Rents Rise for Homes by the Sea in Athens

Winter or summer, a place by the beach has always a special appeal. With demand for homes shifting away from central Athens due to the pandemic, there is a clear preference for larger, more spacious houses in the capital’s less crowded suburbs.

This has boosted the average price of renting a house in the southern suburbs by 2.1 percent to 10.21 euros per sq/m in the third quarter of the year, data shows. This compares with 9 euros per sq/m in the city center and 9.47 euros per sq/m in the northern suburbs, where demand has been strongest recently.

A recent breakdown of figures provided by RE/MAX shows that rent prices along the southern Athens coast vary.

Progress on the construction of the Ellikino complex at the former international airport has boosted demand in the area as the development project is seen transforming the southern stretch, boosting its strong appeal among locals and foreigners. The beach area does not have access to the Athens subway which services the southern suburbs but further inland, along Vouliagmenis Avenue.

Most of the stretch, however, on the beach is well serviced with buses and the tram line. The majority of areas are also in close proximity to central Athens and landmarks, such as the Acropolis.

Glyfada remains a popular choice, costing 9.60 euros per sq/m, according to RE/MAX data. Next door in Voula, rents are cheaper at 7.80 euros per sq/m.

In Alimos, monthly rents for houses are at 7.9 euros per sq/m, versus 7.80 euros per sq/m in Elliniko and 7.30 euros per sq/m in Paleo Faliro.

Further out, the affluent area of Vari-Varkiza tops the rent price list at 9.50 euros per sq/m.

Near the Port

Down by the port of Piraeus, the country’s largest, prices are lower but fast-rising. Figures show that the price of renting a home in the suburbs of Piraeus rose 14.7 percent in 2021 to 6.88 euros per sq/m, from 6 euros previously. Along with improving infrastructure in the area, the construction of new office buildings has drawn large multi-national tenants, boosting housing needs.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s

Rents Rise in Piraeus and Northern Suburbs of Athens

The price of renting an apartment in the port area of Piraeus has jumped 14.7 percent, while demand for homes in the northern suburbs of Athens pushed rents 10 percent higher, according to third-quarter data collected by classifieds site Spitogatos.

Data shows that rent prices were unchanged in the city center at 9 euros per sq/m despite being one of the capital’s most popular areas. 

In the suburbs of Piraeus, surrounding the country’s largest port, the price of renting a home rose to 6.88 euros per sq/m, from 6 euros previously. Demand for Piraeus has been increasing recently amidst improving infrastructure projects in the district and stronger public transport links. The construction of new office buildings in the area, which have drawn large multi-national tenants, is also boosting housing needs.

In the northern suburbs, which include areas like Kifisia and Marousi, the cost of rent hit 9.47 euros per sq/m, versus 8.57 euros per sq/m in the same period last year. 

It is important to note that Spitogatos assesses the asking prices for rents, as published on its site, not the prices at which rent agreements are made.

In the northern city of Thessaloniki, price hikes were more moderate. The cost of renting a place in the center of the city inched ahead 0.3 percent to 7.80 euros per sq/m, while in the broader Thessaloniki area it rose by 6 percent to 5.83 euros per sq/m. Figures for the prefecture of Thessaloniki showed that prices dipped by 3.8 percent to 3.33 euros per sq/m.

In a glance at the rest of the country, rents plummeted by 23 percent in the Cycladic islands, which includes Mykonos, Santorini, Naxos and Paros, to 15.38 euros per sq/m. On the Sporades islands, including Skiathos, Skopelos and Skyros, rent prices soared by 24.2 percent to 7.81 euros per sq/m.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image of Kifisia property courtesy of Sotheby’s