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Airbnb: price dynamics for Greek residential and commercial real estate

Airbnb rental services are very popular with tourists. And this is especially noticeable by the number of concluded short-term lease agreements in Greece. The online service has had a significant impact on trends that have long been formed in the Greek real estate market.

New elite district in Athens

Traditionally, in the historical center of Athens was expensive housing. But recently prices began to rise in other parts of the city. According to Airbnb, renting per day in the Greek capital costs €52. And housing in the Kukaki area, whose popularity is increasing exponentially, is available on average for € 51. Last summer, the rental rate rose to €61. And the average rental price per month in Kukaki now stands at €679.

North Kifissia is historically more elite than Kukaki, but the demand for housing in it is significantly lower. Average daily rent is €59. And it turns out that the cost of renting an apartment in Kukaki is approximately on par with Kifissia.

Changes in the commercial real estate market

The growth of rent for business objects has provoked a decrease in demand for commercial premise; in the center of Athens particularly. Business property on the avenues of Singru and Kifissia has become a source of new investment opportunities – the purchased office complexes are being rebuilt as housing for sale and rent.

For July, August and September 2018, in offices of category A the monthly rent was increased to €16 -€21 per m2, and in offices of category B the price increased to €8 – €14 per m2. Prices for offices of the third category remained unchanged.

The greatest demand is for office centers in areas located close to the main thoroughfares and the metro, with its own warehouse and relatively small age of the building.

Attica numbers

In the northern part of Attica, first-class office space in buildings adjacent to main roads is in demand. On Kifissia Avenue, there you can rent an office for €11- €18 per m2 per month.

In the southern part of Attica, more expensive are offices with views of the sea, as well as being relatively close to the beach. On the Poseidon embankment, renting the first-class office in the complex “Stavros Niarchos” per month is €11- €17 per m2.

In the western part of the periphery, the cost per square meter ranges from €5- €11 per month per m2. In the Piraeus area, demand for offices along the Akti Condilis and Akti Miauli roads has increased. Here you can rent a room for work for €6 – €13 m2 / month.

 

Source: GD

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