Rents: New increases – How much Greeks pay for real estate [γραφήματα] –

Property rents across the territory are set to increase significantly by 5.6% in 2024 compared to 2023, which reflects the overall trend the property market has continued to exhibit in recent years. This increase is mainly due to increased demand and limited supply as a large number of property owners have turned to short-term rentals.

The rent increases are recorded through integrated transactions carried out by the country’s largest real estate network, RE/MAX Greece, with Attica holding the reins of the largest increases, while equally important are the changes in prices both in the prefecture of Thessaloniki and in the tourist destinations but also in the other regions of the Territory.

According to RE/MAX Greece, which has 85 offices throughout the country with more than 1,100 real estate consultants, from the completed transactions recorded so far in its network, it is observed that residential rents in Attica increased by 7.6% within a year, while in Thessaloniki there was a 4.3% increase in rents and in the region an increase of 4.4%.

Rents in Athens and Thessaloniki

In the Municipality of Athens the average rent is 8.80 euros per sq.m., in the Northern Suburbs of Attica at 9.6 euros per sq.m., in the Southern Suburbs 10.10 euros per sq.m., in the West Suburbs 6.80 euros per sq.m., in the Municipality of Piraeus and neighboring areas at 7.20 euros per sq.m. and in the rest of Attica at 8.4 euros per square meter. In the entire prefecture of Attica, the average price is 8.5 euros per square meter.

As far as the Municipality of Thessaloniki is concerned, the average rents are 9.20 euros per square meter. In the North of the prefecture of Thessaloniki, prices are at lower levels at 7.10 euros per sq.m., while rental prices are even lower in the West, with the average price being, according to RE/MAX Greece, at 5.70 euros per square meter.

Prices are slightly higher in the East of the prefecture, where the average rental price for a house is 6.90 euros per square meter. As for the average price of the entire prefecture of Thessaloniki, it is 7.20 euros per square meter. In the rest of the Greek territory, the average rental price is 7.10 euros per square meter.

The rents in the entire territory

On the other hand, throughout the territory, according to the research of RE/MAX Greece, tenants show a preference for properties that are 20 years old or older. In particular, in Attica, most tenants choose properties with an area of ​​76 to 150 square meters, while in Thessaloniki the preference mainly concerns properties up to 75 square meters. In the rest of Greece, tenants show a preference mainly for smaller properties, up to 50 square meters.

Also, from the data of the 85 real estate offices of RE/MAX Greece, it appears that rent prices are significantly affected by quality factors, such as the proximity of the property to public transport, the existence of an elevator, the renovation it has undergone and others benefits. These factors play a key role in shaping prices, as tenants are willing to pay higher rents for properties that offer more amenities and better access to services.

Attica

In Attica, in 2024, renters shifted to larger properties with 57 out of 100 renters showing a preference for properties from 76 to 150 square meters.

Specifically, in the Western and Northern suburbs, as well as in Piraeus, properties from 76 sq.m and above were selected. In the Southern suburbs, with Glyfada as the dominant area, tenants preferred properties over 150 square meters.

In terms of age, in the center, in all the suburbs of Athens and in Piraeus, 75% of the properties that were rented were 20 years old or older, while only 3 out of 100 tenants chose newly built properties under 5 years old.

As far as the quality characteristics that tenants in Attica are looking for, the most basic selection criterion is that the properties are unfurnished and must have an elevator. Also, 88 out of 100 tenants chose to be close to public transportation, while for 50% of tenants new windows and type of heating are not required.

Thessaloniki

In Thessaloniki, regarding the surface area of ​​the properties, the preferences of the tenants differ compared to those in Attica. 65 of the 100 tenants rented smaller properties up to 75 square meters. More specifically, in the city center, the properties that were leased were up to 50 sq.m. and in West Thessaloniki they reached 100 square meters. On the east side, for the most part, larger properties from 101 to 150 square meters were preferred.

Similarly to Attica, almost 90% of renters preferred properties 20 years or older in all areas of the city. Rentals of newly built properties up to 5 years were noted on the Eastern side of the city and mainly in the areas: Ag. Ioannis, Thermi and Pylaia.

Regarding the quality characteristics of the real estate in Thessaloniki, all the tenants set as basic criteria the renovation of the property, the existence of an elevator, as well as the fact that the property is not furnished. 75% of tenants expressed a desire for homes that offer natural gas heating, new aluminum windows and available parking. These preferences are related to the need for lower heating costs as well as comfort in everyday life. In addition, it was observed that for half, the proximity of the property to public transport is not a necessary condition.

Periphery

In the region, tenants show particular interest in studios up to 50 sq.m., with 46% of them preferring this type of property. The demand for small apartments is particularly strong in areas such as Volos, Rethymnon, Larissa, Heraklion and Karditsa. At the same time, properties with an area of ​​51 to 75 sq.m. they are chosen mainly in areas such as Kavala, Drama, Serres and Alexandroupoli. The variation in demand depending on the area highlights local specificities and the different priorities of tenants in the region.

Residential tenants in the region, similarly as in Thessaloniki and Attica, show their preference for properties that are 20 years old or older. Specifically, the percentage of tenants choosing such properties is 58%, indicating a steady trend towards older properties.

Regarding the quality characteristics of the properties, for 84 out of 100 tenants the main criterion is to have an elevator and for more than 70 out of 100 it is renovated with new aluminum frames. In contrast, features such as the type of heating are not of much concern to renters, as they seem to be more focused on other amenities and upgrades.

Source: ot.gr