Average prices per square metre (sq.m.) of apartments in the centre of Athens have dropped by around 11% during the year to July 2013. This is roughly in line with Bank of Greece’s house price index, wherein apartment prices in Athens dropped by roughly 13% during the year to end Q2 2013.
In our survey last year, apartments in the centre of Athens cost on average, EUR 3,800 per sq. m. But in our latest survey, the average price per sq. m. is now around EUR 3,300.
In the suburbs of Athens, i.e., Ekali, Kifisia, Psychiko, Glyfada, the average price per sq. m. of apartments is around EUR 2,600, while houses cost around EUR 3,100 per sq. m.
Apartments in Crete cost around EUR 1,800 per sq. m. while villas cost around EUR 2,400 per sq. m.
Monthly rents per sq. m. all throughout Athens range from around EUR 7 to EUR 9 per sq. m.
In Crete, monthly rents per sq. m. of apartments range from around EUR 4 to EUR 7.
Gross rental yields from properties in Greece, i.e. the gross return on investment in a property if fully rented out, are very poor, ranging from 2.57% to 4.12%.