Amounts ranging between 830 and 920 euros/month on average are currently required for tenancy of an apartment of 100 sq.m. in the center of Athens and the northern suburbs, which are two of the most popular areas of the Attica basin.
According to the latest annual rental survey, published by the real estate network of RE/MAX Hellas, the average rental price in the center now amounts to 8.3 euros/sq.m. and in the northern suburbs at 9.2 euros/sq.m. The cheapest areas are located in the western suburbs with 6.4 euros/sq.m., while in Piraeus the average price does not exceed 7 euros/sq.m.
As mentioned in the survey, overall in the wider area of Attica it appears that during the last 12 months rental prices have increase by 5.3% to 7.9 euros/sq.m., while in Thessaloniki the increase reaches 6.2% (to 6.9 euros/sq.m.) and in the region 4.6% (to 6 .8 euros/sq.m.). It is worth emphasizing that the figures refer to actual transactions made through the company’s network of 81 offices and do not refer to requested ad prices.
Based on RE/MAX’s analysis, overall in the country rents increased by 5.9% during the last year, “confirming the initial estimates, that during the current year the real estate market will continue to move upwards in all flat”. As the company states, “the upward trend in rents is clearly linked to the limited supply of newly built rental properties, the increase in investment flows, the rise of short-term leasing for another year and the lack of quality options in second-hand properties. To all the above factors, if we add the difficulty of issuing housing loans with favorable terms, then it is absolutely justified that the resulting demand far exceeds the existing supply”.
The properties with the highest demand (based on tenant preferences) are aged 16-20 yearswhile in the region there is a clear preference for houses of smaller surface area.
The average rent in Attica is 7.9 euros/sq.m. and in Thessaloniki at 6.9 euros.
In any case, rent prices vary depending on the area, but also the quality characteristics of each property, with the most important factors being whether a residence is renovated or not, whether it has an elevator, natural gas heating, access to public transportation, etc. .
In particular, in Attica in most areas properties from 51 sq.m. were preferred. up to 75 sq.m. and between 16 and 20 years old, while in the northern suburbs, larger properties were selected, with an area of 101 sq.m. up to 150 sq.m. and to the south from 76 sq.m. up to 100 sq.m. In the center of Athens, in first demand are older properties aged 20 years or more, with an area ranging from 51 sq.m. up to 75 sq.m. In western Attica and Piraeus, the demand concerns apartments aged between 16 and 20 years, from 51 sq.m. up to 75 sq.m., i.e. the same as in the center of Athens.
Regarding the quality characteristics of the properties, the main element that “counts” for the tenants is that the property has been renovated and has an elevator, since it is an apartment building. Also, 88% of renters chose a home that has natural gas heating, at least one parking space and is close to stations or public transportation stops.
In Thessaloniki, the preferences of tenants are similar to those of Attica, as again properties with a surface area of 51 sq.m. are preferred. up to 75 sq.m. and between the ages of 16 and 20.
The differentiation observed in the choices of real estate in western compared to eastern Thessaloniki is noteworthy.
In western Thessaloniki, tenants are oriented towards properties between 16 and 20 years old and with an area of 51 sq.m to 75 sq.m. On the contrary, on the east side, first in preferences are larger residences with an area of 101 sq.m. up to 150 sq.m.
