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Thessaloniki: A New Hotspot for Foreign Real Estate Investors

In recent years, Thessaloniki has firmly established itself as one of the most promising cities in Greece for real estate investment. Thanks to its advantageous geographical location, infrastructure development, and affordable prices, the country’s second-largest city has become a true magnet for foreign buyers.

A Rising Market: Figures and Trends

According to the Bank of Greece, in 2024 the total volume of foreign investment in residential real estate nationwide exceeded €2.75 billion. Thessaloniki, alongside Athens, became one of the main hubs for foreign capital inflows. Our estimates show that foreigners are involved in over 30% of all transactions in Thessaloniki—and this percentage continues to grow.

As of June 2025, the average price per square meter in the city reached €2,201, showing more than a 12% increase over the past year. This indicates stable demand and strong investment appeal in the region.

Key Market Indicators:

Indicator 2023 2024 H1 2025 (estimate)
Foreign investment volume (Greece) €2.13 bn €2.75 bn > €3 bn (forecast)
Foreign share in transactions (Thessaloniki/Athens) 30–35% >30% consistently high
Average price/m² in Thessaloniki €2,070 €2,145 €2,201
Price growth in Thessaloniki (YoY) +15.2% +12.1% upward trend continues

Who’s Buying and Why

The primary buyer groups consist of Israeli and German investors and people of Balkan nations (Bulgaria, Serbia, and Romania). They search for homes under €300,000, intending to rent or stay there for a long time.

Demand is centered in coastal districts like Kalamaria and central areas, particularly around upcoming metro stations. Perea and Neoi Epivates, two Thessaloniki suburbs, are also popular. Particularly well-liked here are tiny apartments and studios that are ideal for travelers or students.

Why Thessaloniki Is a Smart Choice

Advantage Explanation
Affordable prices m² in Thessaloniki is cheaper than in Athens (€2,200 vs. €3,800+)
High rental yield 5.5–7% gross yield for central studios
New infrastructure metro, waterfront and port reconstruction
Golden Visa new €400,000–€800,000 threshold slowed but maintained strong interest

What to Consider When Buying

Investors should pay attention to:

  • Building condition: Many old properties in the center—technical inspection and document checks are essential.
  • Parking availability: Apartments with dedicated parking spots are in steady demand.
  • Rental potential: Choose areas near metro stations or universities.
  • Legal transparency: Involve a licensed lawyer and verify all documentation and encumbrances.

We’re here to help you make the right choice

Our team of experts is ready to offer you up-to-date properties in the most sought-after areas of Thessaloniki — from ready-to-rent apartments to new projects with high returns.
We support our clients at every stage: from property selection and legal due diligence to residence permit application.

Thessaloniki is not just real estate. It’s an investment in stability, comfort, and a European future.
Contact us today — and take the first step toward your home in Greece.

Daria Chashchina,

Property sale advisor of Ellas Estate DS Group