Athens rents plummet

first_imgReflecting the overall shrunken state of the Greek economy, rents for small, old Athenian apartments of up to 60 square meters have fallen by a total of 50 per cent since the recession started in 2008, according to research conducted by real estate consultancy group Remax Newdeal.Rental rates for such properties have dropped by an estimated 5 to 7 per cent over the past year alone, the same study revealed. The drastic slide in rental rates for small, old flats in Athens, which wipes out the considerable gains made by property owners in the run-up to the economic crisis, has been attributed to the reduced number of Greek students relocating to the capital for studies, as well as lower demand from the immigrant market.Another study, conducted by Alpha Bank, showed that rent levels increased by nearly 43 per cent between 2000 and 2011. The same study also revealed that property values soared by 91 per cent between 2000 and 2008.Source: Ekathimerini Facebook Twitter: @NeosKosmos Instagramlast_img

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