inspection matters more here than anywhere else in the city.
You can also read our latest analysis regarding housing prices in Thessaloniki.
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
Which Areas in Thessaloniki Offer the Best Rental Yields?
Which neighborhoods in Thessaloniki have the highest gross rental yields in 2026?
As of early 2026, the Thessaloniki neighborhoods with the highest gross rental yields are Stavroupoli at around 5.2%, Ano Poli at roughly 5.1%, Evosmos Center at about 4.4%, and Thessaloniki Center at approximately 4.2%.
Across Thessaloniki as a whole, typical gross rental yields for investment properties range from about 3.7% to 5.2%, depending on the neighborhood and property condition.
Here is why these top-yielding Thessaloniki neighborhoods deliver better returns:
- Stavroupoli: lower entry prices around €1,500/m² keep the yield math favorable
- Ano Poli: strong character appeal and student demand push rents to €8.79/m²
- Evosmos Center: affordable prices attract steady local tenant demand
- Thessaloniki Center: highest rents at €10.44/m² offset the premium purchase price
Finally, please note that we cover the rental yields in Thessaloniki here.
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Which Areas in Thessaloniki Are Best for Short-Term Vacation Rentals?
Which neighborhoods in Thessaloniki perform best on Airbnb in 2026?
As of early 2026, the Thessaloniki neighborhoods that perform best on Airbnb are Ladadika, Valaoritou, the Aristotelous Square to Tsimiski corridor, and Ano Poli, where occupancy rates hover around 55% and average nightly rates reach approximately €70.
Top-performing Airbnb properties in these central Thessaloniki neighborhoods typically generate between €700 and €900 per month in rental income, with well-renovated studios near Aristotelous Square sometimes reaching €9,000 to €10,000 annually.
Each of these Thessaloniki short-term rental hotspots has a specific advantage:
- Ladadika: nightlife and restaurant scene draws weekend city-break travelers
- Valaoritou: creative bar strip attracts younger tourists willing to pay for location
- Aristotelous to Tsimiski corridor: first-time visitors choose this classic tourist core
- Ano Poli: views and authentic character appeal to experience-seeking guests
By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Thessaloniki.
Which tourist areas in Thessaloniki are becoming oversaturated with short-term rentals?
The three Thessaloniki tourist areas most at risk of short-term rental oversaturation are the Historic Center (Istoriko Kentro), Ladadika, and Valaoritou, where investor interest has flooded the market with competing listings.
In these oversaturated Thessaloniki zones, the city now has roughly 5,600 active short-term rental listings total, with a heavy concentration in these central walkable blocks where supply has grown faster than tourist demand.
The clearest sign of oversaturation in these Thessaloniki areas is that occupancy rates have settled around 55%, which is decent but not exceptional, and new listings must compete aggressively on price or quality to fill their calendars.
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.
Which Areas in Thessaloniki Are Best for Long-Term Rentals?
Which neighborhoods in Thessaloniki have the strongest demand for long-term tenants?
The Thessaloniki neighborhoods with the strongest long-term rental demand in early 2026 are Toumpa, Thessaloniki Center, Ano Poli, and Kalamaria (especially near the new metro stations at Aretsou, Nea Krini, and Mikra).
In these high-demand Thessaloniki rental markets, well-priced apartments typically rent within two to four weeks, with renovated units in the Center or near the university filling even faster.
Here is the tenant profile that drives demand in each of these Thessaloniki neighborhoods:
- Toumpa: local families and young professionals seeking affordable east-of-center living
- Thessaloniki Center: students, expats, and professionals who prioritize walkability
- Ano Poli: character-seekers and creatives drawn to views and historic atmosphere
- Kalamaria (Aretsou/Nea Krini/Mikra): families wanting quality schools and the new metro
The key feature that makes these Thessaloniki neighborhoods attractive to long-term tenants is reliable public transport access: the metro extension opening in February 2026 will strengthen Kalamaria even further, while the Center and Toumpa already benefit from bus connectivity.
Finally, please note that we provide a very granular rental analysis in our property pack about Thessaloniki.
What are the average long-term monthly rents by neighborhood in Thessaloniki in 2026?
As of early 2026, average long-term monthly rents in Thessaloniki range from about €6.60 per square meter in Stavroupoli to €10.40 per square meter in the Center, meaning a 50-square-meter apartment costs between €330 and €520 per month depending on location.
In the most affordable Thessaloniki neighborhoods like Stavroupoli and Evosmos, entry-level apartments rent for roughly €300 to €400 per month for a modest one-bedroom unit.
In mid-range Thessaloniki neighborhoods like Toumpa and Panorama, a typical two-bedroom apartment rents for approximately €500 to €650 per month.
In the most expensive Thessaloniki neighborhoods like the Center and Kalamaria, high-end renovated apartments can command €700 to €900 per month or more for larger or better-located units.
You may want to check our latest analysis about the rents in Thessaloniki here.
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Which Are the Up-and-Coming Areas to Invest in Thessaloniki?
