This increase is mainly due to increased demand and limited supply as a large number of property owners have turned to short-term rentals.
The rent increases are recorded through integrated transactions carried out by RE/MAX Hellas, with Attica holding the reins of the largest increases, while equally important are the changes in prices both in the Prefecture of Thessaloniki and in the tourist destinations as well as the rest areas of the Territory.
According to RE/MAX Greece, which has 85 offices throughout the country with more than 1,100 real estate consultants, from the total transactions recorded so far in its network, it is observed that residential rents in Attica increased by 7.6% within a year, while in Thessaloniki there was an increase in rents by 4.3% and in the region an increase of 4.4%.
In the Municipality of Athens the average rent is 8.80 euros per sq.m., in the Northern Suburbs of Attica at 9.6 euros per sq.m., in the Southern Suburbs 10.10 euros per sq.m., in the West Suburbs 6.80 euros per sq.m., in the Municipality of Piraeus and neighboring areas at 7.20 euros per sq.m. and in the rest of Attica at 8.4 euros per square meter. In the entire prefecture of Attica, the average price is 8.5 euros per square meter.
On the other hand, throughout the territory, according to the research of RE/MAX Greece, tenants show a preference for properties that are 20 years old or older. In particular, in Attica, most tenants choose properties with an area of 76 to 150 square meters, while in Thessaloniki the preference mainly concerns properties up to 75 square meters. In the rest of Greece, tenants show a preference mainly for smaller properties, up to 50 square meters.
Also, from the data of the 85 real estate offices of RE/MAX Greece, it appears that rent prices are significantly affected by quality factors, such as the proximity of the property to public transport, the existence of an elevator, the renovation it has undergone and others benefits. These factors play a key role in shaping prices, as tenants are willing to pay higher rents for properties that offer more amenities and better access to services.
In Attica, in 2024, tenants switched to larger properties with 57 out of 100 tenants showing a preference for properties from 76 to 150 sq.m. Specifically, in the Western and Northern suburbs, as well as in Piraeus, properties from 76 sq.m and above were selected. In the Southern suburbs, with Glyfada as the dominant area, tenants preferred properties over 150 sq.m. In terms of age, in the center, in all the suburbs of Athens and in Piraeus, 75% of the properties that were rented were 20 years old or older, while only 3 out of 100 tenants chose newly built properties under 5 years old.
As far as the quality characteristics that tenants in Attica are looking for, the most basic selection criterion is that the properties are unfurnished and must have an elevator. Also, 88 out of 100 tenants chose to be close to public transportation, while for 50% of tenants new windows and type of heating are not required.
In Thessaloniki, regarding the surface area of the properties, the preferences of the tenants differ compared to those in Attica. 65 of the 100 tenants rented smaller properties up to 75 sq.m. More specifically, in the city center, the properties that were leased were up to 50 sq.m. and in Western Thessaloniki they reached 100 square meters. On the east side, for the most part, larger properties from 101 to 150 sq.m. were preferred. Similarly to Attica, almost 90% of renters preferred properties 20 years or older in all areas of the city. Rentals of newly built properties up to 5 years were noted on the Eastern side of the city and mainly in the areas: Ag. Ioannis, Thermi and Pylaia.
Regarding the quality characteristics of the real estate in Thessaloniki, all the tenants set as basic criteria the renovation of the property, the existence of an elevator, as well as the fact that the property is not furnished. 75% of tenants expressed a desire for homes that offer natural gas heating, new aluminum windows and available parking. These preferences are related to the need for lower heating costs as well as comfort in everyday life. In addition, it was observed that for half, the proximity of the property to public transport is not a necessary condition.
In the region, tenants show particular interest in studios up to 50 sq.m., with 46% of them preferring this type of property. The demand for small apartments is particularly strong in areas such as Volos, Rethymnon, Larissa, Heraklion and Karditsa. At the same time, properties with an area of 51 to 75 sq.m. they are chosen mainly in areas such as Kavala, Drama, Serres and Alexandroupoli. The variation in demand depending on the area highlights local specificities and the different priorities of tenants in the region. Residential tenants in the region, similarly as in Thessaloniki and Attica, show their preference for properties that are 20 years old or older. Specifically, the percentage of tenants choosing such properties is 58%, indicating a steady trend towards older properties. Regarding the quality characteristics of the properties, for 84 out of 100 tenants the main criterion is to have an elevator and for more than 70 out of 100 it is renovated with new aluminum frames. In contrast, features such as the type of heating are not of much concern to renters, as they seem to be more focused on other amenities and upgrades.
