Rental yields are moderate to good in Athens, with surprisingly higher yields in Athens’s suburbs

Residential Valuation Specialist | March 03, 2022

Last Updated: Mar. 3, 2022
ATHENS CENTER
HISTORICAL CENTER APARTMENTS
COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
75 sq. m. 290,414 1,228 5.07% 3,872 16.37
KOLONAKI - LYKAVITTOS APARTMENTS
50 sq. m. 171,251 839 5.88% 3,425 16.78
85 sq. m. 326,417 1,334 4.90% 3,840 15.69
120 sq. m. 552,748 2,110 4.58% 4,606 17.58
200 sq. m. 958,508 3,190 3.99% 4,793 15.95
ATHENS SOUTH
GLYFADA APARTMENTS
50 sq. m. 197,266 882 5.36% 3,945 17.63
120 sq. m. 462,317 2,196 5.70% 3,853 18.30
VOULA APARTMENTS
120 sq. m. 340,196 778 2.74% 6,804 15.55
120 sq. m. 593,008 2,814 5.69% 4,942 23.45
VOULIAGMENI APARTMENTS
75 sq. m. 444,385 1,322 3.57% 5,925 17.63
120 sq. m. 901,850 2,543 3.38% 7,515 21.19
ATHENS NORTH
KIFISSIA APARTMENTS
50 sq. m. 153,632 1,030 8.05% 3,073 20.60
120 sq. m. 379,427 2,278 7.20% 3,162 18.98
PALEO PSICHIKO
50 sq. m. 130,790 650 5.96% 2,616 13.00
120 sq. m. 476,872 1,676 4.22% 3,974 13.97
SANTORINI HOUSES
50 sq. m. 293,492 1,400 5.72% 5,870 28.00
120 sq. m. 684,154 3,096 5.43% 5,701 25.80
CRETE -
VILLAS
50 sq. m. 242,814 447 2.21% 4,856 8.94
120 sq. m. 183,098 860 5.64% 1,526 7.17
All yields are gross - i.e., before taxes, repair costs, ground rents, estate agents fees, and any other costs. Net yields (what you´ll really earn) are typically around 1.5% to 2% lower.
Source: tospitimou Definitions: Data FAQ See also: Update Schedule

The Gross rental yield is the rent the landlord will earn - before taxation, vacancy costs, and other costs - compared to the property´s purchase price.

In central Athens, specifically Athens Historical Center and Kolonaki - Lykavittos, gross rental yields range from 3.9% to 5.8%.

Athens suburbs´ gross rental yields are moderate to good, ranging from 2.7% to 5.7%. In Glyfada, for a 120 square metre (sq. m.). apartment, you will typically get a rental yield of 5.7%, which is surprisingly good. Many expats favored living in this area because this is a seaside suburb and has access to variety of restaurants, cafes, pubs and shopping districts. In Voula, where most locals live and which is considered an ideal overseas property destination, you can earn a rental yield of 5.69% for a 120 square metre (sq. m.) apartment. Voula is richer than Glyfada. However, you will probably only earn around a 3.38% rental yield for a 120 square metre (sq. m.) for an apartment in Vouliagmeni.

In Kiffisia, one of the most expensive suburbs in Northern Athens, the gross rental yield can be surprisingly high. A 50 square metre (sq. m.) apartment can yield 8% and a 120 square metre (sq. m.) apartment can yield 7.2%.

Smaller apartments tend to have higher rental yields than larger ones.

How much do apartments cost?

Central Athens’ average apartment price ranges from EUR 3,000 to EUR 4,000 per square metre (sq. m.), while in the suburbs of Athens, apartments cost around EUR 3,000 to EUR 7,000, relatively more than in the centre. Apartments in Crete cost around EUR 1,000 to EUR 4,000 per square metre (sq. m.), much lower than in Santorini, which costs approximately EUR 5,000 per sq, m. Rental yields are moderately lower here than in Athens Center and suburbs.

Round trip transaction costs are quite high for residential property in Greece. See our Residential transaction cost analysis for Greece.

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