Asking prices for rental housing in Attica have seen a substantial increase of 30% from the first quarter of 2019 to Q1 2026, according to the latest data. The first quarter of this year alone recorded a 4.8% rise in Attica, while Thessaloniki experienced an even sharper increase of 12.5%, and the rest of Greece saw an 11.4% jump.
Housing Crisis Persists Despite Slowing Rate of Increase
This consistent upward trend is a clear indicator of the ongoing housing crisis, where a significant deficit of available rental properties continues to drive prices to new heights. This occurs even as citizens’ real incomes remain suppressed, creating a growing affordability gap.
According to the Spitogatos – SPI price index, high prices were maintained in Q1 2026, although the rate of increase appears to be slowing down. In 2025, the increase did not exceed 4.5%, a noticeable deceleration compared to the 8.1% recorded in 2024. Despite this slowdown, prices, particularly in the center of Athens where much of the demand is concentrated, are now exceptionally high, rivaling those in the northern suburbs.
Athens Center and Northern Suburbs See Similar High Prices
Both in the center of Athens and its northern suburbs, the average asking price currently stands at €11.54 per square meter. The average increase over the last 12 months (Q1 2025-2026) was 5.8% in the center and 3.9% in the northern suburbs. This phenomenon is partly attributed to the smaller surface area of rental housing stock in the city center compared to the more spacious properties found in the northern suburbs.
Significant Increases Across Attica and Thessaloniki
Large increases are also observed in other parts of Attica, with a 6.3% rise on an annual basis, bringing the average price to €9.38/sq.m. In the Municipality of Thessaloniki, the increase in the first quarter of this year reached 8.3%, pushing the average price to €10/sq.m. from €9.23/sq.m. a year ago.
Overall, the average asking price in Attica has climbed by 30% since the first quarter of 2019. However, when excluding the center of Athens, where the increase is smaller (16.5%) due to a significant portion of the rise occurring between 2017 and 2018, the increases in most other areas of Attica are considerably higher.
Wages Lag Behind Rising Rents
A recent analysis by the Foundation for Economic and Industrial Research (IOBE) highlighted that between 2019 and 2025, the average wage in the private sector increased nominally but marginally decreased in real terms. The Labor Ministry reported that over this six-year period, the average nominal wage increased by 17.4%.
While the minimum wage expanded by 13.4% in real terms, the average wage for all employees has remained stagnant in terms of purchasing power. This disparity is because other wage brackets did not keep pace with the minimum wage increases, resulting in 63% of private sector employees currently being paid the minimum wage.
The widening gap between rising rental costs and stagnant real wages underscores the pressing affordability challenges faced by residents across the Greater Athens region and other parts of Greece.
