In the second quarter of 2024, the average residential rent price in Greece ranged between *** euros per square meter and **** euros per square meter, depending on the area. Chalkidiki had the highest average residential rent price in the country by far, at ***** euros per square meter, followed by the Cyclades at ***** euros per square meter and the southern part of Athens at **** euros per square meter. In contrast, Kilkis prefecture had the lowest rental price per square meter at **** euros.

The house price to rent ratio in Greece has increased quarter-on-quarter since 2017, reaching the highest index value on record in 2024. In the second quarter of the year, the index value amounted to *****. The house price to rent ratio is calculated by dividing nominal house prices by rent prices, with 2015 chosen as a base year when the index stood at 100. An index value of *** means that house prices have increased by ** percent more than rents since 2015. Greece's index was higher than the OECD average house price to rent ratio.

The prime headline rent for office real estate in Athens, Greece, has increased steadily since 2013. In *****, the annual prime office rental rate was *** euros per square meter, which was an increase from 2023 when the square meter rent amounted to *** euros. Headline rents refer to the rent payable after rent-free periods or incentives, excluding fees and taxes. Despite having some of the lowest vacancy rate, Athens had one of the most affordable office markets among the main European office markets.

Greece GR: Standardised Price-Rent Ratio: sa data was reported at 132.518 Ratio in 2024. This records an increase from the previous number of 128.040 Ratio for 2023. Greece GR: Standardised Price-Rent Ratio: sa data is updated yearly, averaging 98.873 Ratio from Dec 1997 (Median) to 2024, with 28 observations. The data reached an all-time high of 132.518 Ratio in 2024 and a record low of 75.137 Ratio in 1997. Greece GR: Standardised Price-Rent Ratio: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Greece – Table GR.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Annual. Nominal house prices divided by rent price indices. The long-term average is calculated over the whole period available when the indicator begins after 1980 or after 1980 if the indicator is longer. This value is used as a reference value. The ratio is calculated by dividing the indicator source on this long-term average, and indexed to a reference value equal to 100.

In 2023, the index for residential rents in the euro area stood at ***** index points. Nevertheless, most European countries recorded a higher increase in rental prices. In Turkey, where inflation has been extremely high in recent years, the index soared to *** index points. That means that the rents increased by *** percent since 2015, the base year with index value of 100. Six other countries had an index value of over *** index points, including Lithuania, Hungary, and Slovenia. Conversely, Greece was the only country where rents have declined since 2015.

In the presented European countries, the homeownership rate extended from 42 percent in Switzerland to as much as 96 percent in Albania. Countries with more mature rental markets, such as France, Germany, the UK and Switzerland, tended to have a lower homeownership rate compared to the frontier countries, such as Lithuania or Slovakia. The share of house owners among the population of all 27 European countries has remained relatively stable over the past few years. Average cost of housing Countries with lower homeownership rates tend to have higher house prices. In 2023, the average transaction price for a house was notably higher in Western and Northern Europe than in Eastern and Southern Europe. In Austria - one of the most expensive European countries to buy a new dwelling in - the average price was three times higher than in Greece. Looking at house price growth, however, the most expensive markets recorded slower house price growth compared to the mid-priced markets. Housing supply With population numbers rising across Europe, the need for affordable housing continues. In 2023, European countries completed between one and six housing units per 1,000 citizens, with Ireland, Poland, and Denmark responsible heading the ranking. One of the major challenges for supplying the market with more affordable homes is the rising construction costs. In 2021 and 2022, housing construction costs escalated dramatically due to soaring inflation, which has had a significant effect on new supply.