Rental rates in Attica rose 7.6% in a year
House rentals in Thessaloniki are now more expensive than in the center of Athens, although in both cases the rate hikes have been significant the last year, with the capital seeing a mean rise of 7.6%, per the latest annual report of RE/MAX Greece.
The survey showed that the average rental price in the municipality of Thessaloniki is 9.2 euros per square meter, compared to €8.8/sq.m. in the center of Athens and €8.5/sq.m. in whole of Attica (compared to €7.2/sq.m. across the Thessaloniki area).
That constitutes another example of the distortions caused in various regions, but especially in the two major urban centers of the country, due to the great shortage of available apartments.
Based on the research, in the historical center of Thessaloniki, the average rate reaches €10.9/sq.m., in Nea Paralia €10/sq.m. and in the Upper Town, €9/sq.m., while Palia Paralia is more expensive at €14.8/sq.m. In Athens, rents average €9.4/sq.m. in Exarchia, €9/sq.m. in Koukaki, €6.5/sq.m. in Kypseli, €9/sq.m. in Ampelokipi and €14/sq.m. in Kolonaki.
Such is the property shortage that in districts such as Exarchia, or Zografou (also at €9.4/sq.m.), rents are now comparable to the areas of the northern and southern suburbs. For example, similar rental rates, i.e. €9.4/sq.m., are recorded in Halandri and Holargos (€9.3/sq.m.), while in Agia Paraskevi, the average rental price is even lower, not exceeding €8.5/sq.m. Of course, in these areas, the average surface of the available properties is larger and therefore overall the rent will be higher.
Overall, in the northern suburbs of Attica the average rent is €9.6/sq.m., in the southern suburbs €10.10/sq.m., in the west €6.8/sq.m., in Piraeus and neighboring areas €7.2/sq.m. and in the rest of Attica €8.4/sq.m.
In the country as a whole, according to the RE/MAX Greece analysis, during this year the average increase in rents is 5.6%, a sign that not all cities have followed the large increases observed in Attica and Thessaloniki. In Attica, the increase is 7.6%, while overall in Thessaloniki the corresponding percentage is 4.3%, mainly due to the lower demand in some areas of the city that are still affordable.
