The apartment rental offer appears reduced and large-area houses, over 115 sq.m. As can be seen from its relevant data Spitogatos.gr, in 10 of the 15 areas with the highest concentration of properties available for rent, there is a decrease in the number of properties from 2020 to date. On the contrary, only in five of them, an increase is observed.
The biggest drop is found in Paleo Faliro with 27.9% and in Kolonaki with 26.9%. A large decrease is also recorded in Kifissia with 23.6%, but also in Voula with 20.7%. This development should not be considered abnormal, given that all these areas have a very high stock of large housing, while smaller properties are more scarce. Thus, the demand manifested towards these points necessarily concerns large properties. Therefore, the reduction in the number of properties offered is something to be expected.
Other areas also recorded a significant drop, such as Nea Erythrea with 19.5%, Paleo Psychiko with 16.6%, Vouliagmeni with 14.4%, Alimos with 12.1%, Glyfada with 10.6% and Agia Paraskevi with 9.7%.
When the crisis began, the larger and more expensive properties were the first to go vacant, and it took bold price cuts, but also many years, for the housing category to recover.
As one can see, the areas of the Athenian Riviera and parts of the northern suburbs with large areas of real estate have seen a high absorption of housing and now the stock is starting to be limited. That this has occurred amid large increases in rental prices is indicative of high demand, but also of the financial ability of many households to cope even at these prices. Whether this is sustainable in the long term will be seen in the coming years. It is recalled that when the crisis began, the larger and more expensive properties were the first to be left vacant by users and brave price reductions were required, as well as many years, until this category recovered.
As for the places where the supply has increased, these are Vrilissia (23.7%), Chalandri (22.9%) and Maroussi (19.1%) from the northern suburbs, but also Nea Smyrni (15%) and Kypseli (11%). Particularly in the northern suburbs, one possible explanation for the double-digit increase in supply over 2020 may be that many leases signed in 2018-2021 were not renewed last year and this year. due to their landlords demanding large rent increases to bring prices in line with today’s reality. Thus, several properties have been re-allocated for rent at high prices and this stock has not yet been absorbed.
Mixed picture
The picture is more mixed when it comes to homes for sale. In particular, in eight areas there is an increase in the supply of houses over 115 sq.m., while in the remaining seven there is a decrease. Among them, Voula and Kifissia stand out, where the stock recorded a drop of 27.4% and 34.4% respectively. A large decrease of 18.6% is also observed in Kolonaki. Given the cost of real estate in these areas, it is evident that there is a portion of buyers who continue to place themselves in the market.
On the contrary, popular areas of the northern suburbs record an increased supply of properties for sale, which may be due to the fact that the asking prices are quite higher, compared to the financial capacity of the buying public. Besides, larger properties cost more, due to their larger surface area. Thus, a large increase compared to 2020 is found in areas such as Agia Paraskevi with 34.4%, Papagos with 28.5%, Chalandri with 25.6% and Vrilissia with 25.5%.
