6/18/2025

Western Districts of Thessaloniki Such as Eleftherio-Kordelio, Ampelokipoi, Stavroupoli, and Menemeni Show High Returns

Many buyers are actively seeking real estate investment hot spots with high yields, as the property market continues its upward trajectory. Both average asking prices for sales and rentals are on the rise.

During the Real Estate Expo held in Athens (May 30 – June 1), Spitogatos CEO Dimitris Melachrinos, in the panel discussion “Which Are the New Hot Areas in Athens with the Highest Returns?”, presented the regions in Attica, Thessaloniki, and the rest of Greece that currently offer the most attractive investment returns. These returns were calculated using the Capitalization Rate (Cap Rate), based on the ratio of the annual asking rent to the asking sale price, as provided by Spitogatos Insights. This metric reflects how profitable a property is if rented on a long-term basis (excluding short-term or tourism-based rentals), in relation to its market value.

Western Neighborhoods and Thessaloniki’s City Center

The western suburbs of Thessaloniki—such as Eleftherio-Kordelio, Ampelokipoi, Stavroupoli, and Menemeni—are showing notably high returns. This trend is driven by a combination of relatively low average asking sale prices and growing demand for long-term rental housing in these areas.

In the city center, neighborhoods like Vardaris and Ano Poli are also performing strongly, benefiting from demand for student housing as well as short-term tourist rentals.

At the top of the list is the Xirokrini–Panagias Faneromenis area with a return of 7.9%, followed by Vardaris–Lachanokipoi with a 5.9% yield.

Property Returns in Attica

In central Athens, the highest-yielding neighborhoods include less traditionally popular areas such as Patision–Acharnon and Attiki, along with more established districts that experience strong demand for student and short-term rentals, including the city center, Exarchia–Neapoli, Kypseli, and Goudi.

By contrast, very few areas in the Northern Suburbs show returns above 5%, especially when compared to central Athens. Notable exceptions include Agios Stefanos, Nea Penteli, and Anixi, each recording yields above 5%.

It is worth noting that no neighborhood in the Southern Suburbs exceeds a 5% yield. For example, in Glyfada and Nea Smyrni, returns hover around 3.6%. This is primarily due to high average asking sale prices, which—despite the upward trend in rents—compress overall property yields.

On the other hand, several Western Suburbs surpass the 5% mark, including Agia Varvara (8.2%), Aigaleo (6%), Nea Filadelfeia, and Acharnes.

Among the Eastern Suburbs of Attica, the areas that stand out for their high yields include Marathonas, Koropi, Nea Makri, Artemida, and Spata, based on the available data.

Piraeus and Its Suburbs: High Returns in Areas with Lower Sale Prices

In Piraeus and its surrounding suburbs, several areas with relatively low average asking sale prices for residential properties are emerging as high-yield zones with returns exceeding 5%. Notable examples include Kaminia–Palaia Kokkinia, Tampouria–Agia Sofia, Agios Ioannis Rentis, Tavros, Keratsini, and Nikaia.

In other parts of Attica, high returns are also recorded in Lavrio, Oropos, and Kalamos, as highlighted in the accompanying data. Furthermore, areas such as Markopoulo, Megara, Pikermi, Kalyvia Thorikou, and Keratea also show strong investment yields.

Western Neighborhoods and the Center of Thessaloniki

As previously noted, the western districts of Thessaloniki—such as Eleftherio-Kordelio, Ampelokipoi, Stavroupoli, and Menemeni—continue to deliver high yields. This is largely due to a combination of low average asking sale prices and increasing demand for rental housing in these areas.

In the city center, neighborhoods like Vardaris and Ano Poli also demonstrate strong returns, driven by the demand for student housing and the area’s appeal for tourism.

Attractive Returns Beyond Major Urban Centers

The analysis of yields across the rest of Greece reveals particularly interesting trends. Many regional capital cities and smaller urban areas report attractive property returns. Among them, standout examples include Didymoteicho, Ptolemaida, Kozani, Karditsa, Agrinio, Orestiada, Veria, and Komotini. Additionally, high returns are observed in Drama, Serres, Lamia, and Xanthi.

In the island regions, Samos and Lesvos (Mytilene) record especially high yields. In the Peloponnese, the most profitable areas include Pyrgos and Amaliada in the regional unit of Ilia, as well as Sparta, Tripoli, and Aigio.

Source: https://www.typosthes.gr/thessaloniki/392866_thessaloniki-i-periohi-ekplixi-poy-einai-no1-ependysi-gia-agora-spitioy