Residential rents in large Greek cities are soaring to new highs
The upward rally in rents, as well as the positive effects on demand, are also due to the needs emerged due to the health crisis.
The lack of new housing in recent years, the reduced supply of quality properties available for long-term leases, the return to growth and to pre covid lifestyle after a two-year period of travel restrictions and remote work and education due to the coronavirus pandemic, but also the rapid growth of of short-term leases, are the main causes of the increase in house rental prices both in the large urban centers of Attica and Thessaloniki as well as in the region.
According to nationwide data from RE/MAX Greece, the largest real estate network in the country with 79 offices and almost 1,000 real estate consultants, the increase in rental prices in the large urban centers of Attica and Thessaloniki as well as in the region is on average at 12%. In particular, rents in Attica increased by 8.6%, in Thessaloniki by 15.1% and in the region by 12.3%.
The upward rally in rents, as well as the positive effects on demand, are also due to the needs emerged due to the health crisis, a trend that continues todate and leads to the selection of properties with different characteristics compared to the past.
At the same time, the implementation of the housing guarantee program for young and vulnerable groups, which is expected to start "running" from 2023, is expected to significantly affect the Real Estate market both in terms of purchase and rental prices, especially in areas with a large stock of old properties.
The imminent doubling of the investment limit for obtaining a Golden Visa as announced by the Prime Minister at the TIF, which if will be adopted from the new year, will increase the amount to 500,000 euros from 250,000 euros and is expected to have a significant impact on the real estate market.
In the center of Athens, apartments aged 20-25 years old, with an area of 51-80 sq.m., are in first demand. with the average rent amounting to 510 euros. This category also includes residences intended for students.
In Western Attica, the demand is directed towards apartments aged 15-20 years, with an area of 51-80 sq.m. with the average rent being much lower at 400 euros.
In Piraeus and its neighboring areas, the average rent amounts to 440 euros with demand focusing on properties aged 15-20 years and with an area of 51 to 80 square meters.
In the Northern and Southern suburbs, the average rent prices are almost twice as high as in the rest of Attica, at 870 euros, while properties with a larger surface area of 81 to 120 sq.m. are in demand. with maisonettes remaining at the top of preferences.
In the first place among the characteristics that determine the choices of interested tenants in all the regions of Attica, is the good condition of a property, i.e. if it is renovated and has new frames (86% & 79% respectively), while a decisive role in the decision to rent they also play if the property has a parking space (64%) and if it is close to Public Transport stops (50%).
The sign of rents in all the regions of Attica was positive. In the center of Athens, in the northern and southern suburbs, an increase of 11.4%, 4.9% and 12.5% was recorded respectively, while in Piraeus and Western Attica there was an increase of 5.7% and 11.7% respectively .