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Jul 27, 2016

Little change in Greece: falling prices, yet poor rental yields.


Last Updated: Jul. 27, 2016
ATHENS -
CENTER APARTMENTS
COST () YIELD (p.a.) PRICE/SQ.M. ()
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
120 sq. m. 325,820 1,132 4.17% 2,716 9.43
200 sq. m. 694,600 2,054 3.55% 3,473 10.27
ATHENS -
SUBURB APARTMENTS
120 sq. m. 258,000 806 3.75% 2,150 6.72
200 sq. m. 481,200 1,668 4.16% 2,406 8.34
ATHENS -
SUBURB HOUSES
200 sq. m. 626,400 1,772 3.39% 3,132 8.86
300 sq. m. 976,500 2,505 3.08% 3,255 8.35
CRETE - APARTMENTS
80 sq. m. 123,440 n.a. n.a. 1,543 n.a.
120 sq. m. 167,760 n.a. n.a. 1,398 n.a.
CRETE -
VILLAS
300 sq. m. 766,200 n.a. n.a. 2,554 n.a.
Districts researched:
Athens Center: Kolonaki
Athens Suburbs: Kifisia; Psichiko, Glyfada
Crete: Chania; Rethymnon; Apokoronas, Aghios Nikolaos, Elounda
Source: Global Property Guide Definitions: Data FAQ See also: Update Schedule

In our latest survey, the average price per square metre (sq. m.) in Central Athens ranges from around EUR 2,700 to EUR 3,500.

In the suburbs of Athens, i.e., Ekali, Kifisia, Psychiko, Glyfada, the average price per sq. m. of apartments ranges from around EUR 2,100 to EUR 2,400, while houses cost around EUR 3,200 per sq. m.

We take our prices with a pinch of salt since they are based on a small sample.  We are more confident about our yields figures.  Gross rental yields on 120 sq. m. central Athens apartments are at about 4.1%. This is a rather moderate yield.  Larger apartments yield less.

Apartments in Crete cost around EUR 1,400 per sq. m. while villas cost around EUR 2,500 per sq. m.  Yields are lower here than in Athens, at least for apartments (for which we had yields research last year, but not this year) at around 3%.

Monthly rents per sq. m. in Athens range from around EUR 7 to EUR 10.5 per sq. m.

In Crete, monthly rents per sq. m. of apartments range, using the figures we had last year, from around EUR 4 to EUR 6 per sq. m.

When buying property, take into account the fact that round trip transaction costs are quite high in Greece. See our Residential transaction costs analysis for Greece and Residential property transaction costs in Greece, compared to the rest of Europe.






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