Athens Rental Crisis Leaves Homes Under €600 Almost Impossible to Find

by · Greek City Times

Affordable rental housing in Athens has become increasingly difficult to find, with properties priced below €600 accounting for just 1.2% of available family apartments in 2026, down from around 20% four years earlier.

The sharp decline is placing growing pressure on families, students and tenants searching for affordable accommodation across Attica, according to a study by Delfi Analytics published by Parapolitika.

The figures focus on family-sized apartments measuring between 80 and 110 square metres, a segment that attracts strong demand from households seeking reasonably priced accommodation.

The collapse in availability has been particularly severe in several parts of the wider Athens region.

Read more: Greece Opens Applications for €36,000 Home Renovation Grants

In Piraeus, the share of available properties in this price category fell from 35% in 2022 to just 2.7% in 2026.

The western suburbs recorded a decline from 35.6% to 3.4%, while the rest of Attica saw availability drop from 27% to 6.9%.

Rents continue climbing across Attica

While average asking rents across Greece remained unchanged year-on-year in the third quarter of 2026, Attica recorded a 5% increase, compared with 4.8% during the same period in 2025.

Some areas experienced substantially sharper rises.

Kaisariani recorded an annual increase of 25.7%, followed by Nea Psychiko at 21.8% and central Athens at 19.1%.

In some of the capital’s most expensive neighbourhoods, asking rents have reached €22.40 per square metre in Vouliagmeni and €18 per square metre in Kolonaki and Lycabettus.

The figures highlight the growing divide between rental costs in Athens and the affordability of housing for ordinary households.

Students face growing housing pressure

Students are among those most affected by the shortage of affordable accommodation.

Asking rents for student housing in Athens have increased by 164% since 2017, reaching an average of €12.80 per square metre.

The pressure is compounded by limited university accommodation, with public student residences covering just 4.6% of students who study away from their family homes, according to the study.

The research suggests the problem is not simply a lack of residential buildings, but the limited number of properties actually available to rent at affordable prices.

Data from 2021 recorded 526,154 vacant residential properties across Attica, representing 24.3% of the region’s total housing stock of 2,162,826 properties.

In the Municipality of Athens, the proportion of vacant homes reached 26.8%.

The figures include holiday homes and secondary residences, meaning not every vacant property is necessarily suitable or available for long-term rental.

Almost half of the vacant properties, or 48.3%, were built between 1961 and 1980.

Why vacant homes are not returning to the market

The study identifies taxation, concerns about tenant-related risks and renovation costs as key reasons landlords choose to keep properties vacant.

At the same time, the condition of available housing does not always match what prospective tenants are seeking.

Around 92% of renters in Attica are looking for renovated apartments. However, 90% of homes rented in 2026 were more than 20 years old, while newly built properties accounted for just 4%.

The supply of smaller properties is also contracting. Published listings for homes measuring up to 80 square metres in Athens fell by 9.5% in one year.

A restriction on new short-term rental registrations in the first three municipal districts of Athens, extended through 2027, has helped limit the movement of residential properties out of the long-term rental market.

However, Delfi Analytics warns that the measure alone cannot guarantee that vacant homes will return to the rental supply.

Demand far exceeds affordable supply

The study also highlights the intense competition for smaller, lower-priced properties.

Around half of rental demand in Attica comes from tenants whose existing leases have expired.

More than half of prospective renters, or 53%, are searching for properties measuring up to 75 square metres.

Of those, 23% want homes of up to 50 square metres, while 30% are looking for properties between 51 and 75 square metres.

A further 27% are seeking apartments between 76 and 100 square metres, 16% want properties measuring 101 to 150 square metres, and 4% are looking for homes larger than 150 square metres.

In central Athens, each listing for a small apartment priced at up to €600 attracts an average of 21 prospective tenants.

The competition is considerably lower for properties with higher asking rents.

Piraeus Bank survey points to growing uncertainty

Separate findings from Piraeus Bank’s quarterly Housing Sentiment Index suggest households are becoming increasingly concerned about the direction of the property market.

The survey, conducted since the fourth quarter of 2023, found that household sentiment remained cautiously positive overall, but expectations deteriorated in the third quarter of 2026.

Across the survey’s questions, the majority of households shifted from positive assessments towards mildly negative expectations.

Piraeus Bank suggests geopolitical uncertainty, energy insecurity, inflation and the possibility of further European Central Bank interest rate increases could be weighing on household confidence.

The survey also reflects the perception that the property market has favoured sellers in recent years, leaving prospective buyers with less negotiating power.

Most respondents still expect property prices to rise, although at a slower pace.

While assessments of household finances remain cautiously positive, mortgage repayments continue to be viewed as a significant financial burden.

The findings point to mounting pressure on Greece’s housing market, where rising rents, limited affordable supply and growing competition are making it increasingly difficult for households to secure suitable accommodation.

Source: originally published in Kyriakatiki Apogevmatini.

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