Athens rent­ing is quite cheap

Kathimerini English - - Focus - NIKOS ROUSSANOGLOU

Athens is the sixth cheap­est cap­i­tal in Europe among 35 states in terms of house rental costs, as rates have de­clined so much in the years of the eco­nomic cri­sis that they have off­set the in­crease in the num­ber of house­holds turn­ing to rentals be­cause they are un­able to ac­quire their own house.

Data from the Global Prop­erty Guide put the av­er­age monthly rent in Athens at 984 eu­ros for a 120-square me­ter apart­ment in per­fect con­di­tion, i.e. re­cently ren­o­vated and in one of the city’s bet­ter lo­ca­tions. In most coun­tries sur­veyed this is re­garded as the city cen­ter but in Athens it mainly con­cerns its sub­urbs.

The only Euro­pean cap­i­tals that boast cheaper rental rates than Athens for sim­i­lar apart­ments are Skopje (565 eu­ros), Sofia (566 eu­ros), Nicosia (757 eu­ros), An­dorra (942 eu­ros) and Chisinau in Moldova (965 eu­ros). Other Balkan cap­i­tals such as Belgrade (994 eu­ros) and Bucharest (1,193 eu­ros) are more ex­pen­sive than Athens.

Ac­cord­ing to es­ti­mates by lo­cal es­tate agents, rental rates in Greece have de­clined by about 40 per­cent since the out­break of the cri­sis, and the an­nual pace of de­cline comes to around 5 per­cent.

Lon­don is by far the cap­i­tal with the high­est rate, at 8,213 eu­ros for a 120-sq.m. apart­ment in per­fect con­di­tion, with Paris a dis­tant sec­ond at al­most 4,000 eu­ros. man­age­ment, led by ex­ec­u­tive pres­i­dent Anna Pousk­ouri, will im­me­di­ately pro­ceed to a rad­i­cal re­struc­tur­ing and the strict im­ple­men­ta­tion of bank­ing rules at all lev­els of op­er­a­tion. It will also cover the 70 mil­lion eu­ros not cov­ered by the share cap­i­tal in­crease last year.

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