A new study by the Center for Liberal Studies (KEFiM), analyzing Eurostat data for 2024, finds that rental housing costs in Greece, particularly in Greater Athens, have reached levels deemed unsustainable for the average household.

According to the study, the rent-to-income ratio in the Athens metropolitan area stands at 70.2% for a typical one-bedroom apartment of up to 60 square meters, and 93.6% for a two-bedroom unit, compared with European Union averages of 31%-34% and 46%, respectively.

With the average full-time monthly salary at €1,500 in 2024, nearly the entire income is required to rent a standard two-bedroom apartment of 75-95 square meters, where rents average €1,400 in Attica. A smaller unit of 50-60 square meters costs about €1,050, based on weighted Eurostat data covering both older and newer properties across different areas.

These rental levels are broadly comparable to average rents in EU capitals, estimated at € 1,120 for a one-bedroom apartment and €1,514 for a two-bedroom unit. The disparity, the study notes, stems largely from significantly lower wages in Greece, where average monthly pay is €1,500 compared with €3,317 across the EU.

Historical data show a worsening trend. In 2015, during the financial crisis, the rent-to-income ratio for a one-bedroom apartment in Athens was 41.6%, already above the EU average of 23.7%. By 2024, the ratio had surged to over 70%, reflecting declining purchasing power and insufficient income recovery.

Eurostat data also indicate continued upward pressure on rents. In 2025, Greece recorded the second-highest annual increase in the EU at 10.1%, behind Croatia’s 17.6%. Average rents rose to €1,150 for one-bedroom apartments and €1,500 for two-bedroom units.

From 2000 to 2025, EU rents increased cumulatively by 56%, while Greece experienced fluctuations, including a 53% rise between 2000 and 2011, followed by a 26% decline from 2011 to 2018 during the fiscal crisis. Since 2023, rents have risen again by 5%-10% annually, outpacing inflation.

“The gap, which in 2025 exceeds seven percentage points, signals a rapid deterioration in housing affordability,” the study said.

Despite recent increases, rents remain 8.7% below pre-crisis levels in real terms, highlighting the impact of income losses.