In a survey carried out by “ET” of Sunday monitoring 200 ads for apartments available for rent, 90 remained active for almost the entire period under review (January 2024 – March 2024) and the price changes were impressive. Within Attica, not a single region showed a price decrease, 43 or 70% of the properties kept their prices stable and the remaining 30%, i.e. 27 properties, had corrections with an increase in prices. Out of a total of 20 areas we examined, 15 saw even a marginal increase in average price, while 5 remained stable.
Confirmation
Initially, one might think that if a listing remains active and the property is available, then there would probably be no demand and the price would logically drop. However, the result of the research confirmed the estimates of market professionals, that the situation is very different. There is more demand than supply and prices not only did not fall, but instead pulled up even if the properties remained “closed”. Case in point, three ads with apartments of 80-100 sq.m., all 3rd floor in St. Petersburg, active since January, have been revised to the most expensive two or three times. The average price started at 820 euros and in less than 70 days it had risen by almost 9.8% reaching 900 euros.
An interesting example, the evolution of advertisements in Aegaleo. Out of the 6 ads that remained active throughout the period under review, 5 remained stable, but one, which started at 600 euros (80 sq.m. 2nd floor apartment), rose to 630 euros in the first two weeks, while in March it was repriced again, this time at 650 euros. The 50 euro rise in 12 weeks is 4.2 euro per week or +8.33% in total. Even in Anthoupoli, where average prices seem to have remained stable from January to the first 20 days of March, there were changes. Although we started January with nine ads, by March only three of them remained active. The 6 most expensive were closed and the average price remained stable, because the asking rents increased in the remaining three.
Calculations
Since the end of 2017, the rise in rents as well as sales prices has been continuous. In the areas of Attica, with the highest demand for rent, brokers estimate a 24.39% increase from 2022 to 2024, while in the last year they measure a 7.78% increase. Nationwide, the increase in asking rental prices from 2018 to 2023 ranged from 43.2% to 52.1% for properties sought by families. For the first quarter of 2024 there are no official figures yet, but the rise in prices is evident in the advertisements.
Our research started with 200 ads. The sample is too small to draw conclusions about market performance, as the smaller a sample the more it is affected by extreme swings. Example in Glyfada, the eight ads that remained active for the entire period had a total price increase of 7.59%. This by no means means that prices across the region climbed that much in the first quarter. Market professionals estimate that in Glyfada there is an increase of about 1.4% so far and that close to 9% will be the year-on-year change. Nevertheless, useful conclusions can be drawn.
Conclusions
First, that there was not even a hint of a price drop, in any area and in any of the ads we looked at. Then, that even if the sample is small, the average price increase at 2.5% seems to confirm estimates of a year-on-year increase of close to 9-11%. Finally, that the expectations of the owners for the prices they can achieve easily change the prices of the ads, but in no case do they reflect the prices that will finally be written in the rental contracts.
The “oddities” of advertisements
Although the majority of listings and asking prices follow market trends, this is not always the case. Especially when there is no broker involved. Out of the blue, an ad for an apartment in Kaminia, which we had spotted since December, with an asking rent of 800 euros. In January we had listed it with an asking rent of 850 euros, in February it dropped to 820, but in March the rent climbed to 900 euros. Variation that does not follow price trends in the area and we use it as an example for those interested in renting. The prices in the advertisements are indicative of the desire and assessment of the market situation, by each owner. They may change given time or after negotiation. One of the main conclusions of the research is that although choosing a property requires patience and searching, the mediation of an experienced and trusted broker can help. Good knowledge of the market can make finding the right property faster, while avoiding “strange” demands for unreasonable rents.
STUDY: NATIONAL E-REAL ESTATES NETWORK
From 2022 the leases have shot up by 24.39%
From year to year rents seem to be rising steadily. Another survey, which examines the rise in prices over a three-year period, comes from the Pan-Hellenic E-Real Estates Network. Here the 16 regions of Attica with the greatest demand are examined and according to the data obtained from the available real estate ads, the price increase reaches 7.78% from 2023 and 24.39% from 2022. Specifically, the average requested rental price this year is €12.19/sq.m. (€11.3/sq.m. in 2023, €9.8/sq.m. in 2022) for an apartment of 80 sq.m.-110 sq.m. above the 1st floor, built after 2000. The average minimum asking rental price in Athens this year is €9.94/sq.m. (€9.09/sq.m. in 2023, €8.15/sq.m. in 2022) and the average maximum at €14.4/sq.m. (€13.1/sq.m. in 2023, €11.4/sq.m. in 2022), i.e., a family should only pay for the rent from €994/month up to €1,440/month if it is a residence of 100 sq.m.
“Champions”
In the areas of the center of Athens such as in Ampelokipi, the monthly rental costs range from €10.3/sq.m. (in 2023, from €9.09/sq.m. to €13.1/sq.m.) to €13/sq.m., in Pagrati from €11.2/sq.m. (in 2023, from €10.3/sq.m. to €13.7/sq.m.) to €15/sq.m. and in New World from €9/sq.m. (in 2023, from €9/sq.m. to €11.8/sq.m.) to €11.6/sq.m.
In the western suburbs the average cost of renting a house of 100 sq.m. above the 1st floor, built after 2000, ranges from €870/month (€770/month in 2023, €730/month in 2022) and €900/month (€800/month in 2023, €750/month in 2022 ) respectively.
