Thessaloniki remains one of the most attractive real estate markets in Greece for 2026, with annual returns ranging from approximately 3.5% to 7.5%, depending on the purchase price, the type and condition of the property, and rental demand in each area. This is based on market research and data analysis by Sko.real, taking into account sales prices, rent levels, and demand by region.
The key conclusion: the market has become more expensive; opportunities haven’t disappeared, but choosing a property now requires more analysis and less haste.
Downtown: high demand and stable income
Properties in the city center remain among the strongest options for stable rental income, with high demand from students, working professionals, and small households. Purchase prices range from approximately €2,000–3,500 per square meter; a studio apartment rents for about €600–700 per month, and a one-bedroom apartment for €750–900 per month, with an indicative yield of 5%–7%. It is suitable for investors seeking high marketability and quick rental, despite the higher entry price.
Student areas: Toumba, Rotonda, Ano Poli
Areas with a strong student presence offer some of the most attractive returns, especially for studios and one-bedroom apartments. Purchase prices range from approximately €1,800–2,500 per square meter, studio apartment rents are €450–550 per month, and yields reach 5.5%–7.5%. A key factor here is not only the rent amount but also the time it takes to lease: a properly priced small property near public transportation or universities rents out very quickly.
Eastern Thessaloniki: lower returns, greater stability
In Kalamaria and Pylaia, investors also look at long-term value. Purchase prices range from €2,200 to €3,500 per square meter, rents from €600 to €1,000 for 80–100-square-meter apartments, and yields range from 3.5% to 5% — lower, but with the potential for capital appreciation that, for high-quality properties, could reach 5%–10% over time. Preferred by families, with a lower risk of frequent tenant turnover.
Western Thessaloniki: lower initial investment
Evosmos and Stavroupoli are among the most affordable options. Purchase prices range from approximately €1,300–2,000 per square meter, with two-bedroom apartments renting for €500–700 per month and indicative yields of 5.5%–7%. There is also interest in resale strategies, especially for older properties that are being renovated and repositioned on the market.
Example: Toumba
A 50-square-meter apartment in Toumba with a purchase price of €100,000–130,000, rented at €550 per month, yields gross income of €6,600 per year and a net return of approximately 5%–7%, depending on expenses, taxes, and condition. With targeted renovation and proper management, the yield can be boosted by an additional 1%–2%.
What Really Affects the Return
Beyond price and rent, location, floor level, access to public transportation, the condition of the apartment building, energy efficiency, and proper pricing all play a role. A property that is overpriced for the area may remain vacant for months, while a well-maintained one with a reasonable rent performs better by reducing vacancy periods. Small improvements such as lighting, a functional kitchen, a modern bathroom, and professional photography have a significant impact.
“There is no one-size-fits-all answer. For higher returns, student areas and western Thessaloniki stand out; for stability and appreciation, the eastern side; for consistent demand and marketability, the city center. “The right choice depends on the available capital, the investment horizon, and the risk tolerance of each buyer,” notes a representative of Sko.real.