Which neighborhoods in Thessaloniki are gentrifying and attracting new investors in 2026?
As of early 2026, the Thessaloniki neighborhoods attracting the most investor attention for gentrification plays are Vardaris on the western edge of the Center, Valaoritou, and the Navarinou to Rotonda corridor, where older buildings are being renovated into rentable apartments and boutique spaces.
These gentrifying Thessaloniki neighborhoods have seen asking prices rise by roughly 8% to 12% year-over-year, driven by renovation activity and the spillover effect from the already-expensive Historic Center next door.
Which areas in Thessaloniki have major infrastructure projects planned that will boost prices?
The Thessaloniki areas most likely to see price boosts from infrastructure are Kalamaria (near the new metro stations) and the eastern suburban corridors along the ring road where the Flyover project will improve traffic flow.
The specific projects are the Kalamaria Metro Extension, which will begin operations in February 2026 with stations serving Aretsou, Nea Krini, and Mikra, and the Thessaloniki Flyover, a major ring road upgrade that will ease commuting from Pylaia and Panorama.
Historically in Thessaloniki, properties within a ten-minute walk of new metro stations or major road upgrades have appreciated 10% to 20% faster than surrounding areas in the two to three years after project completion.
You'll find our latest property market analysis about Thessaloniki here.
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
Which Areas in Thessaloniki Should I Avoid as a Property Investor?
Which neighborhoods in Thessaloniki with lots of problems I should avoid and why?
The Thessaloniki neighborhoods that present the most challenges for individual investors are the noisiest blocks of Ladadika and Valaoritou (for ownership, not just STR), plus poorly screened buildings in the cheapest western pockets of Stavroupoli, Evosmos, and Kordelio.
Here are the specific problems affecting each of these Thessaloniki areas:
- Ladadika (nightlife blocks): noise complaints, faster wear-and-tear, and HOA conflicts
- Valaoritou (bar strip): soundproofing issues and weekend disturbance for residents
- Cheapest western blocks: poor insulation, no elevator, outdated heating, weak micro-location
For these Thessaloniki problem areas to become viable investments, you would need either significant noise regulation enforcement in the nightlife zones, or major building renovations in the western districts that address heating, insulation, and elevator access.
Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Thessaloniki.
Which areas in Thessaloniki have stagnant or declining property prices as of 2026?
As of early 2026, no major Thessaloniki neighborhood shows outright price declines, but Kalamaria Center and Pylaia (Konstantinopolitika) are experiencing yield stagnation because prices have risen faster than rents.
In these Thessaloniki areas, prices have climbed 8% to 12% annually while rents have grown only 4% to 6%, which means your gross yield compresses even though the property value looks healthy on paper.
Here is the underlying cause of yield pressure in each of these Thessaloniki areas:
- Kalamaria Center: high family demand pushed prices up but rent growth lags behind
- Pylaia (Konstantinopolitika): newer stock commands premiums that tenants resist paying
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Which Areas in Thessaloniki Have the Best Long-Term Appreciation Potential?
Which areas in Thessaloniki have historically appreciated the most recently?
Over the past five years, the Thessaloniki areas that have appreciated the most are the Historic Center (Istoriko Kentro), Kalamaria Center, Pylaia (Konstantinopolitika), and Toumpa, all of which have seen strong buyer demand.
Here is the approximate appreciation these top-performing Thessaloniki areas have achieved:
- Historic Center: prices rose roughly 50% to 60% over five years (10% to 12% annually)
- Kalamaria Center: appreciation of about 45% to 55% over five years
- Pylaia (Konstantinopolitika): roughly 40% to 50% gain, driven by newer stock demand
- Toumpa: steady 35% to 45% appreciation with consistent local buyer interest
The main driver of above-average appreciation in these Thessaloniki areas has been the combination of scarce renovated stock in the center and strong "quality of life" demand in the eastern family neighborhoods, where buyers pay a premium for walkability, newer buildings, and school access.
By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Thessaloniki.
Which neighborhoods in Thessaloniki are expected to see price growth in coming years?
The Thessaloniki neighborhoods expected to see the strongest price growth in the coming years are Kalamaria (near Aretsou, Nea Krini, and Mikra metro stations), selective west-edge-of-center pockets like Vardaris, and Pylaia (Konstantinopolitika).
Here is the projected price growth for these high-potential Thessaloniki neighborhoods:
- Kalamaria metro corridor: expected 8% to 12% annual growth as metro opens February 2026
- West-edge-of-center (Vardaris area): potential 6% to 10% annually from renovation spillover
- Pylaia (Konstantinopolitika): steady 5% to 8% growth from quality-of-life demand
The single most important catalyst for future price growth in these Thessaloniki neighborhoods is the Kalamaria Metro Extension, which will instantly improve connectivity and make "no-car living" possible for families who currently depend on driving.
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What Do Locals and Expats Really Think About Different Areas in Thessaloniki?
Which areas in Thessaloniki do local residents consider the most desirable to live?
