The most expensive and affordable areas in Glyfada to live
How expensive is it really to stay in Glyfada and how do prices differ in the various neighborhoods of the “protagonist” of the southern suburbs? We have recorded the average prices currently in effect for both buying and renting a residence, as well as the changes observed from 2022 to 2023 in the area.
- 15/04/2024
The southern suburbs have become a magnet for new investors, both foreign and domestic, who are primarily seeking homes by the sea, with purchasing interest remaining strong despite the increase in interest rates.
It is worth mentioning that the average surface area for buying a residence in the area, in the fourth quarter of 2023, reached 3,636 euros, up from 3,261 euros in the same period of 2022. At the same time, the “rally” in prices seems to have no end and prices continue to show upward trends, both in the market and in the rental of residences.
Glyfada, due to its large and bustling commercial center compared to the other areas of the south, as well as the fact that it is located on the coastline of the Athenian Riviera, and finally, because of its famous vibrant nightlife, with the city maintaining its great glamour of the 1980s, has always been a protagonist in the southern suburbs. Properties, as well as their values, undeniably follow the logic mentioned above.
The head of Plasis Real Estate Minas Dimos, provided NouPou with a fairly clear picture of the prices that currently apply, both for buying and renting property in Glyfada.
Having gathered the specific data, the remarkable difference in the value of properties is easily perceptible the closer we are to the city’s commercial center or areas of high tourist demand, such as Golf, as opposed to areas further away from these points, which are closer to Mount Hymettus. Let’s take a look at the costs recorded in each of these areas.
Terpsithea
According to the data, the lowest prices, both for renting and buying property throughout Glyfada, are found in the area of Terpsithea.
Regarding rent, prices are at 8 euros per square meter for apartments in apartment buildings that are 20 years old and older. For a middle-aged apartment, the indicative price per square meter is at 10 euros, while in newly built buildings it is at 12 euros per square meter.
In the property market, we start with old apartment buildings where, for example, prices range from 1,700 to 2,500 euros per square meter. However, as is reasonable, and as Mr. Dimos emphasizes, the value of an apartment compared to another may increase depending on the floor or the view it can offer, even if we are talking about apartments of the same age and size. The scene changes significantly in newly built buildings, where prices range from 3,000 to 5,000 euros per square meter, with the aforementioned criteria.
Aexone-Karvelas
The area of Aexone is divided into two parts. It is essentially the area that extends above Vouliagmenis Avenue, however, from Anthion Street and left towards Athens, there is a “sub-area”, known as “ Aexone- Karvelas”. From Anthion Street towards Voula is the area of Aexone . It is worth noting that from the central avenue of Ano Glyfada, Dimitriou Gounari, and crossing it towards Voula – although it is a commercial street with a series of shops occupying almost its entire length, until the limits with the municipality of Elliniko – Argyroupoli – from a certain point onwards, the shops decrease significantly until they “disappear”. At this point, the building coefficient changes from 0.8 to 0.6, which is why lower houses are found, mostly detached houses.
In the neighborhood of “Karvelas”, we observe the phenomenon that gradually “descends” from Terpsithea of Ano Glyfada towards the city’s commercial center, therefore, corresponding, gradual, but remarkable rise in prices, both for rent and sale. As Mr. Dimos informs us, for the area of Karvelas Aexone, the cost to rent a medium apartment amounts to 10 euros per square meter, and it can even reach 15 euros, depending on the age, construction, and location of the residence.
Impressively, the data regarding the property market in the area is remarkable, as it climbs to 4,000 euros per square meter and reaches 7,000-7,500 euros per square meter for a penthouse. A key criterion here is also the view, however, it must be noted that areas with good urban planning, such as Aexone, have another advantage compared to others, even if the property does not offer a view.
