BUSINESS

Athens among Europe's cheapest capitals for renting

SOTIRIS NIKAS

TAGS: Property

Athens is the sixth cheapest capital in Europe among 35 states in terms of house rental costs, as rates have declined so much in the years of the economic crisis that they have offset the increase in the number of households turning to rentals because they are unable to acquire their own house.

Data from the Global Property Guide put the average monthly rent in Athens at 984 euros for a 120-square meter apartment in perfect condition, i.e. recently renovated and in one of the city’s better locations. In most countries surveyed this is regarded as the city center but in Athens it mainly concerns its suburbs.

The only European capitals that boast cheaper rental rates than Athens for similar apartments are Skopje (565 euros), Sofia (566 euros), Nicosia (757 euros), Andorra (942 euros) and Chisinau in Moldova (965 euros). Other Balkan capitals such as Belgrade (994 euros) and Bucharest (1,193 euros) are more expensive than Athens.

According to estimates by local estate agents, rental rates in Greece have declined by about 40 percent since the outbreak of the crisis, and the annual pace of decline comes to around 5 percent.

London is by far the capital with the highest rate, at 8,213 euros for a 120-sq.m. apartment in perfect condition, with Paris a distant second at almost 4,000 euros.

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