Suburbs Where Buying is Now Cheaper Than Renting

In a significant trend, several suburbs in Athens are now experiencing a phenomenon where buying a property is cheaper than renting one, with areas like Kifissia and Glyfada leading the way.

This shift is particularly relevant in today's market, where rising rents and stagnant wages have made it difficult for many to afford basic housing. The Athens real estate market has been dynamic, with prices fluctuating over the past few years, but this new trend is causing many to rethink their housing strategies. Organisations like the Athens Realtors Association and the Hellenic Association of Realtors are taking notice, as they work to advise clients on the best options for their needs.

In specific neighbourhoods, such as those around Mitropoleos Street in the heart of Athens, and in the suburbs of Maroussi and Chalandri, buyers are finding that they can purchase a home for less than the cost of renting a similar property. For example, a 2-bedroom apartment in the Kifissia suburb can be purchased for around €180,000, while the average rent for a similar property is around €800 per month. This translates to a monthly mortgage payment of approximately €700, making buying the more affordable option.

Local Market Data

According to data from the Bank of Greece, the average price per square meter for apartments in Athens has decreased by 5% over the past year, from €2,300 to €2,180. Meanwhile, rents have continued to rise, with the average rent for a 2-bedroom apartment increasing by 10% over the same period, from €600 to €660 per month. This shift is making it more attractive for buyers to enter the market, particularly in suburbs where prices are lower. For instance, in the suburb of Acharnes, the average price per square meter is around €1,800, making it an attractive option for those looking to buy.

As the market continues to evolve, it's likely that we'll see more suburbs follow this trend. For those considering their options, it's essential to do their research and consult with experts, such as those at the Athens Realtors Association, to determine the best course of action. With the right advice and a bit of patience, buyers can find themselves in a better financial position by opting to purchase a property rather than renting. The key is to carefully weigh the costs and benefits, taking into account factors like mortgage rates, property taxes, and maintenance costs, to make an informed decision that suits their individual needs.