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

Residential Valuation Specialist | May 21, 2022

Last Updated: May 21, 2022
Athens Historical Centre apartments COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
50 sq. m. 258,300 768 3.57% 5,166 15.35
75 sq. m. 285,225 1,080 4.54% 3,803 14.40
120 sq. m. 658,800 1,459 2.66% 5,490 12.16
Athens Centre-Kolonaki apartments
50 sq. m. 177,800 812 5.48% 3,556 16.24
85 sq. m. 303,975 1,156 4.56% 4,053 15.41
120 sq. m. 575,400 1,944 4.05% 4,795 16.20
Southern Athens- Glyfada apartments
50 sq. m. 208,750 757 4.35% 4,175 15.14
120 sq. m. 231,225 1,004 5.21% 3,083 13.38
120 sq. m. 376,080 1,427 4.55% 3,134 11.89
Southern Athens-Voula apartments
120 sq. m. 193,800 695 4.30% 3,876 13.90
120 sq. m. 273,375 1,108 4.86% 3,645 14.77
120 sq. m. 470,280 1,655 4.22% 3,919 13.79
Northern Athens -Kifissia apartments
75 sq. m. 205,275 975 5.70% 2,737 13.00
120 sq. m. 337,440 1,355 4.82% 2,812 11.29
Santorini detached houses
50 sq. m. 635,040 n.a. n.a. 5,292 n.a.
Mykonos maisonettes
50 sq. m. 536,900 n.a. n.a. 5,369 n.a.
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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