Contrary to the estimations of industry bodies, in renting, the supply picture appears better, compared to selling. According to his data Spitogatosthe total offer in relation to 2019 has decreased by only 11.3% in the whole of Attica, as in some areas there is an increase, even with a double-digit percentage.
In fact, the large increase in rental prices has acted as a financial incentive for many landlords, who are looking for additional income from their real estate. However, there are other places, especially in the most popular areas of Attica, where the inventory has decreased dramatically in recent years, sending rental prices skyrocketing accordingly.
In the northern suburbs, the supply of homes to rent has fallen by 47% since 2019, while the average asking rental price increased by 31% to 10.8 euros/sq.m.
A typical example is the northern suburbs, where the supply of homes to rent has fallen by 47% since 2019, while the average asking rental price increased by 31% to 10.8 euros/sq.m. In the southern suburbs, rental properties are down 22%, but prices are up just 9%.
This is explained by the fact that the big increases had started earlier, from 2017 and 2018, while the pandemic crisis intervened, which brought some price corrections, especially in the period 2020-2021.
Even so, of course, the average asking rent in the southern suburbs is the highest nationwide, as is now set at 12 euros/sq.m.
In central Athens, the average asking rent has increased by just 3% as significant corrections were made during the pandemic and today the market is essentially back to where it was before the health crisis
In central Athens, the average asking rent has increased by just 3% for the same reason, as significant corrections were made during the pandemic and today the market is essentially back to where it was before the health crisis, with the average price being 10 euros/sq.m. which is also a historical high for the region. Regarding the supply of apartments for rent, this shows a drop of 16%, less than expected. This is because many properties have moved away from short-term rentals (especially since the pandemic), returning to long-term rentals, where income was higher.
It is recalled that before the pandemic crisis, many owners had turned to short-term rental, even in areas with low demand from foreign visitors, due to their distance from the country’s tourist attractions. These properties were the first to return to long-term leases and have remained there until today, a condition that is considered difficult to change in the coming years.
In the western suburbs there is both an increase in supply (10%), and an increase in requested rents (28%). The same is recorded in the suburbs of Piraeus, where advertisements have increased by 15% and asking prices by 26%. These are areas that began to recover later than the rest, a development that explains the simultaneous increase in supply, but also in prices, which are, after all, among the lowest in Attica.
