Property rentals have served as a “life jacket” for the Greek real estate market during the last seven years of crisis, as economic asphyxiation has pushed those seeking residence to prefer to rent than buy.
“Pole of attraction” for prospective tenants are apartments of 2 and 3 bedrooms, relatively new or refurbished, at prices starting from an average of 300 euros and up to an average of 600 euros. Of course, the initial listing prices lessen after the usual “bargain”, which can lead to rent reductions from 5% to 15%.
As the inventory of unsold homes remains high, the interest lies in finding property of small and medium value, considered “good deals”. According to Alpha Bank data on the development of apartment rents, it is apparent that, from the first quarter of 2012, when they began their fall, until the fourth quarter of 2015, a cumulative price decline of rents of 20.4% was recorded.
“The market is moving, as it does, from rentals,” says Spitogatos Network CEO, Dimitris Melachroinos. “Sales are historically low, since the estimation for the number of transactions in 2015 is 13,000, from about 150,000 in 2008. This is a reduction of over 90%, while prices have fallen an average of 45%.” Aspiring tenants are highly selective when it comes to choosing an area to look for an apartment, while their preferences on the type of residence also differ. They show a clear preference to cheaper areas and medium sized, good quality homes.
The most popular areas for home search in the center of Athens, are mainly the neighborhoods ofAmpelokipoi, Pagkrati and Neos Kosmos, according to statistics from property portal Spitogatos.gr. At the southern suburbs, the areas that stand out are Nea Smyrni, Kallithea and Glyfada, while those who prefer the Northern suburbs mainly look for houses in Kifissia, Chalandri and Marousi.
“The types of property hunters vary. There are those who watch the general pulse of the market, the regular visitors looking for the perfect opportunity without hurry and those who are actively searching and communicate daily with the advertisers.”
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