Real estate: rent increase - dete.gr

Rental prices in the country, especially in Athens, are rising, with average asking prices for residential rentals increasing by up to 50%. The southern suburbs, Piraeus, and the western suburbs lead by a wide margin in housing costs. Outside of Athens, rental prices have also reached high levels in Halkidiki and in the center of Thessaloniki.

The average rent in Vouliagmeni is €18.1/sqm and in Glyfada it is €15/sqm. Rental prices have increased by 10.5% compared to 2022. In the center of Athens, rents are as high as €10/sqm. In Koukaki, rents range from 10 to 12 euros per square meter, in Exarchia from 9 to 10 euros per square meter.

The most expensive areas in the center are Kolonaki and Plaka, where current rental prices exceed 16 euros per square meter.

Homes are reaching record prices even if they are not fully renovated in terms of windows, kitchens, and bathrooms. High rental prices do not always mean profit for the owner. Some tenants may agree to even impossible prices, but they won't actually pay them.

Prices in other districts and cities:

• In the western suburbs, rental prices are leading, ranging from 5.3 euros/sq.m to 8.05 euros/sq.m.
• In Moschato and the center of Piraeus, prices are also high at 9.4 euros/sqm.
• In the center of Thessaloniki, rental prices have reached 8.5 euros per square meter.
• In Halkidiki, rental prices are even higher - 30 euros per square meter.

The President of the European Federation of Realtors, Kosmas Theodoridis, noted that housing and rental prices are rising, with levels close to the historical peak reached in 2007. However, the increase in housing prices significantly outpaces the growth of wages in recent years.

Investors purchasing real estate in Greece choose mainly Attica and the capital city area. Overall, it is estimated that 7% of all real estate in Greece is related to golden visas. Apartment prices in Attica have increased by 71% since 2017 and rents have increased by 56% over the last five years.