In the wake of the pandemic, rental prices in Greece are witnessing a consistent climb, with projections indicating continued increases, though not as sharply as in some other European nations.
The priciest rental locations in Greece are found in the southern coastal and greener northern areas of greater Athens, central Athens, Piraeus port, and the ever-popular Cycladic islands.
Additionally, rental costs remain high in Halkidiki, a resort area near Thessaloniki in northern Greece, where short-term rental demand is driving prices up.
Within the Athens-Piraeus region, this quarter saw Piraeus experiencing the highest rental price hikes, increasing by 9.7%, followed closely by the eastern suburbs of Athens with a 9.6% climb. However, these increases have moderated compared to previous double-digit surges.
The upscale southern coastal district of Athens saw rent increases of 8.6%, with average prices at 12.8 euros per square meter. The northern suburbs experienced a smaller rise of 4.9%, bringing rents to 11.3 euros per square meter.
Central Athens rents now average 10.71 euros per square meter, marking a 7.1% increase from the previous year.
In Vouliagmeni, an affluent seaside district southeast of Athens, rental prices peak at 20 euros per square meter, with Kolonaki in central Athens at 16.7 euros, and Glyfada in the ‘Athens Riviera’ at 16.5 euros.
On the other hand, the most cost-effective area in the Attica region is the working-class neighborhood of Perama, situated west of Piraeus port and surrounded by industrial zones, where average rental prices are 6.7 euros per square meter. An 80-square-meter apartment here costs approximately 536 euros monthly.
Despite these rising costs, Eurostat data reveals that Greek rental prices remain significantly below the peaks seen in 2010.
From the second quarter of 2024 comparing back to 2010, rents have risen in 26 EU countries, with the largest increases in Estonia (+203%), Lithuania (+178%), Ireland (+106%), and Hungary (+104%). Greece is unique in that it has experienced a decline in rental prices, dropping by 18% over the same period.