PROPERTY

Gap narrows in rental options

gap-narrows-in-rental-options

Residential rental rates in Attica continue to head higher, with no signs of slowing, while the distance between the most and least expensive areas in the capital has shrunk considerably, according to the latest data from the Spitogatos Property Index. This limits the options for those seeking more affordable solutions.

For example, the biggest hikes over the third quarter of the year were recorded in the suburbs of Piraeus (up 14.7% year-on-year to 6.9 euros per square meter) and in East Attica (11.3% to €7.2/sq.m.).

The western suburbs saw 7.3% growth as their average asking rate is now at €7/sq.m., while some two or three years ago it stood at just €4.5/sq.m. Therefore the rate in the typically more expensive northern suburbs, rising 10% to €9.5/sq.m. from €8.6/sq.m., is not far off.

In the center of Athens rental rates remained unchanged over the last 12 months, averaging at €9/sq.m., illustrating that the market has found its balance even if that remains at a very high level compared to the years before the financial crisis of the 2010s.

As for the southern suburbs, they remain the most pricey, at €10.2/sq.m., up 2.1% from 2020.