“Premium” areas – Glyfada center
Descending from Vouliagmenis Avenue, we gradually enter the center of Glyfada and approach the commercial market. There we encounter neighborhoods that, depending on their proximity to the commercial center and other points of interest, are categorized as premium, super premium, and B’ luxury.
Just below Vouliagmenis Avenue, we find the B’ luxury area. Although closer to the center, these areas are more distant from the Golf and the city’s core (such as Alkiviadou, Asklipiou, Daskaroli streets). In these areas, prices for buying range from 6,500 euros per square meter to 10,000 euros per square meter. Regarding renting, starting prices for newly built houses are around 20 euros per square meter, up to 40 euros per square meter in cases with a very good sea view or with a pool.
In older properties, prices start from around 6,000 euros for buying, depending on the condition and age, while for rent it’s approximately 20 euros per square meter, but it can be less depending on the location, construction, and years. It can even go down to 10 or 12 euros per square meter for an old apartment building, for example.
A little further down, and up to the city’s beach, we encounter the premium category of properties. One part of it is what we would characterize as “downtown”, around the commercial area (including streets like Xanthou, Zamanou, Laodikis, Vasileos Georgiou, Phoivis, Artemidos – areas where various businesses of commercial Glyfada are located, as well as dining establishments), and another as super premium consisting, as expected, of the entire Diadochou Pavlou street – the street located on the coastal front with unobstructed and unlimited sea view – but also the entire perimeter that “faces” the Golf (streets such as Tsitsani, Kanari, and Miaouli).
In these areas, buying prices can climb up to 20,000 euros per square meter, while gradually falling to 9,000 euros per square meter for older houses. To rent in this specific area, one will need to offer from 30 to 50 euros per square meter.
Dikigorika
The area where we are located in lower Glyfada, but gradually approaching the area of Agios Kosmas and Elliniko, is called “Dikigorika”. Prices there range from 9,000 to 15,000 euros per square meter for purchase and from 20 to 40 euros per square meter for property rental. We can observe that in terms of philosophy and building coefficient, we encounter the same characteristics as in the rest of “lower Glyfada” and the commercial center, specifically in the area between Golf and Glyfada beach.
Differences in proces from 2022 to 2023
The differences in prices from 2022 to 2023 are also interesting. The data shared by NouPou from Spitogatos.gr regarding the impressive increase in prices within a year, from 2022 to 2023 in the area, are noteworthy.
Like other areas in the southern suburbs, mainly Voula and Vouliagmeni, Glyfada in recent years has been a magnet for investors and buyers, with construction projects evolving and many others that have been launched making their appearance one after the other. At the same time, the neighboring areas with the large investment in Elliniko, the largest project of this kind currently underway in Greece, set high standards for the value of the area, and consequently for the values of existing properties, with owners seeking corresponding prices, both for sale and for rent.
Indicatively, the percentage changes in the average asking price of homes with the greatest price differentiation are recorded in the Terpsithea area (+14.1%) for sale, and in the “Aigli” area (located at the foot of Hymettus, just below the chapel of Prophet Elias) for rent (+11.5%).
For the sale of homes, a significant change was also recorded in the Aixoni Glyfada area, with a percentage of +13.4%, followed by the area defined by the Spitogatos platform as “Upper Glyfada” with a percentage of approximately +11.9%. Next is the center of Glyfada, with a change of +9.1%, and finally, the Golf area, which shows significant stabilization compared to other neighborhoods, recording a small change of around +3.2%.
Smaller, but not negligible, changes were also observed in terms of residential rentals. Apart from the top spot in changes, as mentioned above, significant differences in rental prices were recorded in the center of Glyfada with a percentage of +10.6%. In contrast to sales prices, relatively increased changes in rental prices were noted in the Golf area, with a percentage reaching +9.4%. A smaller change was observed in Aexone Glyfada, with a percentage of +6.3%, Upper Glyfada with +5.9%, and finally Terpsithea with +5.6%, which, however, ranked first in price differentiations in terms of property purchase.