Athens Rents Up by 17% Over Last Year



The highest rent increases are in central Athens. Photo: Monastiraki square

Rents for properties in central Athens increased significantly over the last year, mainly due to the demand for short-term occupancy by platforms like Airbnb, according to the Greek renting site Spitogatos.

Central neighborhoods in the Greek capital such as Mets, Exarcheia, Metaxourgeio, Pangrati, and Koukaki, which is next to the Acropolis, are most affected by the short-term rental situation. Available apartments are now quite scarce there, as many landlords prefer to list their properties on Airbnb-style platforms rather than renting them for long periods of time.

The following shows average rents currently in the city center of Athens and in other cities across Greece.

Chart from the site Spitogatos showing rent increases in Athens, Thessaloniki and other cities in Greece.

In 2017 the average cost to rent an apartment was €5.9 ($6.7) per square meter, while in 2018 the same price rose to €7.1 ($8.1) per square meter.

The same trend is recorded throughout the city of Athens, with neighborhoods that were less popular in the past all seeing a large increase in demand.

Most of Greece’s large cities with universities, such as Thessaloniki, Patras, Volos and Heraklion, have seen a similar trend during the past year. Thessaloniki recorded an amazing average rent increase of 14 percent.

Airbnb is an American company which hosts websites and mobile applications through which anyone can rent properties worldwide. Its rapid growth across Europe has sparked controversy over its effects on local communities, with some governments having already implemented measures to limit its impact on the economy.