What are the rental yields for apartments in Thessaloniki? (2026)

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Neighborhoods and apartment types in the 2026 Thessaloniki apartment market

This table compares apartment rental yields in Thessaloniki by neighborhood and apartment size, using the May 2026 residential apartment dataset.

For each area, the table shows estimated purchase price, estimated monthly rent, gross rental yield, and net rental yield for studios, 1-bedroom apartments, and 2-bedroom apartments. In the fuller tracker behind this article, we also review the operating details that matter for investors, including ownership costs, vacancy risk, time to rent, main tenant demand, main risk, and the likely investment profile.

Finally, please note you'll find much more detailed data in our real estate pack about Thessaloniki.

We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.

Which neighborhoods offer the best net yield among areas people actually want to live in Thessaloniki?

The best net-yield neighborhoods among areas people actually want to live in Thessaloniki are Rotonda-Kamara, Ano Poli, Toumba, Neapoli, and Vardaris-Lachanokipi with caution.

These areas offer stronger-than-average modeled net rental yields while still having real tenant demand. Rotonda-Kamara studios reach about 4.1% net yield, Ano Poli studios reach about 4.4%, Neapoli studios reach about 4.4%, Toumba studios reach about 3.8%, and Vardaris-Lachanokipi studios reach about 4.5%.

The important difference is demand quality. Rotonda-Kamara and Toumba are easier for a beginner to understand because their renter pools are broad and visible, while Vardaris-Lachanokipi requires more street-by-street caution.

Thessaloniki's large student base supports rental demand around the center, Rotonda, Kamara, Ano Poli, and nearby affordable districts. That is why small apartments in central and center-edge locations can produce stronger rental income than more expensive eastern apartments.

The metro also changes the practical map of the city. Areas close to central stations, universities, and bus or metro corridors should usually have deeper tenant pools than cheap but disconnected locations.

For a foreign individual buyer, the practical takeaway is to treat yield and liquidity together. Rotonda-Kamara and Toumba are safer income choices, while Vardaris-Lachanokipi and Xirokrini need a sharper discount and much stricter unit selection.

Where can I find apartments with above-average yields and below-average entry prices in Thessaloniki?

The clearest areas with above-average yields and below-average entry prices in Thessaloniki are Neapoli, Sykies, Ano Poli, Xirokrini-Panagia Faneromeni, and Vardaris-Lachanokipi.

These neighborhoods work best for buyers who care more about rental income than prestige. A modeled studio costs about €55,000 in Neapoli, €58,000 in Sykies, €53,000 in Xirokrini, and €60,000 in Vardaris-Lachanokipi.

The studio net yields in these areas range from about 4.0% in Sykies to about 4.7% in Xirokrini. That is meaningfully stronger than the 3.0% modeled studio net yield in Kalamaria.

The reason these areas are cheaper is not one single flaw. Western and north-western districts often trade at discounts because they have less foreign-buyer visibility, older building stock, weaker prestige, and less immediate lifestyle appeal than Kalamaria, Nea Paralia, or the historic center.

The rent does not fall as much as the purchase price. That is the investment case. A €280 to €310 monthly studio rent in Neapoli, Xirokrini, or Vardaris can remain affordable for local renters while still supporting a higher yield.

The honest interpretation is that these are not buy-anything neighborhoods. A renovated, bright, easy-to-access apartment can work, but a dark unit in a weak building can trap the investor even when the first spreadsheet looks attractive.

Where does the rent level justify the purchase price most clearly in Thessaloniki?

The rent level most clearly justifies the purchase price in Thessaloniki in Rotonda-Kamara, Ano Poli, Neapoli, Toumba, and Xirokrini-Panagia Faneromeni.

Rotonda-Kamara is the cleanest example. A modeled studio costs about €84,000 and rents for about €400 per month, giving 5.7% gross yield and 4.1% net yield.

That is stronger than Thessaloniki Center, where a studio costs about €102,000 and rents for about €430 per month, producing only 3.6% net yield. The rent is higher in the center, but the purchase price rises more than the rent.

Ano Poli also has a strong rent-to-price relationship. A modeled studio costs about €67,000 and rents for about €340 per month, which supports a 6.1% gross yield and 4.4% net yield.

