A research conducted by real estate consultancy firm Remax Newdeal, showed that rental prices for small, up to 60 square meters, old apartments, in Athens, Greece, have dropped by 50 % since the recession began in 2008.
According to the research, rental prices for such properties have dropped by an estimated 5% to 7% over the last year alone. The large decrease in rental prices for small, old flats in Athens, which wipes out the considerable gains made by property owners in the runup to the economic crisis, has been attributed to the reduced number of Greek students arriving to the capital for studies, as well as to the lower demand by immigrants.
According to an Alpha Bank study, rental prices increased by nearly 43% between 2000 and 2011 while property values increased by 91% between 2000 and 2008.
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