Student housing prices hit 15-year high

It is expected that on the eve of the new academic year, interested students will be offered the highest rental prices for apartments in Athens in the last 15 years.

After yesterday’s publication of passing scores for enrolling in universities, the situation with the choice of places of study has become clearer, and, as a result, the annual “safari” to find housing officially begins. However, it seems that finding the right property at an affordable price is most likely a “summer night’s dream”. According to the publication Spitogatos, this year the average price of apartments in the city center, preferred by students, i.е. area up to 65 sq.m., increased by at least 10%.

Thus, in the country as a whole, the average cost of rent is 9.1 euro/sq. m, and in Athens it reached 10.8 euro/sq. m. However, these prices apply only to real estate without furniture and household appliances. And students usually prefer to take furnished (at least minimally) apartments.

As Dimitris Melahronos, CEO of Spitogatos, explains, “With the general growth in domestic and international demand for Greek property, student housing is fluctuating accordingly, which is reflected in the average rental prices. The increase in rental prices for student housing in areas that are also popular tourist destinations is exacerbated by the phenomenon of short-term rentals.At the same time, as the increase in average housing prices is more significant in the centers of large cities, students tend to move to more remote areas, sacrificing distance in favor of more affordable housing.

In Athens, the highest prices for student housing are observed in the areas of Kolonaki-Lykabettus, Koukaki, Mets, Daphni, Goudi and Exarchia, where prices start at 350 euros for a 27m apartment² . On the other hand, the lowest prices for student housing are in Nicaea, Patission (Aharnon district), Kypseli and the suburbs of Piraeus, however, even there the average price of student housing starts at 300 euros for 25 m².

The problem is also the extremely limited supply of furnished apartments, as a result of which students have to take empty apartments and equip them on their own, which is often not affordable for both the student and the families of the students.

Similarly, in Thessaloniki, the average growth compared to last year was 9%, and the average asking price was about 9.2 euros/sq.m. The largest increase in average asking prices for student apartments is observed in the Triandria-Doksa area with a 14% increase compared to last year and an average rental price of 9.6 euros / sq.m. However, the area with the highest price for student housing remains the center of Thessaloniki, where the average rental price is 10.7 EUR/sq.m.

The most economical areas include Stavroupoli and Evosmos, where the average rental price of student housing is also growing – by 8% and 6%, respectively.

In the country as a whole, the average rental price is 9.1 euros/sq. m.

One solution favored by some residents is Cohabitation. The choice of a larger apartment, for example, more than 70 m2 with two or even three bedrooms, may lead to an increase in the monthly rent, but it is by sharing the costs between two or more family members that the final monthly payment is significantly lower than, for example, a two-bedroom apartment or a one-bedroom apartment. However, it seems that this kind of thinking has already led to an even greater increase in the cost of housing a larger area.

According to relevant data, a two-bedroom apartment, for example, in Goudi is rented at a price of 9.5 euros/sq.m., which is 20% more than last year. In the center of Athens, the corresponding increase is 13%, and in Zografo – 16%. In the Patission-Acharnon area, the average rental price for a three-room apartment reaches 5.9 euros/sq. m, which is 11% more than last year.

In the rest of Greece, the highest average student housing rental price is recorded on the islands of Corfu, Crete and Rhodes, which are also the three most popular tourist destinations for the second quarter of 2023. Interestingly, the average rental price of housing has increased by 28% and 20%, respectively, in Rio and Patras.

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