Tourism and student housing have been key drivers in the increasing sale and rental prices of houses in Heraklion. Throughout the fourth quarter of 2023, there has been a noticeable uptick in the average rental price of residences in Heraklion, showing a slight increase of 4.50%. The average rental price now stands at 8,36€ per sq.m.
Key Trends:
- Rental prices increased by 4.50%, with the average price per sq.m. at 8,36€.
- Real estate prices for sale and rent in Heraklion saw high trends during the fourth quarter of 2023.
Heraklion is renowned as a student town due to the university it hosts, which has led to a surge in demand for rental housing, especially from students seeking accommodation close to the university. Additionally, the city’s popularity as a tourist destination during the summer months has positioned it as a top choice for holiday home investments. Foreign investors, in particular, are showing a strong preference for Greek real estate, with a keen interest in properties on the Greek islands.
With escalating demand and fierce competition, property owners are pushing prices to their limits to maximize returns.
Property Price Trends:
- Rental prices rose by 4.50%, averaging 8,36€ per sq.m.
- Sales prices increased by 10.90%, with the average purchase price hitting 1.525€ per sq.m.
Examples of Properties on the Market
Sales averages:
- Detached house, 110 sq.m., ground floor, two bedrooms, for sale at 2.545,45€ per sq.m.
- Apartment, 75 sq.m., semi-basement, two bedrooms, for sale at 1.466,67€ per sq.m.
- Apartment, 148 sq.m., 1st floor, three bedrooms, for sale at 1.756,76€ per sq.m.
- Apartment, 77 sq.m., 2nd floor, two bedrooms, for sale at 2467,53€ per sq.m.
Rentals averages:
- Apartment, 40 sq.m., 1st floor, one bedroom, for rent at 11,75€ per sq.m.
- Apartment, 85 sq.m., 6th floor, three bedrooms, for rent at 11,76€ per sq.m.
- Apartment, 90 sq.m., 1st floor, three bedrooms, for rent at 8,89€ per sq.m.
- Apartment, 50 sq.m., ground floor, one bedroom, for rent at 12€ per sq.m.
- Apartment, 58 sq.m., 1st floor, two bedrooms, for rent at 7,76€ per sq.m.
Tips for Renters
- Plan a budget: Because rental prices are rising, renters need to review their budgets again and ensure they’re allocating their money wisely to cover the increase.
- Sharpen negotiation skills: Get better at negotiating so you can talk to renters about rental terms in a way that works for the current market.
- Explore alternatives: Look into different Heraklion areas or kinds of homes to find cheap places to live that are also good for you.
- Long-term leases: If you want to lock in rental rates even when the market changes, you might want to choose a long-term lease.
- Get professional help: Talk to real estate agents or experts to learn about good rental deals and market trends.
The statistics indicate a strengthening market. People interested in renting or buying homes in Heraklion can make smart choices if they monitor these changing trends.