What's happening in Athens?
Extensive research in this city has revealed a substantial gap between what property owners expect to receive for rent and what tenants are actually willing to pay.
A study conducted by comparing data from the online listings network Spitogatos Insights and the annual report of the real estate agency network RE/MAX Hellas has shown that the price gap can reach up to 35%, especially in areas such as Chalandri, Maroussi, and Agia Paraskevi.
In these areas, property owners hope to secure rental rates similar to those in the prestigious Kifisia district. However, the research indicates that tenants have the opportunity to negotiate lower rental rates due to insufficient knowledge among property owners about the actual rental value of their properties or due to an overestimation of rental demand at the stated prices.
The rental situation is also of interest in the suburbs of Athens, including Chalandri, Maroussi, and Agia Paraskevi, where rental rates are comparable to those in more expensive areas like Kifisia. The same trend is observed in areas such as Egaleo and Haidari, where the advertised rent is on par with rental rates in popular Piraeus neighborhoods.
What are the reasons for this situation?
The rise in property prices in Athens has prompted property owners to maximize their income, which may have led to inflated expectations. The research underscores the lack of information among many property owners about the actual potential rental value of their properties, attributed to several factors, including inadequate market research, limited access to data on current rental prices, and a mistaken perception of rental demand at the stated prices.
What are the consequences of this situation?
They are significant. Property owners lacking sufficient information may set inflated rental rates, missing out on the opportunity to earn additional income. On the other hand, tenants can take advantage of this informational gap to negotiate lower rental rates, saving money.
The study emphasizes the importance of high-quality information and market research for property owners in Athens. With a more accurate understanding of the rental market, property owners can establish more realistic rental rates and attract tenants more effectively.