In the south, the rental cost is mainly shaped according to the distance from the sea and the view. Ano Glyfada has a different rental cost and Kato Glyfada in the center and/or near the golf course, the rental cost in Voula is shaped accordingly. The average rental cost in Glyfada is €17.3/sq.m. (15.5€/sq.m. in 2023), while in Voula at 19.9€/sq.m. (€17.35/sq.m. in 2023). In Nea Smyrni the average cost of renting a 100 sq.m. apartment, above the 1st floor, built after 2000, reaches €1,065/month (€975/month in 2023), in Paleo Faliro €1,235/month (1,150 €/month in 2023) and in Kallithea 1,130/month (€1,075/month in 2023).
In the north, the rental cost ranges from €10/sq.m. (in 2023, from €9.4/sq.m. to €13.04/sq.m.) to €14.1/sq.m., in Cholargos from €11.8/sq.m. (in 2023 from €9/sq.m. to €14/sq.m.) to €13.8/sq.m., in Chalandri from €10/sq.m. (in 2023 from €9.5/sq.m. to €13.6/sq.m.) to €14.5/sq.m. and in Kifissia from €11.3/sq.m. (in 2023 from €11.3/sq.m. to €17.1/sq.m.) to €17.9/sq.m.
According to the president of the Hellenic E-Real Estates Network Mr. Themistocles Bacaif we do not count the rapid increase in the requested rental prices recorded in Ampelokipis and Voula due to low availability in the last two years, then the average increase in the last two years is 19.17%.
He points out that a large number of “new” old properties have been bought by foreign investors with the aim of either obtaining a “Golden Visa” or as an investment, with the ultimate goal of exploitation through long-term leases, as the continuous rise in rents creates conditions for significant profit.
RENT PRICE VARIATIONS IN 20 REGIONS
(80 to 100 sq.m. apartments above the 1st floor, in Attica)*
| AREAS | AVERAGE PRICE JANUARY 2024 | AVERAGE PRICE MARCH 2024 | CHANGE (%) |
| Egaleo | 660 | 667 | 1,06 |
| Vineyards | 883 | 890 | 0,79 |
| Anthoupoli | 650 | 650 | 0 |
| Pagrati | 1.170 | 1.215 | 3,85 |
| Cell | 700 | 712 | 1,71 |
| Glyfada | 1.580 | 1.700 | 7,59 |
| Ano Glyfada | 1.300 | 1.356 | 4,31 |
| Bullet | 1.600 | 1.616 | 1 |
| Palaio Faliro | 1.100 | 1.100 | 0 |
| Nea Smyrni | 817 | 833 | 1,96 |
| Kalithea | 850 | 873 | 2,71 |
| New world | 1.032 | 1.066 | 3,29 |
| Dove | 760 | 781 | 2,76 |
| Petersburg | 820 | 900 | 9,76 |
| Saints Anargyri | 650 | 650 | 0 |
| Maroussi | 1,278 | 1.311 | 2,42 |
| Holargos | 950 | 950 | 0 |
| Cuckoo | 1.283 | 1.307 | 1,87 |
| Fireplaces | 900 | 900 | 0 |
| Wellhead | 1.133 | 1.160 | 2,38 |
| Average change | 2,5% | ||
*Search rental ads that remained active in the period Jan. 2024-March 2024.
DEVELOPMENT OF PROPERTY PRICES IN 16 REGIONS OF ATTICA
| ATTICA | AVERAGE ASKING PRICE 2022 | AVERAGE ASKING PRICE 2023 | AVERAGE ASKING PRICE 2024 |
| Vineyards | 7,85 | 11,09 | 11,65 |
| Pagrati | 10,4 | 12 | 13,1 |
| Cell | 7,55 | 8,75 | 8,885 |
| Glyfada | 13 | 15,5 | 17,3 |
| Bullet | 11,5 | 17,35 | 19,9 |
| Palaio Faliro | 10,95 | 11,5 | 12,35 |
| Nea Smyrni | 9,45 | 9,75 | 10,65 |
| Kalithea | 8,5 | 10,75 | 11,3 |
| New world | 7,9 | 10,4 | 10,3 |
| Dove | 7,3 | 7,7 | 8,7 |
| Petersburg | 7,5 | 8 | 9 |
| Kifissia | 11 | 14,2 | 14,6 |
| Maroussi | 10,4 | 11,22 | 12,05 |
| Holargos | 12 | 11,5 | 12,8 |
| Chalandri | 11,8 | 11,55 | 12,25 |
| Piraeus | 9,8 | 9,7 | 10,25 |
| Average asking price | 9,80 | 11,31 | 12,19 |
Source/Edit: Real Estate Ads Websites / E-Real Estates Nationwide Network.
PRICE COMPARISON 2022-2024 IN 16 REGIONS OF ATTICA
| ATTICA | AVERAGE CHANGE
ON THE % 2022-2024 |
AVERAGE CHANGE IN %
2023-2024 |
| Vineyards | +48,41% | +5,05% |
| Pagrati | +25,96% | +9,17% |
| Cell | +17,68% | +1,54% |
| Glyfada | +33,08% | +11,61% |
| Bullet | +73,04% | +14,70% |
| Palaio Faliro | +12,79% | +7,39% |
| Nea Smyrni | +12,70% | +9,23% |
| Kalithea | +32,94% | +5,12% |
| New world | +30,38% | -0,96% |
| Dove | +19,18% | +12,99% |
| Petersburg | +20,00% | +12,50% |
| Kifissia | +32,73% | +2,82% |
| Maroussi | +15,87% | +7,40% |
| Holargos | +6,67% | +11,30% |
| Chalandri | +3,81% | +6,06% |
| Piraeus | +4,59% | +5,67% |
| Average asking price | +24,39% | +7,78% |
Source/Edit: Real Estate Ads Websites / E-Real Estates Nationwide Network.
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