The cost of renting an apartment in Athens continues to race ahead with demand shifting to the port area of Piraeus, an area which has seen a recent resurgence.
Data released from house classifieds site Spitogatos.gr shows that rent prices in the last quarter of 2022 rose by double digit rates in many parts of Athens.
In the heart of the city, around the Acropolis and the historic Plaka area, rents rose by a more modest 2.5 percent (y/y) but shot up by 11.9% in Piraeus, the seaside suburb which also accommodates the country’s largest port.
How much does it cost to rent an apartment in Athens?
Data shows that in central Athens it costs 9.04 euros per sq/m to rent an apartment, while in southern Athens the price jumps to 10.86 euros per sq/m. In the northern suburbs, rent costs 10 euros per sq/m with prices in the western suburbs being cheapest at 7.37 euros per sq/m.
Piraeus transport improves
The expansion of the Αthens Metro to Piraeus offers faster access to the area, helping ease severe traffic congestion in the district. The construction of new office complexes in Piraeus, which involves the repurposing of old industrial factories, has also drawn a large number of people who want to live near their work. The cost of renting a house in the broader area also shot up by 11%, data shows.
Accommodation costs have risen sharply in Greece due to a construction freeze prompted by the country’s 10 year economic crisis.
Since the economy started recovering in 2018, building activity was on the up but rising interest rates, record high inflation and increased uncertainty from Russia’s invasion of Ukraine have once again pulled the brake on building activity.
How to find an apartments for rent in Athens?
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The other option of course is to use a real estate agent who normally charge a fee equivalent to one month’s rent in order to help renters find a property.
Tips on renting a house in Greece
Like any decision, doing the right research is necessary to best avoid making any mistakes. Experts recommend checking the state of the building and the neighbourhood before committing to any agreements. They also point out that the enormous demand for apartments has shifted the onus onto tenants in showing that they will pay the rent on time and avoid causing any damages to the property.
“Properties in demand are snapped up quickly, so you should be prepared to do what is necessary to stand out. Come prepared to point out your strengths, e.g. job, profession, income, references,” says Homi.com.gr on its site.
“Give a good reason initially to the agent and then to the owner to choose you as a tenant. You can print out your resume, proof of a job offer, and how much income you will be earning while in Athens. Alternatively, you might provide a bank statement to prove the savings you have to cover your stay,” it adds.
The site has also provided a checklist on what tenants need to be aware of when it comes to the contract terms.
A lease contract must include the details of the two parties and the property to be leased.
The landlord will typically require your passport, and you should ask for the same (passport/ID card). The minimum duration of a lease contract in Greece for a primary residence is three years, even if the contract stipulates a shorter period.
The rights and obligations of the landlord and the tenant are also freely negotiable.
Rent amount: The determination of the rent and the payment method should be included in the contract. Watch out for any terms related to the landlord's right to increase the rent annually.
Deposit or bond: Generally, the deposit is equivalent to one or two months' rent, depending on whether the property is furnished. Most contracts state that the bond will be returned at the end of the lease, so long as no damage was caused to the property, and all outstanding bills have been paid.
Shared expenses: These expenses are associated with the common areas of the building, such as electricity, central heating, elevator maintenance, cleaning etc. There may also be expenses related to repairs, i.e. sewage pipes. They are typically charged in addition to rent; however, the landlord may charge a rental that includes the shared expenses.
If the landlord has not provided you with a dual language contract, you should ask someone who speaks Greek to assist you.
Helinika.com has also put together a video with useful information for those looking to rent a place in Greece.