Residential Real Estate Leases - Greece

The projected revenue of the Residential Real Estate Leases market market in Greece is expected to reach US$7.08bn in 2024.
Apartment Leases, being the dominant segment, is projected to have a market volume of US$4.64bn in 2024.
With an annual growth rate of 1.75% (CAGR 2024-2029), the revenue is expected to increase, resulting in a market volume of US$7.72bn by 2029.
The demand for residential real estate leases in Greece has been steadily increasing due to the country's attractive investment opportunities and affordable rental prices.

Definition:

The residential real estate leases market refers to the market where landlords and tenants enter into agreements for the rental of residential properties, such as apartments, houses, and condominiums. The lease outlines the terms of the rental agreement, including the duration of the lease, the amount of rent to be paid, and the responsibilities of both the landlord and the tenant. The lease may also include provisions for security deposits, maintenance and repair obligations, and renewal options.

Structure:

The residential real estate leases market comprises the lease of houses and apartments.

Additional information:

The residential real estate leases market includes the following KPIs: the revenue generated by real estate leases, the number of real estate leases, the average revenue per real estate lease, the share of dwelling type of tenants, and the average room per tenant. The dwelling type shares comprise the shares of the renter population that lives in houses and apartments.

Residential house and apartment leases

Real estate transactions
Commercial real estate
Accommodation services, such as Airbnb

The Residential Real Estate Leases market in Greece has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Residential Real Estate Leases market in Greece have shifted towards renting rather than buying properties. This can be attributed to a variety of factors, including changing demographics and lifestyle choices. Younger generations, in particular, are opting for the flexibility and freedom that renting offers, as it allows them to easily relocate for job opportunities or personal reasons. Additionally, the financial burden associated with purchasing a home, such as high down payments and mortgage payments, has made renting a more attractive option for many individuals and families. One of the key trends in the Residential Real Estate Leases market in Greece is the increasing demand for rental properties in urban areas. As more people choose to live in cities for work and lifestyle reasons, the demand for rental housing in these areas has surged. This has led to a rise in rental prices and a shortage of available properties, particularly in popular neighborhoods. Landlords are taking advantage of this trend by renovating and upgrading existing properties to attract tenants and maximize rental income. Local special circumstances in Greece have also played a role in the development of the Residential Real Estate Leases market. The country's economic crisis in the past decade has resulted in a decline in property prices, making it more affordable for individuals and investors to enter the rental market. Additionally, the Greek government has implemented policies to encourage foreign investment in the real estate sector, which has further stimulated the market. These factors have created opportunities for both domestic and international investors to capitalize on the growing demand for rental properties in Greece. Underlying macroeconomic factors have also contributed to the growth of the Residential Real Estate Leases market in Greece. The country's economic recovery and stabilization have increased consumer confidence and purchasing power, leading to higher demand for rental properties. Additionally, low interest rates and favorable financing conditions have made it easier for individuals and investors to access credit and invest in the real estate market. These factors have created a favorable environment for the expansion of the Residential Real Estate Leases market in Greece. In conclusion, the Residential Real Estate Leases market in Greece has experienced significant growth due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards renting, particularly in urban areas, has driven the demand for rental properties. The country's economic recovery and stabilization, along with favorable financing conditions, have created opportunities for both domestic and international investors. Overall, the future looks promising for the Residential Real Estate Leases market in Greece.

Data coverage:

Figures are based on total and average revenue of residential apartment leases.

Modeling approach:

Market size is determined by a bottom-up approach. We use national statistics, international organizations, and industry associations to analyze the markets. To estimate the market size for each country individually, we use relevant key market indicators and data from country specific industry associations such as GDP, price level index, household wealth, household size, number of renter and owner households, housing consumer spending per capita.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the market, for instance, exponential trend smoothing. The main drivers are GDP per capita, population, number of renter and owner households, price level index, housing consumer spending per capita.

Additional Notes:

Data is modeled using current exchange rates. The market is updated twice per year in case market dynamics change. The impacts of the Russia-Ukraine war considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.

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Residential Real Estate Leases - Greece

Volume

Analyst Opinion

Revenue

Affordability

Real Estate Type

Living Space

Methodology

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