Cost of renting a house in Greece: prices rise 5 pct in 2021
The cost of renting a house in Greece rose 5 percent in 2021 with northern Greece’s Thessaloniki showing the highest jump amidst strong demand for older renovated properties, according to data released by RE/MAX.
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The figures show that the price of renting a house in the broader Athens area (Attica) advanced 6.2 percent, whereas in Thessaloniki it jumped 9.4 percent. In regional Greece, rents rose 1.4 percent.
“Despite the fact that the health crisis has greatly changed people’s lives, highlighting new needs that in turn led to the selection of properties with different characteristics compared to the past, so far there have been positive effects on demand and rental prices,” RE/MAX said in a statement.
“It appears that lockdown and teleworking strengthened the demand. This trend, combined with the limited supply of quality real estate for long-term lease, gave an additional boost to prices,” it adds.
The cost of renting a home in central Athens is 7 euros per sq/m, reaching 10 euros per sq/m in Kolonaki, 8.3 euros per sq/m in Zografou and 7.2 euros per sq/m in Exarcheia. In the northern suburbs, the average price is at 8.20 euros per sq/m, with the list topped by Paleo Psychiko (11.3 euros per sq/m) followed by Filothei (11.1 euros per sq/m).
In the southern suburbs, prices start at 6.4 euros per sq/m in Nea Smirni and reach as high as 9.6 euros per sq/m in Glyfada.
“In the center of Athens apartments aged 20 - 25 years, with an area of 51-80 sq.m. and average rent amounting to 450 euros, are in demand. In West Attica, demand is aimed at apartments of the same size and age as the center of Athens, with the average rent being much lower at 340 euros,” REMAX said.
The majority of those looking for a place to rent want it to have been renovated recently with new window and door frames. A parking space is high on the priority list as it close proximity to public transport.
In Thessaloniki, in the center and in areas close to universities, the most sought after homes are the studios and apartments covering 51-80 sq.m., regardless of the year of construction, with an average rental price of 450 euros, says RE/MAX.
Rental prices in the west and east of Thessaloniki vary. In western Thessaloniki, prospective tenants look for properties up to 15 years old from 51 to 80 square meters with an average rent of 280 euros, adds the brokerage. On the other hand on the eastern side of the city, the average rent is 550 euros as apartments requested in this area are larger, ranging from 81 to 120 square meters, and aged between 15-20 years.
Below is a breakdown of rent prices as provided by RE/MAX. The information can also be seen here.