Greek rental market sees rates jump

The phenomenon of short-term holiday lets has shaken things up in Athens's residential property rental market, with the cost of renting a flat in Koukaki, near the Acropolis, having risen above rates in the affluent northern suburbs of Ekali and Nea Erythraia.

The annual survey by the RE/MAX Hellas network of estate agencies shows that the average rental rate in Koukaki now stands at 6.5 euros per square meter per month, having recorded an increase of 35 percent in just 12 months. At the same time, the average rate in Ekali does not exceed 6.2 euros/sq.m. while in Nea Erythraia it is 6 euros/sq.m.

On a national level rental rates have increased 8.4 percent compared to 2017, as the stock of available residential properties continues to decline. Meanwhile the rise of short-stay letting platforms such as Airbnb and HomeAway has led to huge demand for apartments that would...

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