E - PAPER

CURRENT MONTH

LAST MONTH

VIEW ALL
  • HOME
  • NEWS ROOM
  • COVER STORY
  • INTERVIEWS
  • DRAWING BOARD
  • PROJECT WATCH
  • SPOTLIGHT
  • BUILDING BLOCKS
  • BRAND SYNC
  • VIDEOS
  • HAPPENINGS
  • E-MAGAZINE
  • EVENTS
search
  1. Home
  2. INTERNATIONAL

Greece Housing Price Spike Makes Ownership Elusive

Greece Housing Price Spike Makes Ownership Elusive

BY Realty Plus
Published - Friday, 25 Aug, 2023
Greece Housing Price Spike Makes Ownership Elusive

Following a period of declining property valuations and rents due to the protracted financial crisis, house prices and rents have rebounded significantly: according to the Bank of Greece, house prices in the Attica region have risen almost 70% since 2018, while rents are up between 35% and 50% in most areas, putting pressure both on those seeking their first rental and those who must, for a variety of reasons, look for a new one.

Many landlords also demand big rent increases when the contract comes for renewal and this has been exacerbated by the spike in inflation, as they think they can make up for all so-called lost income over several months or more.

Research by Potamianos Real Estate Group, which involves actual contracts and not asking prices in classifieds, shows the average rent is currently €7.90 per square meter, almost 35% up on 2017. In some districts close to central Athens, such as Kypseli and Pangrati, as well as in the port of Piraeus, price hikes from 2017 to end-2022 exceeded 50%.

Many living on rent are faced with the reality that they may never have enough money to achieve home ownership, because mortgage installments may be out of their reach.

Data from EU statistics agency Eurostat show that those in Greece who face an inordinate burden to pay for housing reach 32.4% of urban dwellers, compared to 21.9% in Denmark and 15.3% in the Netherlands.

Also, 74.2% of Greek renters spend over 40% of available income on rent and basic necessities. In 2021, 36.4% of adults were in arrears on their rent, mortgage and utility bills. Conditions are even less favorable for the 416,608 single-member households where no second income is available.

For those who dare to take out a mortgage, prices in central Athens for flats, often over 35 years old, with few amenities and little or no insulation, average €1,780 per square meter, that is, almost €180,000 for a 100 square meter flat. In Attica overall, average prices exceed €2,000 per square meter. Paying off the mortgage demands considerable liquidity.

RELATED STORY VIEW MORE

Mantra Properties Debuts in UAE, Partners with Jacob & Co
Investors Flock to Nairobi’s Outskirts for Real Estate
South Korea’s Apartment Supply Dips to Decade Low

TOP STORY VIEW MORE

Ex VP Pepperfry Rahul Kapuria joins Spacewood Office Solutions

Kapuria's role will be to expand business for modular furniture.

12 July, 2025

Why Hiranandani Properties Are Safe Investment Bet

12 July, 2025

Century Real Estate Bold OOH Campaign ‘The Center of Now’

12 July, 2025

NEWS LETTER

Subscribe for our news letter


E - PAPER


  • CURRENT MONTH

  • LAST MONTH

Subscribe To Realty+ online




Get connected with us on social networks!
ABOUT REALTY+

Started in 2004, Realty+, an exchange4media group publication is one of the most respected real estate magazines in India with offices in Delhi, Mumbai and Bengaluru.

Useful links

HOME

NEWS ROOM

COVER STORY

INTERVIEWS

DRAWING BOARD

PROJECT WATCH

SPOTLIGHT

BUILDING BLOCKS

BRAND SYNC

VIDEOS

HAPPENINGS

E-MAGAZINE

EVENTS

OTHER LINKS

TERMS AND CONDITIONS

PRIVACY-POLICY

COOKIE-POLICY

GDPR-COMPLIANCE

SITE MAP

REFUND POLICY

Contact

Mediasset Holdings 3'rd Floor, D-40, Sector-2, Noida (Uttar Pradesh), Pincode - 201301

tripti@exchange4media.com
realtyplus@exchange4media.com

+91 98200 10226


Copyright © 2024 Mediasset Holdings.
Rental Mobil bandung,Sewa Mobil Bandung, Rental bandung, Sewa Mobil, Jual Mesin Antrian, Harga Mesin Antrian, Mesin Antrian Murah, Jual KIOSK,Mesin Antri, Berita Terkini, Info Bray,Info Tempat Wisata,Portal Berita,Jasa Website