Rents in Athens rise to prohibitive levels

The Athens residential market has rental rates in the last few months that in many cases exceed the highs seen before the outbreak of the financial crisis, resulting in many would-be tenants being unable to find properties that would cover their needs within their means.

Consequently many households are being forced to turn to ever smaller apartments, or areas that do not offer the best quality of living; alternatively they cut other expenditure in order to pay the high rent demanded. In any case the sudden hike in rental rates is undermining - to the point of offsetting altogether - the government's efforts to strengthen household incomes and purchasing power.

A quick glance through the classified ads reveals that, for a large share of properties, the monthly rental rate comes to 600-800 euros - which, with the average salary at 1,000 euros, amounts to 60-70 percent...