Rental returns are moderate to good in Greece

Residential Valuation Specialist | August 30, 2018

Last Updated: Aug. 30, 2018
ATHENS CENTER
HISTORICAL CENTER APARTMENTS
COST (€) YIELD (p.a.) PRICE/SQ.M. (€)
TO BUY MONTHLY RENT TO BUY MONTHLY RENT
75 sq. m. 242,325 1,165 5.77% 3,231 15.53
KOLONAKI - LYKAVITTOS APARTMENTS
50 sq. m. 118,250 626 6.35% 2,365 12.51
85 sq. m. 211,480 1,123 6.37% 2,488 13.21
120 sq. m. 434,280 1,438 3.97% 3,619 11.98
200 sq. m. 690,800 2,832 4.92% 3,454 14.16
ATHENS SOUTH
GLYFADA APARTMENTS
50 sq. m. 143,800 710 5.92% 2,876 14.20
120 sq. m. 356,280 1,404 4.73% 2,969 11.70
VOULA APARTMENTS
120 sq. m. 369,240 1,546 5.02% 3,077 12.88
VOULIAGMENI APARTMENTS
75 sq. m. 264,075 1,119 5.08% 3,521 14.92
120 sq. m. 482,880 1,494 3.71% 4,024 12.45
ATHENS NORTH
KIFISSIA APARTMENTS
50 sq. m. 298,320 1,216 4.89% 2,486 10.13
120 sq. m. 518,200 1,914 4.43% 2,591 9.57
PALEO PSICHIKO
120 sq. m. 401,850 1,533 4.58% 2,679 10.22
SANTORINI HOUSES
150 sq. m. 539,700 n.a. n.a. 3,598 n.a.
CRETE -
VILLAS
50 sq. m. 64,200 355 6.63% 1,284 7.09
120 sq. m. 174,840 566 3.89% 1,457 4.72
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: Global Property Guide Definitions: Data FAQ See also: Update Schedule

How much will you earn? In the centre of Athens gross rental yields on apartments are quite good, at around 4.2% for apartments of 120 square metres (sq. m), but proportionately more for smaller apartments (5.7% for 75 sq. m.). To define terms, the gross rental yield is the rent the landlord will earn - before taxation, vacancy costs, and other costs - compared to the purchase price of the property.

In Kolonaki, an area where the elite of Athens used to live before many moved to the suburbs, full of high end shops and ritzy cafes at the base of Mount Lykavettos, the gross rental yield for smaller apartments (50 and 85 sq. m) averages 6.3%.  For larger apartments the return is less good.

The gross rental yield in suburbs of Athens is also surprisingly good.  In Glyfada, 50 sq. m. apartments can yield 6%, 120 sq. m. apartments 4.7%.  In Voula, 120 sq. m. apartments have average yields of 5%.  In lush Kyfissia returns are similar, as they are in Paleo Psichiko.  20 kilometres south of Athens on the seaside in Vouliagmeni returns are somewhat lower.

Again, smaller apartments will earn proportionately more.

How much do apartments cost? In our latest survey, the average price per square sq. m. in Central Athens ranges from around EUR 2,400 to EUR 3,600.

In the suburbs of Athens, i.e., Ekali, Kifisia, Psychiko, Glyfada, the average price per sq. m. of apartments ranges from around EUR 2,400 to EUR 3,650, while houses cost around EUR 3,200 per sq. m.

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

How easily will you rent your property? Properties are reasonably easy to let. Athens is a large city with traffic problems, and many people need to rent. Crete has a thriving Airbnb letting scene.

House prices in Greece have begun to recover.  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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