Rent: price comparison in Athens, Thessaloniki and Patras

Rents in Athens are disproportionate compared to Thessaloniki and Patras, a new survey by pan-Greek real estate chain E-Real Estates has shown.

According to the data iefimerida.grobtained from available real estate listings, the average minimum rental price in Athens is 8.15 EUR/sq.m. and the average maximum is 11.4 €/sq.m., while the average rent is in the range of 9.8 €/sq.m. for an apartment of 80 sq.m-110 sq.m above the 1st floor, built after 2000

Rent in Athens is higher than in Thessaloniki and Patras

“In Athens, anyone interested in renting a 100 sqm house should be aware that the average asking price will range from 815€/month to 1140€/month, i.e. a good salary, apart from the cost of utilities, electricity and other bills,” emphasizes Themistoklis Bakas, president of E-Real Estates.

On the other hand, in Thessaloniki, for similar properties, the average minimum rental price is 5.4 €/sq.m and the average maximum is 6.4 €/sq.m, while the average rental price is in the range of 5.9 €/sq.m. sq.m. for the same apartment. Thus, the average rent for a house of 100 sq.m. will vary from 540 €/month to 640 €/month.

In Patras, the data is much better compared to the situation in Attica, but this does not mean that asking prices have not recorded an upward trend compared to 2017-2018. For a house of 80-110 sqm above the 1st floor built after 2000, the average minimum rental rate is €4.83/sqm and the average maximum is €5.92/sqm, while the average rental price is within 5.37 €/sq.m. The average rental price in Patras ranges from 483 €/month to 592 €/ms.

Rent in Athens is 82.50% higher than in Patras

“A potential tenant in Athens will have to pay +66.10% more for properties with similar characteristics compared to a potential tenant in Thessaloniki and +82.50% compared to a potential tenant in Patras,” explains Mr. Bakas.

He continues: “If we compare the areas of Athens, Patras and Thessaloniki, which we could argue have ‘identical’ characteristics, i.e. they are similar suburbs in every city such as Peristeri in Athens, Stavroupoli in Thessaloniki and Zarouhleika in Patras, we will understand that a potential tenant will have to pay a 52.08% increase in rent in Peristeri in relation to an interested party looking for a place to live in Stavroupoli and an increase of 62.22% stakeholder looking for a place to live in Zaruhleika.”

Assuming that Nea Smyrni in Attica can be compared with the area of ​​Agias in Patras, the cost of renting an apartment of 100 sq.m above the 1st floor of a building after 2000 in Agia Patras averages 620 € / month, and in Nea Smyrni it reaches 945 €/month, i.e. difference + 52.41%.

At the same time, in the suburbs of Glyfada and Voula (Attica), in relation to the suburbs of Pylaea and Kalamaria in Thessaloniki, the average asking rent for a house of 100 sq. m in each area is 1300 €/month, 1150 €/month, 730 €/month and 725 €/month respectively. The asking price for renting the above areas of Attica is + 58.6% to + 78% higher in relation to the suburbs of Thessaloniki.

A disproportionate increase in relation to the income of citizens

The report highlights that the asking rent in Attica in almost all areas has increased disproportionately to the incomes of citizens living and working in the region.

According to an OECD survey, from 2007 to the first quarter of 2015, per capita disposable income fell by 27.5%, and according to the Center for Planning and Economic Research (KEPE), average monthly wages in the private sector fell by 24.4% in decade 2009-2019 from 1281 euros to 968.5 euros.

“Economic problems directly affect the cost of living. The state should immediately take maximum care and support financially vulnerable households and young couples. Housing is a right and a public good of a citizen. The provision of housing is the responsibility of the state and belongs to the sphere of state social policy,” the president of E-Real Estates summed up his speech.


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