Real estate market: new rental map [prices in Kefalonia and all of Greece]

Our country has seen cumulative rent increases from 2018 to 2022, ranging from 37.2% to 42.1% when it comes to housing suitable for families. Higher increases have been recorded mainly in smaller properties suitable for students. Specifically, according to recently released data, required rents for student or young adult housing increased by 53% in Athens and Patras, which recorded the second highest increase of 49.23% between 2017 and 2022, as well as an additional weighted average increase this year of 8% to 12%.

According to E-Real Estates' Panhellenic Network survey, affordable rental properties (80-110 sqm, above 1st floor) with rents up to €600 account for 17.41% (19.96% in 2022) of''total affordable rental housing in Athens, only 1.15% (0.71% in 2022) in the northern suburbs, 1.43% (4.03% in 2022) in the southern suburbs, 23.3% (35.58% in 2022) in the western suburbs, 17% (27.20% in 2022) in the rest of Attica, and 15% (35.46% in 2022) in Piraeus.

It should be noted that in general, in all areas of N. Attica, the availability of rental properties is very low compared to previous years. As indicated by the chairman of the Panhellenic network of E-Real Estates, Temistoklis Bakas, most of the properties available for rent from 80 sqm to 110 sqm above the 1st floor are offered with rents above 800 euros per month. A typical example is the northern suburbs, where 95.8% (93.11% in 2022') of available rental properties have rents above €800 per month, while in the southern suburbs 80.4% (81.44% in 2022''year). In the center of Athens it is 66.37% (65.66% in 2022) and in Piraeus it is 60.07% (47.46% in 2022).

Market data shows that the cost of renting a home suitable for a family is almost the same as monthly income.

The cost of renting apartments up to 50 square meters above the 1st floor is more than 400 euros in the center districts, where 80% of available rental units have rents above 500 euros per month. Mathematically, the cost of housing takes up 60-70% of the average monthly income, when, according to Eurostat, eligible housing costs are considered to be costs not exceeding 30%.

The number of available apartments for rent in the regions of the Athens Region is currently very low compared to''previous years. As the chairman of the Panhellenic E-Real Estates Network, Temistoklis Bakas, points out, one solution may be the return of closed properties to the market. According to data originally released by the Minister of the Presidency Akis Skertso, 750,000 properties are declared as empty/closed in AADA, and according to the latest data from the tax authorities, closed and non-electrified properties could be as high as 900,000 (15% of the total), of which 770,000 properties are in Attica. It is worth noting that we cannot know whether empty residential properties are originally rentable or whether they are old properties that require significant renovation works to become functional again. However, experts estimate that even if 10-15%''of them will be available for rent or sale, prices will change in favor of tenants.