The relentless rise in rental prices shows no signs of slowing down in 2025, making it increasingly difficult to find available housing in many areas across Greece.

One of the main drivers behind the shortage is the boom in short-term rentals like Airbnb, which has dramatically reduced the availability of properties for long-term lease. Meanwhile, rental prices are climbing steadily, even for older apartments.

Key factors that are anticipated to continue to shape rental trends in the coming years include government policies, interest rates, economic growth, ongoing urbanization, and international developments.

Alpha Bank’s latest economic study delves into the issue of housing affordability in Greece, highlighting how property prices are rising much faster than household incomes, worsening the prospects for affordable home ownership.

In Greece, owning property has long been seen not only as a basic need but also as a primary form of savings and investment, with 74% of Greeks still viewing homeownership as a good investment, compared to just 25% who prefer renting for its flexibility.

Alarmingly, 52% of renters report spending more than 30% of their income on rent. Meanwhile, 68% believe that rents are no longer affordable relative to current wages, and 60% expect both rents and property prices to rise further over the next five years.

Regional Differences in Rental Markets

Fresh data from the Spitogatos Property Index (SPI) paints a stark picture of the rental market nationwide. The first quarter of 2025 ended with noticeable rental price hikes across nearly all regions.
The Cyclades top the list as the most expensive area in the country, with an average asking price of 14.2 euros per square meter.

They are followed by Athens’ Southern and Northern suburbs, the Athens city center, and Piraeus. Notably, Halkidiki in northern Greece remains one of the priciest rental markets.

On the other end of the spectrum, the lowest average asking rents are recorded in the prefectures of Kilkis, Thessaloniki’s rural areas, Pella, Kastoria, and Imathia.

In the Athens metropolitan area, Vouliagmeni holds onto its title as the most expensive neighborhood for rentals, with an average asking price of 20.0 euros per square meter.

For renters seeking more affordable options within Attica, areas such as Perama, the suburbs of Piraeus, Acharnes, offer lower average rental prices.