EXPENSIVE RENTS ARE CHANGING THE… MAP OF ATHENS
Prices in the 16 areas with the greatest demand
Rents continue to rise, thousands of households cannot afford the increases and are looking for housing in new areas. The immediate result is that the map of the big cities is changing, with new districts developing and flourishing. According to Real Estate experts, in 16 areas of Athens with the greatest demand from families for renting a residence, the average asking rental price is €9.8/sq.m. 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 is €8.15/sq.m. and the average maximum at €11.4/sq.m., that is, a family should pay only for the rent from €815/month up to €1,140/month if it is a residence of 100 sq.m.
By region, in the western suburbs, Peristeri and Petroupoli, the average cost of renting a house of 100 sq.m. ranges from €730/month and €750 per month, respectively. In the center of Athens, as in Ampelokipi, the monthly rental costs range from €7.4/sq.m. up to 8.3€/sq.m. (in Pagrati from 9.2€/sq.m. to 11.6€/sq.m. and in Neos Kosmos from 7.2€/sq.m. to 8, 6€/sq.m In the southern suburbs, the rental cost is determined mainly 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. The average rental cost in Glyfada is €13/sq.m., while in Voula it is €11.5/sq.m. In Nea Smyrni the average cost of renting an apartment of 100 sq.m. above the 1st floor built after 2000 reaches €945/month, in Paleo Faliro €1,095/month and in Kallithea €850/month. In the northern suburbs, the average rental cost is €11.3/sq.m. In particular, in Marousi the rental cost ranges from €9/sq.m. up to P.8€/sq.m., in Cholargos from 10€/sq.m. up to €14/sq.m., in Chalandri from €10/sq.m. up to €13.6/sq.m. and in Kifissia from €10/sq.m. up to €12/sq.m. A salary…
According to the president of the Panhellenic E-Real Estates Network, Themistoklis Baka, the data show that in all the areas of Athens where the greatest demand for houses for rent by families is recorded, almost an entire “good” salary is required for the cost of rent. A typical example is an 85 sq.m. apartment. in Nea Smyrni, 3rd floor, in a 10-apartment apartment building, where the cost of common users with shared heating (natural gas) for December 2021 and January 2022 amounted to €200/month, not including the cost of electricity electricity and other bills. It is customary for many residential leases to have a “birthday” in August. August and February are the months when most moves, renewals of leases, and the start of new ones take place.
This summer, and especially in August, a large part of the three-year leases signed in 2019 will have to be renewed or the tenants will have to search for a new home to rent. Although asking prices are often subject to negotiation, the increase in asking prices shows the trend of the market, but also in which areas families in Greece are looking for their new home. In any case, changing residence, especially for a family, is not an easy thing.
According to Mr. Baca, already at the beginning of June this year some of the owners who rent out properties have contacted the tenants for the renewal of the three-year lease that is about to expire within the next 2-3 months. Some property owners, in order to renew the lease with the same tenant, are asking for a rent increase of even 25% compared to the 2019 rent. Now, as the experienced broker explains, the first conversation of interested tenants is “we know the prices are high, the available properties are few and the demand is high, but please let us know if there is an opportunity”. Meaning as an opportunity a property with 2 bedrooms suitable for a family with a rent not exceeding 600 euros per month.
The relevant surveys converge on the fact that this year renters in our country spend 60%-70% of a salary on housing costs and, if it is a family home, almost an entire “good” salary, while according to a recent survey by IME GSEVEE the 40% of households are in a housing crisis, when the M.O. in Europe it is 9.2%, while the second country in Europe is Bulgaria with 17.4%.