Athens recorded the fastest increase in rents among major cities surveyed worldwide over the past decade, according to Deutsche Bank’s latest Mapping the World’s Prices 2026 report, highlighting the growing pressure facing Greek households despite years of economic recovery.
The German bank’s study found that rents in the Greek capital rose by approximately 144 percent between 2016 and 2026, the sharpest increase among the 69 cities included in the survey.
The findings place Athens ahead of cities that have long been associated with housing affordability crises, underscoring how dramatically the Greek capital’s housing market has changed since emerging from the country’s sovereign debt crisis.
Housing Costs Outpaced Income Growth
While wages in Athens have also increased during the same period, they have failed to keep pace with housing costs.
According to the Deutsche Bank report, average net salaries in the Greek capital rose by around 61 percent over the decade — a significant increase, but less than half the pace of rent growth.
As a result, many households are now spending a growing share of their income on housing, particularly younger workers and families renting in central neighborhoods.
The study also found that Athens ranks among the lower-income capitals included in the survey despite the recent wage gains.
Property Prices Also Climbed Sharply
The pressure is not limited to renters.
Deutsche Bank’s figures show Athens recorded the fourth-largest increase in housing prices globally since 2016, reflecting a broader recovery in the Greek property market after years of depressed valuations during the financial crisis.
The rebound has attracted substantial interest from foreign investors, international buyers, and institutional funds seeking exposure to the Greek real estate market.
At the same time, housing supply has struggled to keep up with demand in many areas of the city.
Affordable by European Standards, But Not for Greeks
Despite the rapid increases, Athens remains cheaper in nominal terms than many Western European capitals.
Average rents and property prices are still considerably below those in cities such as London, Paris, Amsterdam, or Dublin.
For local residents, however, affordability is increasingly determined by income rather than international comparisons.
Economists have increasingly pointed to the widening gap between wages and housing costs as one of the most significant social and economic challenges facing Greece.
A Growing Political and Economic Issue
Housing affordability has become a central issue in Greek public debate as policymakers seek ways to increase supply and ease pressure on renters.
Analysts frequently cite a combination of factors behind the surge, including the recovery of the property market following the debt crisis, increased foreign investment, strong tourism demand, and limited housing construction during the recession years.
The Deutsche Bank findings suggest that Athens has become one of the clearest examples of how a strong real estate recovery can coexist with mounting affordability pressures for local residents.
Related: IMF Warns Empty Homes Are Deepening Greece’s Housing Crisis
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