Real estate: How many rents it takes to buy a home in the Southern suburbs of Athens
A new real estate market analysis tool offers a different perspective on the price rally: notably in the Athens Riviera, sale prices have risen faster than rents, leading to lower returns for those buying property with the aim of leasing it.
- 31/03/2026 14:38
A new investment “tool” for the real estate market, the so-called “Property Thermometer,” was recently presented by Ilias Papageorgiadis and Spitogatos CEO Dimitris Melachrinos, as part of the event “Greece 2026: Business, Real Estate, Investments”.
The index is based on millions of data points from the Spitogatos platform and aims to provide a simpler answer to a key question for those considering investing in real estate: how many rents does it take to buy a home in each area? The more rents required to purchase a property, the lower its investment return is considered to be.
According to the index data, the Athens Riviera has seen a significant increase in sale prices compared to rents in recent years.
In 2019, the average cost of buying a home in the area corresponded to approximately 241 rents, while by 2025 this figure has reached 311 rents.
This means that sale prices have risen faster than rents, leading to lower returns for those purchasing property for rental income.
The Attica average – what applies to the south
The full results of the “Thermometer” were presented and analyzed at the event. The most important findings for Attica were the following (average number of rents required to purchase a typical home in each area):
Athens city center:
- 2019: 161 rents
- 2025: 212 rents
Sale prices increased faster than rents. Lowest return in 2025: Historic Center, with 317 rents.
Northern suburbs:
- 2019: 271 rents
- 2025: 288 rents
In other words, sale prices increased at roughly the same pace as rents. Lowest return in 2025: Papagou, with 459 rents.
Southern suburbs:
- 2019: 241 rents
- 2025: 311 rents
Sale prices increased faster than rents. Lowest return in 2025: Argyroupoli, with 387 rents.
Western suburbs:
- 2019: 202 rents
- 2025: 238 rents
Sale prices increased faster than rents. Lowest return in 2025: Petroupoli, with 335 rents.
Eastern suburbs:
- 2019: 250 rents
- 2025: 256 rents
Sale prices increased at roughly the same pace as rents. Lowest return in 2025: Gerakas, with 331 rents.
Piraeus:
- 2019: 184 rents
- 2025: 242 rents
In other words, sale prices increased faster than rents. Lowest return in 2025: Neo Faliro, with 284 rents.
Piraeus suburbs:
- 2019: 181 rents
- 2025: 241 rents
In other words, sale prices increased faster than rents. Lowest return in 2025: Drapetsona, with 332 rents.
Rest of Attica:
- 2019: 246 rents
- 2025: 221 rents
Rental prices increased faster than sale prices. Lowest return in 2025: Saronida, with 333 rents.
The surprise: similar returns in very different areas
One of the most interesting conclusions is that areas with very different price levels can show similar investment returns.
A characteristic example is the comparison between:
- Glyfada – 342 rents
- Petroupoli – 335 rents
- Drapetsona – 332 rents
Although the cost of buying a home in Glyfada is significantly higher, the investment return appears similar to that of lower-priced areas.
According to Dimitris Melachrinos, this shows that limited property supply in certain areas can significantly drive up sale prices, ultimately affecting investment returns.