Rents in some areas return to precrisis levels

Rents in some areas return to pre-crisis levels

Long term rents in areas popular with tourists have bounced back to precrisis levels, says Eurobank Property Sevices.

In it annual 2018 report, Eurobank Property Services says that due to demand for homes being offered on short term platform, property owners that opt to lease their homes on a long term lease have been able to demand higher rents. These rents have risen to levels not seen since 2006, it adds.

"In some areas the effect was so prevalent during 2018 that availability of smaller apartments for long-term leases was genuinely limited. At the same time, asking rents in those areas for a large share of properties that remained available for a long-term lease were fast approaching mid-2006 to mid-2008 levels, while for apartments smaller than 50 square meters, asking rents often reached and in some cases even exceeded those figures by the end of the year," says Eurobank Property Services.

Figures show that housing prices plummeted by 42 percent during Greece's 10 year economic downturn but there is no data available tracking rent prices.

A study prepared by Grant Thornton recently showed that the price of renting a home in central Athens jumped 9.3 percent last year amidst strong demand for short term accomodation for tourists.

Indicative of the shift to short term rentals by property owners is the area of Koukaki, an area in central Athens that is right next to the Acropolis.

A case study prepared Delfi Real Estate shows that there are 76 properties in Koukaki available for rent on, one of Greece's most popular sites for classifieds. This is in contrast to 660 apartments available on the Airbnb platform in the area.

Rental prices have picked up in Koukaki by 52 percent since 2017 with the norm being 10 euros per square meter for an unfurnished apartment, adds Delfi Real Estate.

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