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Jul 23, 2012

Poor rental returns in Athens, especially on houses

			Last Updated: Jul. 23, 2012
ATHENS - CENTER APARTMENTS	COST (€)		YIELD (p.a.)	PRICE/SQ.M. (€)
ATHENS - CENTER APARTMENTS	TO BUY	MONTHLY RENT	YIELD (p.a.)	TO BUY	MONTHLY RENT
65 sq. m.	204,230	587	3.45%	3,142	9.03
120 sq. m.	421,920	1,141	3.25%	3,516	9.51
160 sq. m.	615,040	1,442	2.81%	3,844	9.01
250 sq. m.	1,134,000	2,560	2.71%	4,536	10.24
ATHENS - SUBURB APARTMENTS
60 sq. m.	178,680	596	4.00%	2,978	9.93
90 sq. m.	284,490	758	3.20%	3,161	8.42
120 sq. m.	357,120	1,135	3.81%	2,976	9.46
160 sq. m.	624,160	1,550	2.98%	3,901	9.69
250 sq. m.	1,102,000	2,355	2.56%	4,408	9.42
ATHENS - SUBURB HOUSES
150 sq. m.	732,600	1,253	2.05%	4,884	8.35
250 sq. m.	1,134,750	2,173	2.30%	4,539	8.69
350 sq. m.	1,679,650	3,168	2.26%	4,799	9.05
600 sq. m.	2,590,800	5,532	2.56%	4,318	9.22
CRETE - APARTMENTS
40 sq. m.	75,760	220	3.49%	1,894	5.51
75 sq. m.	139,950	354	3.04%	1,866	4.72
120 sq. m.	200,640	506	3.03%	1,672	4.22
CRETE - VILLAS
100 sq. m.	220,100	n.a.	n.a.	2,201	n.a.
150 sq. m.	353,850	n.a.	n.a.	2,359	n.a.
200 sq. m.	529,600	n.a.	n.a.	2,648	n.a.
300 sq. m.	684,600	n.a.	n.a.	2,282	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

It is cheaper to buy apartments rather than houses in Athens. But if you are renting, it is cheaper to rent a house, than an apartment.

Houses in Ekali, Kifisia, Psychiko, and Glyfada change hands at around EUR 4,600 per square metre (sq. m.), whereas apartments in the same neighborhoods sell for around EUR 3,500 per sq. m. Apartments in Athens centre or Kolonaki cost on an average, EUR 3,800 per sq. m.

Rental yields on houses, especially in Athens’ suburbs, are the very poor, ranging from 2.05% to 2.56%. Apartments yield better returns, ranging from 2.56% to 4% if located in the suburbs, and 2.71% to 3.45% in the centre.

Property prices in Kolonaki and the suburbs are actually quite similar. For example, a 160 sq. m. apartment in Kolonaki costs around EUR 3, 800 per sq. m., whereas in the suburbs, it costs around EUR 3,900 per sq. m. A 250 sq. m. apartment in Kolonaki costs around EUR 4,500 per sq. m. while in the suburbs, it costs around EUR 4,400 per sq. m.

The same trend is evident in Crete. Houses cost on an average EUR 2,400 per sq. m. while apartments cost around EUR 1,800 per sq. m. In Crete, apartment rental ranges from around EUR 4 to EUR 6 per sq. m. per month.

Apartments in Crete also yield poor rental returns, ranging from 3.03% to 3.49%.

Greece - more data and information

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