With an annual average of 7%-10%, rents have risen in most parts of Attica over the past five years. From 2017, when rents and the real estate market as a whole began to recover, until the end of 2022. average height in the Attica basin is estimated at 35%according to the relevant investigation of the brokerage house Potamianos Real Estate Group.

Regions with the highest growth

However, in some areas the growth is even higher. For example, in Column And Cellareas that recorded significant losses during the years of the economic crisis, today the average rent is about 600 – 700 euros / month. for surface property 100 sq.m. This amount is higher 56% in relation to 2017. Accordingly, in Piraeusthe average price reaches 7 euros/sq.m., or 700 euro for a property of 100 sq.m. and increases by 55% compared to 2017.
Sta Validitythe average price now reaches 8.5 euros/sq.m. 54.5% above 5.5 euro/sq.m. 2017, while now it is almost 6% higher than the corresponding rent in 2009, that is, the last year before the start of the debt crisis in Greece. A similar pattern is observed in another popular area of ​​​​the center of Athens, Pagrati, where the average price reaches 8.7 euros/sq.m., or about 870 euros per 100 sq.m., also exceeding the 2009 figure by almost 14%. Compared to 2017, the increase in the average rent is 45%.

Sta northern suburbs, which are also popular among Greek households, there is not much difference in the picture. For example, the average order property 100 sq.m.cost approx. 800 – 1100 euros, depending on its quality characteristics and location. V Chalandrithe average price reaches 8.3 euros/sq.m., having increased by 38.3% from 2017 to the end of 2022.

Renting is the only way

37% of households in Greece live in a rented house.

As you understand this increase significantly reduced the purchasing power of many households., which is in any case lower than before the financial crisis due to declining incomes, rising taxation and the cost of living (e.g. buying basic necessities, etc.). It is estimated that 37% of households in Greece live in rented houses, especially in large urban centers. In fact, despite the recent government initiative with the My Home program, this percentage is unlikely to change as the majority of interested buyers are still unable to purchase a home due to both increased loan costs and strict lending criteria. and also because of her significant increase in home pricesas in many parts of Attica, the rise exceeds 100% compared to 2017.

This means that renting is the only option for the vast majority of new homeless households. Thus, the new demand for rental apartments remains at a high level, while the fund of rental real estate is not replenished at the same rate. This imbalance causes prices to rise and maintain at this level.

They’re leaving the short-term lease

The specification update also resulted in higher asking rental prices.

Another factor that pushed rental prices up is the diversification of the properties offered for rent. Since the start of the pandemic, the owners of several apartments have decided to move away from short-term rentals, preferring to use their properties through long-term contracts. This trend was more observed in areas of the wider centeri.e. not in areas close to popular tourist attractions. Areas such as Vineyards, Kallithea, Nea Smyrni, Sepolia, Cell, Kato Patisia. The related phenomenon was even more intense elsewhere, such as psychic And northern suburbswhere owners even before the pandemic began to realize that short-term rentals were not the most suitable option, since demand and occupancy were noticeably lower, as were prices per day.

As such, several fully refurbished, equipped and often furnished properties have begun to return to the long-term rental market since 2020. This upgrade to housing specifications has also resulted in higher asking rental prices, even compared to 15-20% in relation to other properties, with lower quality characteristics.

Greece has the highest cost of housing relative to income.

One way or another, according to Eurostat, those who rent property in Greece are required to spend approximately 75-80% of their disposable income on living needs (rent, electricity, heating and utilities). Thus, according to a related analysis by Dianeosis, Greece currently has the highest cost of housing in relation to income.

This is due both to rising rents and to the fact that Greeks lost more than 40% of their disposable income between 2009 and 2014, according to Dianeosis. To date, only a small percentage of these losses have been recovered, especially given the recent losses from inflation and the precision wave, especially in the food market. “At the same time, the number of tourists to cities and islands has increased. Landlords have found new uses for their property, such as short-term rentals, which in turn have affected prices and rents,” Dianeosis reports.