x

Economy

Landlords Seize The Day, Rents Double in Greece During Pandemic

ATHENS – The COVID-19 pandemic is still lingering but landlords eager to recoup losses during early lockdowns – coupled with the return of short-term rentals – are driving up the rents for apartments in the Greek capital.

Oddly, most of the biggest increases aren’t in luxury or multiple-bedroom units, but smaller units of 20-40 square meters (215-430 square feet) because they are more affordable despite hikes, noted Kathimerini in a feature report.

The paper said rent speculation is running amok, with rents doubling in some cases, locking out lower-income people and with more units being taken off tge market and used for vacation rentals, such as Airbnb.

“We observe requested prices, even for semi-basements, corresponding to those that apply to penthouse apartments, while in other cases the average cost per square meter is close to London prices,” a real estate market executive who wasn’t named told the paper.

Many of these properties are furnished and equipped, as their owners had intended to utilize them through short-term leases but those who can’t get vacationers are basing increases on those amenities being added.

Some try to attract students from other cities so they can make the property available for the summer but the rents are now prohibitive for many Greek families and apartment-seekers.

For example, a monthly rent of 1,000 euros ($1058.68) is asked for a 10-year-old 37 square meters (398 square meters) apartment at Ano Sourmena in Elliniko, where an 8-billion euro ($8.47 billion) major development is in its embyronic stages and will make the neighborhood a hot spot.

In Maroussi (Nea Filothei area), the monthly rent demanded for the same size apartment, 47 years old and renovated, is 1,000 euros ($1058.68) while in the center of Athens near Panatheniaic Stadium a renovated 1958 apartment of 40 square meters (435 square feet) is going for 850 euros ($900.)

RELATED

ATHENS - Investigators looking into a fire at a factory containing a catering company that delivered tainted meals to elementary school students, sickening them, are said to have found evidence it may have been set to cover up evidence.

Top Stories

Columnists

A pregnant woman was driving in the HOV lane near Dallas.

General News

NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.

Video

Zelensky outcries to world from Kharkiv (VIDEO)

KHARKIV - Ukraine’s president, Volodymyr Zelenskiy, has released a video plea calling on world leaders to attend a “peace summit” next month in Switzerland after a deadly Russian attack on a DIY hypermarket in Kharkiv on Saturday.

WASHINGTON (AP) — During the presidential election four years ago, the Equal Ground Education Fund hired over 100 people to go door-to-door and attend festivals, college homecomings and other events to help register voters across Florida.

Reaction from the basketball world to the death Monday of Bill Walton: ___ “My very close friend, fellow Bruin and NBA rival Bill Walton died today.

ATHENS - Investigators looking into a fire at a factory containing a catering company that delivered tainted meals to elementary school students, sickening them, are said to have found evidence it may have been set to cover up evidence.

ATHENS - Nine demonstrators in Greece from the United Kingdom and European Union countries who backed Palestinians during Israel’s invasion of the Gaza Strip in a hunt for Hamas terrorists are protesting their imminent deportation.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. [email protected]

You may unsubscribe at any time using the link in our newsletter.