RE/MAX Hellas: housing rents continue to rise

In 2023, residential rents across Greece will record a significant increase of 5.9% on average compared to the previous year, confirming initial estimates that the property market will continue to move upward at all levels this year.

Based on integrated transaction data from the offices of RE/MAX Hellas, the country’s largest real estate network with 81 offices and more than 1,000 real estate consultants, residential rents in Attica increased by 5.3%, in Thessaloniki by 6.2 %, and in the periphery – by 4.6%.

The upward trend is clearly due to the limited supply of newly built rental housing, increasing investment flows, the rise of short-term rentals for another year and the lack of quality second-hand property options. Add to all the above factors the difficulty of issuing mortgage loans on favorable terms, and it is quite justified that the emerging demand far outstrips the existing supply.

At the same time, RE/MAX Hellas survey data shows that the majority of renters are choosing properties between the ages of 16 and 20, while in the periphery interest is directed towards smaller properties. In any case, rental prices vary depending on the region and the quality characteristics of each property, with the most important factors being the presence or absence of renovation, the presence of an elevator, gas heating, accessibility to public transport, etc.

Rent trend in Attica

In most areas of Attica, properties ranging from 51 to 75 square meters and between 16 and 20 years old were selected, with the northern suburbs having the largest properties ranging from 101 to 150 square meters, and the southern ones ranging from 76 to 100 square meters.

In the center of Athens, old properties aged 20 years or more, ranging from 51 to 75 square meters, are in great demand. m. In Western Attica and Piraeus, apartments with an age of 16 to 20 years and an area of ​​51 to 75 sq. m. are in demand. m, that is, the same as in the center of Athens.

Regarding the quality characteristics of real estate, which determine the choice of tenants and therefore prices in all regions of Attica, the most important thing is that the property is renovated and that, in the case of apartment buildings, there is an elevator. Also, 88 out of 100 tenants chose properties that have gas heating, at least one parking space and are located near stations or public transport stops.

Rental rates are also rising rapidly in Thessaloniki

Renters in the Thessaloniki area follow the Attica trend in terms of the size and age of the properties they choose. In particular, they prefer properties ranging from 51 to 75 square meters. m, aged 16 to 20 years.

A noticeable difference in the choice of real estate is observed in Western Thessaloniki compared to Eastern Thessaloniki. In the west, tenants are targeting properties aged 16 to 20 years and ranging from 51 to 75 sq. m. m. On the contrary, in the eastern part they prefer larger houses, ranging from 101 to 150 m².

As for the quality characteristics of real estate that tenants are looking for in Thessaloniki, the first place is the presence of gas heating and an elevator when it comes to apartments. In addition, almost 9 in 10 (89% of the total) choose a renovated property, and about 7 in 10 (67%) choose a property that is close to public transport.

Rent in regions

On the periphery, real estate that tenants are interested in are studios with an area of ​​up to 50 sq. m. m, and high demand was observed in areas where there are universities, such as Xanthi, Komotini, Larissa, Volos, Rethymnon and Heraklion.

89% of renters choose apartments in a building with an elevator, and 84% choose renovated houses. 63% prefer furnished properties, which is justified by the size of the property, which, as a rule, is student housing.

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