The Greek property market has witnessed a huge spike in rates.

Data from online property ads network Spitogatos noted that the asking price of apartments in the Athens CBD posted an annual increase of 313 per cent at the end of the second quarter to 1,522 euros per square metre.

Piraeus has also noted an 18.2 per cent hike, with the average asking rate at 1,346 euros per square metre.

The increase in the southern suburbs has been at 13.3 per cent with asking prices at 2,530 euros per square metre, compared to the average asking price at 1,474 euros per square metre at the end of June.

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There are more foreign buyers seeking to purchase in the Athens centre, resulting in a growth in demand.

Most investors are motivated by a potential for future capital gains.

The prices of rentals have risen across the country to 9.4 per cent with property rentals at 6.88 euros per square metre per month, whereas in Athens the increase was at 10.2 per cent with the rate at 9.52 euros per square metre per month.

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Greek renters cannot afford the steep prices, and Greece’s daily ekathimerini points to sector professionals that predict that the capital will turn into a “tourism enclave” with properties mainly available to wealthy foreigners.