Attica Sees Rents Rise by 7.6% and Share of Renters Increases to 35%

Greece is grappling with a severe housing shortage, leading to rising rents nationwide, with Attica experiencing a notable increase of 7.6% over the past year.

Key points to consider:

• Housing in Attica remains expensive. While Thessaloniki has surpassed it in terms of price growth, Attica’s average rental price now stands at 8.5 euros per square metre, up significantly from 7.2 euros last year.
• Demand is outpacing supply, highlighting a critical lack of affordable housing, particularly in Athens and Thessaloniki.
• In response to the housing crisis, tenants are increasingly seeking accommodation in Athens’ suburbs, where prices are also on the rise. Rents in the northern suburbs average 9.6 euros per square metre, while in the southern suburbs, they reach 10.10 euros.
• The national average rent increase is 5.6%, indicating that the housing crisis is most pronounced in large cities.
• The number of renters is steadily increasing, and the proportion of homeowners is declining. In Athens, the share of renters has risen to 35% of the population.

For investors, now is an opportune time to consider purchasing property. Despite the rising prices, property in Greece remains more affordable than in many other popular European destinations.

Author: Julia Naymushina