Rental rates rival London’s

Athens landlords demand double the prices they were asking before the financial crisis

Rental rates rival London’s

The Athens rental market is rife with speculative attempts by landlords, mainly of small apartments between 20 and 40 square meters: This is the property category with the highest demand today, due to its more affordable costs in theory, in comparison to larger assets.

Some owners, often with the help of estate agencies, get to raise rate to unimaginable heights. “We observe requested prices, even for semi-basements, corresponding to those that apply to penthouse apartments, while in other cases the average cost per square meter is close to London prices,” a real estate market executive states.

Many of these properties are furnished and equipped, as their owners had intended to utilize them through short-term leases. However, either due to location or previous conditions that did not favor tourism, especially in the city center, they have been forced to put them on the long-term lease market, but asking for a significantly higher amount. Similarly, some try to attract students from other cities so they can make the property available for the summer. In any case, asking prices are considered prohibitive for the average Greek household.

For example, a monthly rent of €1,000 euros is asked for a 10-year-old 37 sq.m. apartment at Ano Sourmena in Elliniko, southern Athens – i.e. €37 per sq.m. This is a fourth-floor studio, which has a storage room of 7 sq.m., while the price includes utilities.

In Maroussi (Nea Filothei area), the monthly rent demanded for a 37 sq.m. apartment built in 1975 and renovated in 2013 is €1,000 euros. This is a furnished property on the third floor, with the price per sq.m. at €37/sq.m.

In the center of Athens, near the Panathenaic Stadium, a renovated 1958 apartment of 40 sq.m. is offered for a rental rate of €850 – i.e. €21/sq.m.

Clearly more economical is a 1976 semi-basement of ​​43 sq.m. at Ambelokipi, renovated this year, at €400/month, which is equivalent to €9/sq.m. Before the decade-long financial crisis the rate was half of that.

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