In the market the trend is clear. Professionals, students and retirees looking for a small apartment, with low maintenance costs and a “reasonable” rent, are focusing on the smaller categories, driving up prices. Two-bedroom apartments, although they do not deviate much from the asking rents, are more in demand than studios/studios, as they can also meet the needs of a small family.
Upwards
Although the prices differ significantly from region to region, in the whole country there is an increase of approximately 8% in rents and especially in the areas that gather the interest of students, the increase seems, in some cases, to exceed 15%.
In contrast to the larger apartments, one-bedroom apartments and studios have an increased rent in terms of euros/sq.m., mainly because they have lower monthly housing costs and a lower degree of difficulty in maintenance. Especially the duplexes, which are traditionally the first or even the permanent home of a family.
Sizes
To make it clear, we normally count apartments by the number of rooms they have. Without a separate bedroom are the studios and then we go to the two-bedroom apartment, which is probably the most popular option for buying or renting a property. Not too small, but not too big either. It is a small apartment, which has two separate rooms. Usually, one is used as a bedroom and the other as a living room or whatever everyone wants. The two-room apartment has a separate kitchen and a bathroom. There are many variations in size and layout, but we always measure it based on the available separate rooms. Sometimes there is confusion with apartments that have two bedrooms, why do we say two, but market professionals count the rooms and not specifically the bedrooms. For example, a three bedroom apartment can have two bedrooms and a living room or a bedroom, an office and a living room. The fact that you change the use of one room does not change the fact that the house has three rooms, so it is a three-room apartment. This, because we often encounter this confusion. Also, we should not confuse the two-bedroom with the studio/studio. The duplex has a total of two rooms, usually one is a bedroom, while a studio/studio is an even smaller apartment with a single space, without a separate bedroom, although it may have a separate kitchen and bathroom.
Flexibility
The duo wins due to economy and flexibility. In particular, it is probably the most popular home option for a single person or a couple, as the separate bedroom offers more space. Plus, it gives you a degree of flexibility in how you use the other room. In a smaller apartment you don’t have many options. For many the separate bedroom is the main reason they choose it, as it is the smallest property with a degree of privacy. Even when there are only two people staying, the bedroom gives you a space to retreat to be alone, while the studios have a space all…
More precisely
With students on the hunt for their student housing, demand has increased significantly in this period, ie from June onwards, with market professionals expecting a leveling off from mid-September. The high demand, combined with the low supply, means that prices have risen, albeit temporarily, above the approximately 8%-12% compared to last year, which is considered normal for Greek data and depending on the region they reach up to and over 15%. Per square meter and depending on the area, two-bedrooms seem to be more expensive than larger apartments, mainly due to the high demand and cheaper maintenance costs we mentioned above. The advertisement data of the first half of 2023 shows that the southern suburbs maintain the lead in Athens with 12.5 euros per sq.m. (+10.6%), while the north follows with 11.3 euros per sq.m. against 10.67 euros per sq.m. The center of Athens also became more expensive, with the average asking price reaching 10.5 euros per sq.m. During the same period, rents in Thessaloniki increased at a single-digit rate – namely at 8.8% – with the average price in the municipality at 9.23 euros per sq.m.
ATTICA – THESSALONIKI
The… map, the “trump cards” and the asking prices
The center and the western suburbs have in common that compared to the other areas they combine low rent with proximity to many employment centers. For many it is an ideal area for their first home. In the center of Athens, a quality apartment from 60 to 75 sq.m. it starts from 530 euros in Agios Panteleimonas, varies from 650 to 750 euros in the areas of Gyzi, Botanikos, Kypseli and Patisia, to rise significantly as you approach Exarchia and Kolonaki. There are areas with special features, such as Pedion tou Areos (700-900 euros), which have increased rents, while obviously in areas like Kolonaki it is not surprising that prices start at 800 euros and easily reach over 1,000. In the west, prices start at the low end of Aghii Anargyri and Petroupoli, where you can find a property from 60-65 sq.m. with 500 euros rent, they have average prices close to 700 euros in Nea Filadelfia, Nea Ionia, Burnazi and a large part of Aigaleo, but depending on the area and the special features of the property, the asking rents can easily exceed 750-800 euro.
Southern suburbs
Prices rise significantly in the southern suburbs and not only where you are close to the sea. With the exception of some areas, such as Zografou or Kallithea, where you can find a two-bedroom apartment up to 75 sq.m. with 550-600 euros, in Nea Smyrni you are closer to 700 euros and in Byron the prices for a quality property are close to the range of 800 to 1,000 euros. The asking rents in Paleo Faliro are rising significantly, easily exceeding 1,000 euros, and they are even more expensive towards Glyfada, Ano and Kato, reaching up to around 1,500 euros.
Northern suburbs
In the northern suburbs, prices are traditionally high, but the fact that there is not a correspondingly high demand, as in other areas of Attica, holds the prices down somewhat. The starting point is areas of Cholargos or, for further north, Nea Erythraia, where there are apartments available from 650 euros. From there, prices only go up, with more expensive examples in Kifissia areas, with rents close to 1,300 – 1,500 euros.
