Athens rents rise by up to 5pct; home owners prefer to sit out recession

The price of renting an apartment in Athens has remained largely steady in recent months, and in some cases risen by up to five percent, despite the severe recession caused by the pandemic.

Industry officials tell that demand for houses with to two bedrooms remains strong as more people look for a home with an extra bedroom that can also act as an office amidst the broader push in the economy for remote working.

The most preferred apartments are in buildings up to 15-years-old that cover 70 to 110 square meters. Prices hikes have been recorded mostly in areas well serviced by public transport, officials say.

Low supply levels have prevented the price of rents from falling as many property owners prefer to sit out the recession and avoid committing their asset for three years through a regular lease. This way, officials add, they will be in a position to their homes back on the market for short term rental when the tourism sector picks-up again.