Finding a newly built apartment for less than €1,000 a month in the southern suburbs of Athens is becoming an almost impossible proposition. Along the capital’s sought-after coastline, more than a quarter of new homes are advertised for at least €2,500 a month, according to a study by real estate data company ReDataset.
The findings offer a closer look at the rental market along the Athens Riviera, where neighborhoods such as Glyfada, Voula,, Vouliagmeni, Elliniko and Palaio Faliro have emerged as some of the capital’s most expensive residential areas. The appeal of coastal living, improved infrastructure and a growing supply of modern homes has attracted interest from Greek and international buyers, helping establish the southern suburbs as a premium segment of the Greek property market.
One in Four New Homes Rents for at Least €2,500
According to ReDataset, the median asking rent for newly built properties in Athens’ southern sector stands at €1,500 a month. About 55% of the properties surveyed are advertised for between €1,000 and €2,500, while 13% fall into the €2,500 to €4,000 range. Another 13% are listed at €4,000 or more.
Combined, the two highest price brackets account for 26% of newly built rental properties. At the other end of the market, just 19% are advertised for less than €1,000 a month.
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The high rents also reflect the types of homes being offered. The median newly built rental property measures 88 square meters, or approximately 947 square feet, and roughly seven in 10 properties have at least 70 square meters of living space. Apartments measuring between 90 and 120 square meters represent the largest category, accounting for 25% of the market. Homes between 70 and 90 square meters and those larger than 120 square meters each account for another 23%.
Smaller apartments are considerably harder to find. Properties measuring less than 50 square meters make up just 11% of newly built rental listings.
Energy Efficiency and Modern Amenities Come at a Premium
Newly constructed homes in the southern suburbs also tend to offer higher energy efficiency standards and a range of modern amenities. Among properties with available energy ratings, 67% hold an A+ classification, the highest category, while another 20% are rated A. Together, these account for 87% of the properties surveyed. The remaining homes are rated B+ or B, representing 7% and 6%, respectively. Since June 2021, new construction in Greece has been required to meet at least an A energy rating. The ReDataset analysis, however, includes properties dating back to 2020, as well as buildings that may have been developed under earlier construction permits.
Beyond size and energy efficiency, newly built rental properties in Athens’ southern suburbs offer a range of modern building features and conveniences. Elevators are found in 85% of newly built rental homes, while 80% include parking spaces. Independent heating systems are available in 77%, and 56% have solar water heaters. Security systems are also increasingly common. More than half of newly built properties, or 52%, have an alarm system, compared with approximately 20% of older rental homes in the same area. Swimming pools, though less widespread, are included in 16% of newly built properties.
Southern Athens Leads in Newly Built Rental Supply
The study also reveals significant differences in the composition of rental markets across Athens. In the southern sector, newly built homes account for 9.8% of available rental properties, the highest proportion among the three areas examined. The northern suburbs follow at 7.8%, while the central sector of Athens trails at just 3.5%. Central Athens nevertheless has the largest overall supply of rental properties, with 20,563 homes advertised for rent. The southern sector has 11,808 listings, compared with 7,750 in the northern sector.
Source: ot.gr