The Thessaloniki areas that local residents consider most desirable to live are Kalamaria (especially Aretsou and Nea Krini), Pylaia (Konstantinopolitika), the quieter streets of Thessaloniki Center, and Ano Poli for those who value character.
Here is what makes each of these Thessaloniki areas desirable to locals:
- Kalamaria (Aretsou/Nea Krini): family-friendly with good schools and coastal access
- Pylaia (Konstantinopolitika): newer buildings with parking and modern amenities
- Thessaloniki Center (quiet streets): pure walkability to shops, cafes, and the seafront
- Ano Poli: historic atmosphere, views, and a sense of neighborhood community
These locally-preferred Thessaloniki areas attract upper-middle-class Greek families, professionals, and retirees who prioritize daily convenience over nightlife or tourist amenities.
Interestingly, local Thessaloniki preferences largely align with foreign investor targets, except that locals tend to avoid the noisiest central blocks that tourists and STR operators favor.
Which neighborhoods in Thessaloniki have the best reputation among expat communities?
The Thessaloniki neighborhoods with the best reputation among expat communities are Thessaloniki Center, the coastal side of Kalamaria, and Ano Poli, which offer walkability, English-friendly services, and a sense of community.
Here is why expats prefer these Thessaloniki neighborhoods over others:
- Thessaloniki Center: easy first landing with restaurants, services, and transport
- Kalamaria coastal side: calmer daily life with beach access and family amenities
- Ano Poli: scenic, quiet, and appealing to remote workers seeking atmosphere
The typical expat profile in these popular Thessaloniki neighborhoods includes remote workers from Western Europe, retirees seeking affordable Mediterranean living, and digital nomads staying for several months at a time.
Which areas in Thessaloniki do locals say are overhyped by foreign buyers?
The Thessaloniki areas that locals commonly say are overhyped by foreign buyers are the noisiest strips of Ladadika, Valaoritou, and the ultra-tourist blocks of the Historic Center around Aristotelous Square.
Here is why locals believe these Thessaloniki areas are overvalued:
- Ladadika (nightlife blocks): great for weekends but daily noise makes ownership frustrating
- Valaoritou: trendy bar scene attracts buyers but soundproofing issues hurt livability
- Historic Center (tourist blocks): high STR competition and building quality varies widely
Foreign buyers typically see these Thessaloniki areas as "prime location" investments with tourist appeal, while locals know the daily friction of noise, parking shortages, and seasonal income volatility that comes with owning there.
By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Thessaloniki.
Which areas in Thessaloniki are considered boring or undesirable by residents?
The Thessaloniki areas that residents commonly consider boring or undesirable are the purely residential outer suburbs where you need a car for everything, plus micro-pockets in the far west and northwest where the tenant pool is thin and building stock is uneven.
Here is why Thessaloniki residents find these areas less appealing:
- Far western suburbs (outer Evosmos, Kordelio edges): car-dependent with few cafes or amenities
- Northwestern industrial-adjacent zones: limited walkability and weaker rental demand
- Remote residential pockets: fine for families with cars but unappealing to young renters
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What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Thessaloniki, we always rely on the strongest methodology we can, and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| Bank of Greece | Greece's central bank and official producer of property price indices | We used it to anchor the big-picture price cycle and market turning points. We validated portal data against these official benchmarks. |
| Spitogatos Property Index | Greece's largest real estate portal with transparent index methodology | We used it to benchmark Thessaloniki Municipality versus Suburbs price levels. We cross-checked neighborhood estimates from other portals. |
| Indomio | Large real estate portal publishing timestamped area price and rent data | We used it for neighborhood-level price and rent per square meter figures. We computed gross yields from their sale and rent series. |
| AirDNA | Widely used short-term rental analytics provider with standardized metrics | We used it to quantify STR supply, occupancy, and revenue benchmarks. We identified saturation risk where listings grew faster than demand. |
| Inside Airbnb | Independent source publishing city-level Airbnb structure indicators | We used it as an additional cross-check on pricing and activity patterns. We validated oversaturation signals in central clusters. |
| Thessaloniki Metro | Official project source for metro route, stations, and opening timeline | We used it to tie investable micro-areas to a concrete transport catalyst. We identified station walking-distance pockets likely to reprice first. |
| METKA (Flyover Project) | Official contractor page with project scope and budget details | We used it to confirm the ring road upgrade is real and funded. We highlighted which eastern suburban corridors may benefit most. |
| AADE (Greek Tax Authority) | Greece's independent tax authority running the official STR registry | We used it to describe legal compliance requirements for short-term rentals. We explained VAT thresholds that change investor math at scale. |
| ELSTAT | Greece's official national statistics agency | We used it to ground inflation and rent-pressure context. We sanity-checked whether rent growth is plausible versus broader price dynamics. |
| Eurostat | EU's statistical authority standardizing cross-country housing metrics | We used it to align definitions of what a house price index measures. We cross-checked the Thessaloniki story against EU-wide housing trends. |
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