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5.9% Overall Increase in Rents Across the Country

5.9% Overall Increase in Rents Across the Country

Renting a 100-square meter apartment in Athens, either in the city center or the northern suburbs, now averages between 830 and 920 euros per month. This reflects an increase of over 5% compared to 2022, as per the latest annual rental survey by RE/MAX Hellas, a real estate network.

The survey findings indicate that the current average rent per square meter is €8.30 in the city centre and €9.20 in the northern suburbs. The more affordable areas lie in the western suburbs, averaging at €6.40 per square meter, while Piraeus sees an average rent not exceeding €7 per square meter.

The research reveals an overall 5.3% increase in rental rates over the last year, amounting to €7.9 per square meter in the broader Attica region. In Thessaloniki, there’s been a 6.2% increase, reaching €6.9 per square meter, and a 4.6% rise in the rest of the country, reaching €6.8 per square meter. Notably, these rates represent actual transactions and not initial asking prices, as specified by the company’s network of 81 offices.

RE/MAX’s analysis notes a 5.9% overall increase in rents across the country in the last year, aligning with initial estimations of a continued upward trend in the real estate market for all types of apartments.

According to the company, this rise in rents is strongly influenced by limited availability of newly constructed rental properties, heightened investment inflows, sustained short-term leasing, and the scarcity of quality options in older properties. Additionally, challenges in securing housing loans with favourable terms contribute to a situation where demand significantly outstrips supply.

Properties aged between 16 and 20 years are in high demand, aligning with tenant preferences, while across the rest of Greece, there’s a distinct inclination towards smaller dwellings. Rental rates vary depending on the area and specific quality attributes of each property, especially in terms of renovation status.

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