Rents jump 12% in a year
Rate of growth in Thessaloniki has been even steeper, amounting to 15% on average
Rental rates have increased by 12% across Greece in the last 12 months, which is more than twice the 5% growth rate in the previous 12 months (October 2021 – October 2020) according to the latest annual survey of the network of 79 RE/MAX Hellas estate agencies, recording leases conducted through its branches.
In Attica, rates amount to 7.6 euros per square meter per month on average, registering an annual increase of 8.6%. In the city of Thessaloniki the average price now reaches €6.5/sq.m. on a monthly basis, having increased by 15.1%, while in the regional unit of Thessaloniki the rise comes to 12.3%.
In the 2021 survey the average price in the districts of Athens city center was €7/sq.m. against €7.8/sq.m. this year, an increase of 11.4%. Correspondingly, in the southern suburbs the average monthly rental price this year stands at €8.7/sq.m., an increase of 13%, while in the northern suburbs the average price reaches €8.6/sq.m., a 4.8% rise compared to last year’s survey. In Piraeus and Western Attica there were increases of 5.7% and 11.7%, respectively.
The highest rental rate in Attica is in Kolonaki with €12/sq.m., followed by Filothei with €11.3/sq.m., Alimos and Glyfada with €11/sq.m. and Psychiko with €10/sq.m.
Among the districts of Athens, the rise of Zografou to a level higher than Koukaki, at €9/sq.m. against €8.2/sq.m., is particularly impressive, testament to this year’s soaring demand from students. According to market executives, the pandemic has resulted in this academic year effectively accumulating three years of student demand for housing.
According to RE/MAX, in the center of Athens, 51-80 sq.m. apartments aged 20-25 years old are the most sought, with the average monthly rent amounting to €510. This category also includes residences intended for students. In Western Attica, demand is focused on apartments aged 15-20 years, with an area of 51-80 sq.m., and the average rent being much lower, at €400. In Piraeus and neighboring areas, the average rent amounts to €440.
