Apartment rates show resilience | Business

Asking prices for property sales and rental rates in Athens and Thessaloniki continue to rise, in the main, with just a few exceptions, according to a January survey carried out by online property ads platform Spitogatos.

Across the country the asking prices for properties grew 3.3% year-on-year last month, while asking rents were up 6.5% despite the pandemic. Only a handful of areas showed a considerable decline of more than 15%, the Spitogatos study showed.

“Asking prices and rents grew considerably across the country amid the pandemic – a phenomenon observed in about 80% of the zones in Attica and Thessaloniki – based on the data we have collected on our platform, but certain exceptions have also emerged, notably some areas of high demand near the center of Athens where rents are showing a decline,” notes Spitogatos chief executive Dimitris Melachroinos.

“We are waiting to see how the pandemic progresses and whether there will be a return of tourism – which would bring about the recovery of the short-term rental market – and how this will affect the market,” he adds.

In the capital, asking prices rose in 81.2% of areas, while 14.5% experienced a decline, and 4.3% saw no change. The highest asking prices were in Filothei (3,440 euros per square meter) and Sounio (€2,562/sq.m.). In Thessaloniki they grew in 82% of areas, while 14% observed a drop and 4% were unchanged, with the highest asking prices in Vyzantio (€1,750/sq.m.) and Doxa (€1,666/sq.m.).

As far as rental rates are concerned, they grew in 71.8% of districts in Attica, dropped in 23.9% and stayed put in 4.3%, while in Thessaloniki they advanced in 86.8% of areas, declined in 7.9% and were without change in 5.3%.

The growth in asking prices is attributed to a degree to the increase in staying at home due to the health crisis: “Apartments display resilience during the pandemic, given the restrictions on going out,” explains Geoaxis head Giannis Xylas.