Cypriot students seeking higher education in Greece face a daunting rental market, marked by record-high prices and limited availability, according to Danos International Property Consultants and Valuers.
The surge in tourism has fueled short-term rentals, further squeezing the supply of student housing, particularly in formerly affordable areas like Koukaki in Athens. Landlords increasingly favour platforms like Airbnb, exacerbating the shortage.
Athens is especially challenging, with zero availability for properties under €300 per month, compared to 3% in 2023 and 10% in 2022. Thessaloniki fares only marginally better, with just 8% of properties affordable for students, down from 12% last year.
“There is an increase in the number of properties with higher rents and a decrease in more affordable options. This trend reflects a 10%-15% increase in asking prices for renovated and fully equipped apartments compared to last year. The lowest rental prices have also increased by 8%-12% year-on-year. In Athens, the availability of student housing with rent up to €300 per month has dropped to zero. In contrast, in 2023 the availability was 3%, and in 2022 it was 10%,” Danos International Property Consultants and Valuers said.
Indicative Rental Costs:
- Athens (Kallithea): €450-€800 for 40-50 sqm, furnished.
- Athens (Petralona): €520-€750 for 35-50 sqm, renovated/furnished.
- Athens (Zografou): €430-€780 for 35-50 sqm.
- Thessaloniki (Vardaris): €300-€650 for 30-60 sqm, varies with condition.
- Thessaloniki (Kamara/Rotonda): €350-€740 for 30-60 sqm, varies with condition.
Kyriacos Kiliaris, Chief Marketing Officer at Danos and Associates, advises students to consider properties outside city centres, where prices are typically lower. He also recommends thorough property inspections and careful negotiation of rental terms before signing any agreements.
(Picture by Julia Tulke/Flickr)
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