The rules have changed and the stakes are rising and the prices of an apartment exceed even the amount needed for basic salary! A few years ago, if you told someone that rentals in Koukaki district would be more expensive than those in Ekali or Vouliagmeni districts, they’d just laugh at you not caring about your feelings. But today, you’d the one laughing.
The short-term lease, the so-called Airbnb, has set up a price rally. How else can you explain that a 50 sq.m. apartment in Koukaki that has a price-rent of 1,000 euros per month? At the same time, a few kilometres away, in another fast-growing area, in Metz, a furnished studio of 32 sq.m. costs 650 euros per month. That’s awesome, isn’t it? Yes, that’s awesome. But it is the current reality that those looking for a home to stay are faced with.
Those looking for permanent residence, discover that rents have reached unseen heights in many areas of central Athens. Characteristic is what was reported a few days ago in a newspaper, namely, “The News”: Apartments range in prices that are extremely difficult an employee, a student or even a couple to cover. Prices even exceed a basic salary.
There are many examples. A 50 sq.m. apartment near Hilton hotel is rented for 900 euros. A studio of 44 sq.m. in Metz costs about 850 euros. The list goes on and on. You need a good stomach to look at the unreasonable demands of tenants who base their hopes on the possibilities offered by Airbnb.
Of course, Airbnb isn’t the only cause, if we want to be perfectly accurate. In the years of the crisis, which were neither one nor two, building construction was mercilessly hit. The lack of newly built properties, then, helps in the price increase of today’s rentals. Real estate has changed. The leader in the increase of the prices is Athens and its centre. It is estimated that growth rates are as high as 15% per year.
The classic sign “ROOMS FOR RENT” has disappeared from the streets of Athens. The rules have changed and the stakes are rising. And now, Koukaki district is more expensive than Ekali or Vouliagmeni districts. It is unbelievable yet real.
Frequently Asked Questions
Koukaki district has become more expensive than traditionally upscale areas like Ekali or Vouliagmeni primarily due to the rise of short-term rental platforms like Airbnb. Property owners in Koukaki can charge higher prices by renting to tourists rather than long-term tenants, driving up rental costs. Additionally, the construction freeze during the financial crisis reduced the supply of new properties, further inflating prices in central Athens areas like Koukaki.
Rental prices in Koukaki district have reached unprecedented levels. A 50 square meter apartment in Koukaki now costs around 1,000 euros per month. This makes it comparable to or more expensive than luxury residential areas, representing a significant increase from just a few years ago when such prices would have seemed unbelievable.
Airbnb has had a substantial impact on Athens rental prices by encouraging property owners to shift from long-term rentals to short-term tourist accommodations. This transition reduces the available housing for permanent residents while increasing competition and prices. The short-term rental market has set off a price rally in central Athens districts, with annual growth rates estimated as high as 15% per year.
The rental crisis in Athens has become severe, with apartment prices now exceeding basic salary amounts. Many employees, students, and couples struggle to afford rental housing, as prices in central Athens areas have become unreasonably high. A studio apartment in popular areas like Metz costs around 650-850 euros monthly, making it difficult for average earners to secure housing.
During the Greek financial crisis, construction was severely impacted with very few new residential properties being built. This lack of newly constructed apartments has created a supply shortage that persists today. Combined with increased demand from Airbnb rentals, this supply deficit has contributed significantly to the dramatic rise in rental prices across central Athens and surrounding districts.
