The future of Kalamaria: How the Metro extension is reshaping the real estate market

The future of Kalamaria

Kalamaria is entering a phase of extensive urban transformation through a series of infrastructure and regeneration projects - spearheaded by the Metro - expected to elevate residents' daily lives and the quality of the urban environment.

Alongside the Metro extension, the coastal front is being revitalized and new green spaces are being created. In this way, Kalamaria fortifies the features that make it one of Thessaloniki's most attractive residential destinations.

These interventions simultaneously generate new potential for the local real estate market.

The Metro extension to Kalamaria and the five new stations

Since August 27, 2026, the Metro extension to Kalamaria has been fully operational, marking a significant milestone for the transit upgrade of eastern Thessaloniki.

The extension introduces five new stations and an underground line of approximately 4.8 kilometers. The area now boasts easier access to the city center, with the route from Mikra to downtown Thessaloniki taking about 15 minutes.

Daily commuting is vastly facilitated, but the new connection brings other advantages, such as increasing the desirability of properties located near the stations, adding a significant premium to their location.

The five stations - Nomarchia, Kalamaria, Aretsou, Nea Krini, and Mikra - serve different parts of the area, broadening transit options for residents.

Proximity to the Metro is now an added criterion when searching for a home, particularly for those desiring direct access to central Thessaloniki.

Major regeneration projects transforming Kalamaria's image

While the Thessaloniki Metro extension is a major upgrade for the Kalamaria area, it is not the only project altering its landscape.

From the utilization of the former Kodra military camp and the modernization of the Aretsou marina to the redesign of public spaces and the improvement of the road network, planning is focused on creating a more functional and attractive urban environment.

The conversion of the Kodra military camp into a Metropolitan Park

The former Kodra military camp will be one of the most important interventions planned for Kalamaria. The objective is to create a Metropolitan Park, an extensive space for greenery, culture, and recreation that will give Kalamaria a new identity.

The plan includes highlighting historical buildings and utilizing the land with respect to its special character.

The Kodra Metropolitan Park is expected to become a new hub for gathering and recreation, offering residents more opportunities for walking, outdoor activities, and contact with nature.

The creation of such a significant green space will concurrently enhance the residential appeal of the wider area, underlining the importance of greenery and open spaces in modern urban living.

Foinikas at the center of an extensive urban regeneration

The Foinikas area is expected to acquire a new image through a comprehensive urban regeneration plan covering a total of 83 stremmata (8.3 hectares).

The upgrade centers on public spaces and the creation of a modern, friendly urban environment with a plethora of options for recreation, sports, and daily commuting.

Foinikas is slated to receive redesigned parks and squares, improved sidewalks, and routes suitable for both pedestrians and cyclists.

Strengthening the connection with the Mikra Metro station is also of special importance, facilitating residents' access to the rest of the metropolitan area.

These changes will highlight Foinikas as a more functional and pleasant residential neighborhood.

The upgrade of the Aretsou marina and highlighting the coastal character

One of the most characteristic spots on the Kalamaria coastline is naturally the Aretsou marina, the upgrading of which attracts particular interest.

The modernization of port facilities, infrastructure improvements, yacht servicing, and the utilization of the marina's land areas are at the forefront of the changes.

The design also includes spaces for walking, greenery, and recreation, aiming to better integrate the marina with the daily life of the city.

The upgrade will further emphasize the unique physiognomy of Aretsou, where proximity to the sea is one of the most important features of the residential area.

The regeneration of Kalamaria's coastal front

A key pillar of the broader planning for Kalamaria is the creation of a unified coastal front. The focus will be on better connecting the seaside areas, from Karabournaki to Mikra, and the intervention aspires to establish the coastline as a cohesive public space, open and accessible to residents.

The design emphasizes creating continuous walking and cycling paths, improving access to the sea, and upgrading communal spaces.

The goal is for citizens to have direct, daily contact with the coastal landscape, increasing opportunities for walking, sports, and outdoor activities.

This prospect is particularly significant for the residential character of Kalamaria, as it showcases the sea not just as an element of natural beauty, but as an integral part of daily life.

The opening of Pontou Street and the road network upgrade

The project that will substantially improve accessibility in eastern Thessaloniki, ranking among the most important transit works, is the opening and development of Pontou Street.

This project spans 2.3 kilometers and involves the creation of a modern four-lane avenue, spacious sidewalks, a bike lane, and new roundabouts.

Its direct connection to four of the five new Metro stations is of strategic importance, facilitating the combined use of transport modes.

Upon completion, Pontou Street aims to alleviate traffic congestion and provide easier access to Kalamaria's neighborhoods, creating more favorable commuting conditions for residents and visitors alike.

Properties in Kalamaria attracting the most interest

The real estate market in Kalamaria is characterized by a variety of residential options catering to different needs and preferences. Modern apartments in Kalamaria, newly built homes, spacious maisonettes, and properties with unobstructed views of the Kalamaria coastline combine the advantages of urban living with the distinct charm of the seaside landscape.

The Metro extension and planned regeneration projects add new criteria for choosing a home in Thessaloniki, with location, accessibility, and the quality of the surrounding environment taking on special significance.

In this context, the standout property categories are:

• Newly built apartments: Modern residences in Nea Krini and Mikra gather interest due to more intense construction activity in these specific areas. High energy efficiency, functional spaces, and private parking spots are significant advantages for prospective buyers.

• Sea-view apartments and penthouses: Coastal properties in Kalamaria stand out for their prime location, while apartments overlooking the Thermaic Gulf combine the comfort of an urban residence with the unique sensation of direct access to the sea.

• Maisonettes and spacious family homes: Maisonettes in Agios Ioannis and larger family homes in Kalamaria are top choices for those seeking more space, privacy, and an environment for permanent settlement.

• Properties near Metro stations: Apartments for sale in Kalamaria located a short distance from the new stations gain an added advantage, offering easy access to the center of Thessaloniki and other areas served by the network.

How are property prices shaping up in Kalamaria?

Kalamaria maintains a strong presence in the Thessaloniki housing market, with demand focused on both modern apartments and prime-location properties.

The operation of the new Metro stations adds another factor to their valuation, highlighting the importance of easy access and transit service.

According to data compiled by Engel & Völkers, the average asking sale price for homes in Kalamaria reached 3,243 euros per square meter in the third quarter of 2026. However, the market picture is not uniform; the location of each property, its specific features, and proximity to new infrastructure create different conditions per neighborhood.

The significance of the new transit connection is also reflected in the differentiation of asking prices. Specifically, properties located within a 500-600 meter radius of the five new Metro stations show prices up to 15 percent higher compared to similar homes outside their influence zone. It is worth noting, however, that the upward price trend had already begun before the extension became operational.

Currently, there are approximately 2,000 properties available for sale in the Municipality of Kalamaria, with 30 to 35 percent being newly built or under-construction residences. Construction activity varies noticeably by area. In the center of Kalamaria, where available space for new development is more limited, there is a greater emphasis on renovating existing homes and replacing older buildings.

Conversely, in Nea Krini and Mikra, there is a more intense development of new residential complexes, broadening the options for those seeking modern homes in Kalamaria.

Kalamaria is navigating a period of significant change, with new infrastructure and urban regenerations shaping a different landscape for the local real estate market. In this environment, knowing the unique characteristics of each neighborhood and properly evaluating market conditions are decisive factors for any buying or selling decision.

With a deep understanding of the Thessaloniki real estate market, Engel & Völkers advisors can guide you in searching for the ideal home or in the process of selling your property. Discover available properties in Kalamaria or proceed with a personalized property valuation with Engel & Völkers.