With the exception of the buildings close to the subway stations in Athens and Thessaloniki, where the demand for housing remains very high, in most of the municipalities the prices remain the same as those in 2007 and no changes are foreseen for the near future.

The results of a survey made by the real estate agency REMAX were confirmed by the chairman of the Greek Real Estate Owners Federation Stratos Paradias. “The demand for renting of premises for professional use as well as for private housing has drastically decreased” said Mr. Paradias for the “Elefteros Tipos” newspaper.

According to the research of REMAX the amount of the rents depends on the area and the local infrastructure (for ex. If there are subway stations close by, is it close to a university, to the public transportation network etc.), from the quality of the apartment (is there an elevator, autonomous heating, parking lot, warehouse premises etc.) as well as from its characteristics (how long ago it was build, which floor it is situated on etc.)

In the cheapest areas in Athens and Thessaloniki the rents start from EUR 3/m2 a month and go up to amounts higher that EUR 25/m2 a month in areas like Kolonaki, Plaka, Likavitos in Athens. In other words – the monthly rent of an apartment in Kolonaki is equal to the 8-months rent for an apartment in the poor area Kolono.

The survey shows that the Greeks prefer newly build buildings and those ones that are not older than 10 – 15 years, with a total area of 80 – 90 m2 on a higher floor and rent of about EUR 450 – EUR 700 a month. The foreigners who leave in Greece prefer older buildings - 20 years old or more with total area of 60 – 80 m2, usually on the first floor and with prices of about EUR250 – EUR500 per month.

The market for apartments for rent in the past few years to a great extent was supported by the immigrants who rented apartments in areas of Athens who were abandoned by the Greeks as well as those who were left by their tenants because they were able to afford to buy housing with a credit.