Piraeus
Rent prices in Piraeus are making an impressive rally, which in 2024 alone have already gained 14.3% and total rents reach close to 10 euros/sq.m., from 8.75 euros/sq.m. which was last year in the first semester. Piraeus has been on a strong rise for the last three years and in August the rents for quality properties start at 650 euros. The average price for a two-bedroom apartment close to 70 sq.m. it is 700-750 euros, but depending on the characteristics of the apartment we also found examples close to or above 1,000 euros in areas such as Freattyda Gallipoli.
Thessaloniki
The Municipality of Thessaloniki and the surrounding areas have a high demand for apartments and from students, as a result of which the prices have increased by about 9%, but on average they remain much cheaper than the whole of Attica, close to 9.23 euros/m2. m. in the city center and a little under 7 euros/sq.m. in the regional municipalities. Prices start close to or a little below 450 euros in Ano Toumba and increase as you get closer to the historic center. Close to 600-650 euros in Hippocrates and Voulgaris, at 700 euros for 75 sq.m. in Panagia Faneromeni and more than 1,000 euros escape in Kamara.
Apartment sizes
Studio: Apartment with a main kitchen/living/bedroom area.
Two: With one bedroom, one living room, one kitchen and one bathroom.
Triple: With two bedrooms, a living room, a kitchen and a bathroom.
Floor apartment: Apartment on the entire floor of an apartment building. Usually three rooms or larger, with extra spaces in large verandas or attics.
Rental prices for two rooms
| T.M. | Oroof | Rent (€) | |
| Center of Athens | |||
| Cell | 72 sq.m. | 4th | 720 |
| Nea Kypseli | 75 sq.m. | 1st | 750 |
| Victoria Square | 80 sq.m. | 3rd | 700 |
| America Square | 77 sq.m. | 2nd | 590 |
| America Square | 70 sq.m. | 1st | 480 |
| Agios Panteleimonas | 63 sq.m. | 5th | 530 |
| Gizi | 75 sq.m. | 1st | 650 |
| Botanical | 74 sq.m | 1st | 650 |
| Field of Mars | 63 sq.m. | 2nd | 850 |
| Kolonaki | 65 sq.m. | 4th | 900 |
| Western Suburbs | |||
| Sotiraki, Egaleo | 63 sq.m. | 1st | 700 |
| Kato Egaleo | 72 sq.m. | 2nd | 800 |
| Ilion | 75 sq.m. | 1st | 480 |
| Newly built, Nea Ionia | 75 sq.m. | 1st | 680 |
| Saints Anargyri | 70 sq.m. | Ground floor | 500 |
| New Philadelphia | 75 sq.m. | 3rd | 700 |
| Burnazi, Peristeri | 60 sq.m. | 2nd | 700 |
| New Sepolia | 63 sq.m. | 2nd | 800 |
| Upper Petersburg | 75 sq.m. | Ground floor | 550 |
| South Suburb | |||
| Kato Glyfada | 70 sq.m. | 2nd | 1.680 |
| Old Faliro | 75 sq.m. | 6th | 1.200 |
| Neo Pagrati, Byron | 75 sq.m. | 1st | 990 |
| Zografou | 74 sq.m. | 1st | 550 |
| Chrysaki, Kallithea | 76 sq.m. | Ground floor | 580 |
| Glyfada | 75 sq.m. | 2nd | 1.470 |
| New Smyrna | 70 sq.m. | 1st | 700 |
| Alimos | 75 sq.m. | 2nd | 1.120 |
| Eastern Suburbs | |||
| Vravrona, Artemis | 60 sq.m. | Detached house | 700 |
| Center, Nea Makri | 75 sq.m. | 1st | 600 |
| Koropi | 75 sq.m. | 1st | 1.500 |
| Hawk | 70 sq.m. | 2nd | 750 |
| North Suburb | |||
| Kifissia | 75 sq.m. | 2nd | 1.410 |
| State, Kifissia | 70 sq.m. | 1st | 1.300 |
| Faneromeni, Holargos | 60 sq.m | Ground floor | 650 |
| Ano Vrilissia | 70 sq.m. | Ground floor | 1.500 |
| Kato Pefki | 60 sq.m. | 1st | 1.000 |
| New Eritrea | 70 sq.m. | 2nd | 700 |
| Bees | 65 sq.m. | 1st | 1.290 |
| Piraeus | |||
| New Faliro | 67 sq.m. | 1st | 780 |
| Piraeus – Center | 70 sq.m. | 2nd | 700 |
| Castella | 70 sq.m. | 2nd | 700 |
| Freattyda, Gallipoli | 70 sq.m. | 4th | 930 |
| Pasalimani | 70 sq.m. | 2nd | 700 |
| Thessaloniki | |||
| Hippocrates | 70 sq.m. | 2nd | 600 |
| Bulgarian | 70 sq.m. | 1st | 650 |
| Osia Xeni | 75 sq.m. | Mezzanine | 490 |
| Upper Toumba | 65 sq.m. | 2nd | 450 |
| Panagia Faneromeni | 75 sq.m. | 2nd | 700 |
| Arch | 65 sq.m. | 3rd | 1.250 |
Source: Available real estate listings August 2024
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