Why are rental prices in the Southern Suburbs increasing?
The Southern Suburbs of Athens, including Voula, Glyfada, Elliniko, and Faliro, are experiencing a surge in rental prices. These areas are considered the flagship of the Greek real estate market due to their coastal appeal, upgraded infrastructure, and high quality of life. This attractiveness draws both local and international buyers, driving up demand and consequently, rental prices.
What is the distribution of rental prices for newly built properties?
According to ReDataset, rental prices for newly built properties in the Southern Suburbs show significant variation. About 26% of these properties are rented for €2,500 or more per month, while only 19% are available for less than €1,000. The median monthly rent is €1,500, with 55% of properties falling between €1,000 and €2,500. Notably, 13% of newly built properties are rented for between €2,500 and €4,000, and another 13% exceed €4,000 per month.
How do property sizes affect rental prices?
The size of newly built properties in the Southern Suburbs also influences rental prices. The median size is 88 square meters, with around 70% of properties being at least 70 square meters. Properties between 90 and 120 square meters represent the largest category at 25%, followed by those between 70 and 90 square meters and over 120 square meters, each at 23%. Smaller properties under 50 square meters are less common, comprising only 11% of the market.
What is the energy efficiency status of these properties?
Energy efficiency is a significant factor in the Southern Suburbs' rental market. Nearly 67% of newly built properties are classified as energy class A+, and an additional 20% are class A. Overall, 87% of properties fall into the top two energy classes, reflecting a strong emphasis on sustainability in newer constructions. This trend is partly due to regulations requiring a minimum energy class A for new buildings since June 2021.
What amenities are commonly found in newly built properties?
Newly built properties in the Southern Suburbs offer a range of amenities. An elevator is present in 85% of properties, parking spaces in 80%, and autonomous heating in 77%. Solar water heaters are included in 56% of properties. Additionally, 52% of newly built properties feature alarm systems, compared to about 20% in older properties. Pools are less common but still present in 16% of new constructions, indicating a focus on both basic and luxury amenities.
How does the Southern Suburbs market compare to other areas?
The Southern Suburbs have a distinct market profile compared to other regions. The Central Sector has 20,563 properties available for rent, while the Southern Sector offers 11,808, and the Northern Sector has 7,750. This distribution highlights the Southern Suburbs' unique appeal and competitive rental market, driven by its desirable location and property features.
Frequently asked questions
What are the most expensive areas in the Southern Suburbs?
Voula, Glyfada, Elliniko, and Faliro are among the most expensive areas in the Southern Suburbs due to their coastal location and high demand.
What is the average size of newly built properties in the Southern Suburbs?
The average size of newly built properties in the Southern Suburbs is 88 square meters, with most properties being at least 70 square meters.
How energy efficient are the new properties in the Southern Suburbs?
Approximately 87% of newly built properties in the Southern Suburbs are classified as energy class A or A+, indicating high energy efficiency standards.
What amenities are typically included in new properties?
New properties often include elevators, parking spaces, autonomous heating, solar water heaters, and alarm systems, with some also featuring pools.
How does the rental market in the Southern Suburbs compare to other areas?
The Southern Suburbs have a competitive rental market with high demand, offering fewer properties than the Central Sector but more than the Northern Sector.
Key takeaways
- Rental prices in the Southern Suburbs are among the highest in Athens.
- 26% of newly built properties rent for over €2,500 monthly.
- The median property size is 88 square meters.
- 87% of properties are energy class A or A+.
- Common amenities include elevators, parking, and autonomous heating.
Conclusion
The Southern Suburbs of Athens continue to be a highly sought-after area for real estate, with rental prices reflecting the demand for quality living spaces. The combination of coastal appeal, modern amenities, and energy-efficient properties makes this region attractive to both local and international renters. As the market evolves, these factors will likely continue to drive rental prices and influence the overall real estate landscape in Athens.
