Rental Costs in Athens on the Rise: A Look at the Latest RE/MAX Hellas Survey

real estate Property market in Greece set to rebound after covid-19

According to the latest annual rental survey published by the real estate network of RE/MAX Hellas, renting a 100-square meter apartment in the city center and northern suburbs of Athens now averages between 830 and 920 euros per month. This represents a 5% increase in rental costs compared to 2022.

The survey revealed that the average rent in the city center now stands at €8.30 per square meter, while in the northern suburbs, it is €9.20 per square meter. The more affordable rental rates can be found in the western suburbs at €6.40 per square meter, with Piraeus averaging at no more than €7 per square meter.

The research indicates that over the last 12 months, rental rates have seen a 5.3% increase to reach €7.9 per square meter in the broader Attica area. In Thessaloniki, the increase is even more pronounced at 6.2%, bringing the rate to €6.9 per square meter, while the rest of the country has experienced a 4.6% rise, resulting in a rate of €6.8 per square meter. It is important to note that these rates are based on actual transactions completed through the company's network of 81 offices and do not represent asking rents.

RE/MAX's analysis indicates that overall rents in the country increased by 5.9% in the past year, reaffirming the initial predictions that the real estate market would continue to ascend for all types of apartments in the current year.

The surge in rental rates is closely tied to factors such as the limited availability of newly constructed rental properties, increased investment inflows, the ongoing popularity of short-term leasing, and the scarcity of high-quality options in older properties. When combined with the challenges of obtaining housing loans with favorable terms, the result is a significant demand-supply gap.

Preference-wise, properties aged 16-20 years are in highest demand, while in the rest of Greece, there is a clear preference for smaller dwellings. Rental rates vary depending on the specific area and the quality features of each property, including whether the residence has been renovated.

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