Toumba is different because it is less tourist-facing and less student-heavy than Rotonda-Kamara. It works because it has deep local residential demand, everyday amenities, and a practical price level, with studio net yield at about 3.8%.

The trade-off is that rent rationality is not the same as prestige. Kalamaria may be more attractive for many residents, but at about €150,000 for a 1-bedroom apartment and €490 monthly rent, the income case is much weaker.

We have actually built the our real estate pack about Thessaloniki to make sure you won’t buy in the wrong area. Check it out.

Where is the best place to buy if I want stable rental income rather than maximum yield in Thessaloniki?

The best places to buy for stable rental income rather than maximum yield in Thessaloniki are Thessaloniki Center, Faliro-Ippokratio, Toumba, Voulgari-Depo-Martiou, and Kalamaria.

These neighborhoods are not always the highest-yielding areas, but they have broader and more predictable tenant demand. Thessaloniki Center, for example, has modeled monthly rents of about €430 for studios, €560 for 1-bedroom apartments, and €780 for 2-bedroom apartments.

Faliro-Ippokratio is a stability market because it combines urban access, established apartment blocks, schools, hospitals, retail, and everyday amenities. Its studio net yield is about 3.7%, which is not spectacular but is supported by real livability.

Toumba is one of the most useful middle-ground areas in the dataset. Studios show about 3.8% net yield, and the area has a clearer everyday residential base than some higher-yield western locations.

Kalamaria has the weakest income profile in the table, with modeled net yields of about 2.7% to 3.0%. But it is one of Thessaloniki's stronger lifestyle and livability markets, so it may suit buyers who value tenant stability, resale comfort, and personal-use optionality.

The practical choice is simple. If you want maximum yield, look west or center-edge. If you want fewer vacancy surprises and easier resale, accept lower yields in Kalamaria, Faliro-Ippokratio, Toumba, or the center.

Which apartment type gives the best return for the lowest total investment in Thessaloniki?

The apartment type that usually gives the best return for the lowest total investment in Thessaloniki is the studio apartment.

Studios have the lowest entry prices and the highest modeled net yields across most neighborhoods. In the dataset, the average modeled studio costs about €79,000 and produces about 3.9% net yield.

By comparison, the average modeled 1-bedroom apartment costs about €112,000 and produces about 3.6% net yield. The average modeled 2-bedroom apartment costs about €160,000 and produces about 3.5% net yield.

This makes sense in Thessaloniki because the city has a large student base, many young workers, and many renters who care more about location and monthly affordability than large floor area.

The 1-bedroom apartment is still the safest compromise product. It costs more than a studio, but it appeals to single professionals, couples, postgraduates, remote workers, and some expats.

The 2-bedroom apartment is best when the buyer wants tenant stability, not maximum yield. It can work in Toumba, Kalamaria, Faliro-Ippokratio, and Voulgari-Depo-Martiou, but the higher purchase price usually reduces the yield.

We give you more details in the our real estate pack about Thessaloniki.

Which neighborhoods offer strong rental income with the lowest vacancy risk in Thessaloniki?

The Thessaloniki neighborhoods that combine strong rental income with lower vacancy risk are Thessaloniki Center, Rotonda-Kamara, Toumba, Faliro-Ippokratio, and Kalamaria.

These areas have enough tenant depth to support rents even when the market becomes more selective. Thessaloniki Center has the highest modeled absolute rents in the table, with about €430 per month for studios, €560 for 1-bedroom apartments, and €780 for 2-bedroom apartments.

Rotonda-Kamara is close behind on rent while keeping a lower entry price. A modeled 2-bedroom apartment rents for about €730 per month, and a studio rents for about €400 per month.

The vacancy risk is lower because the tenant pool is not narrow. Central Thessaloniki has students, university staff, young professionals, hospitality workers, renters without cars, and people who want quick access to the historic core.

Kalamaria has weaker yields but often stronger tenant quality and stability. It attracts families, professionals, and renters who value safety, amenities, eastern-side connections, and a more residential lifestyle.

The honest interpretation is that high rent alone is not enough. Kalamaria earns good absolute rents, but its high purchase prices compress net yield, so it is better for stability than for pure income return.

We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.

Which areas look overpriced relative to their rental income in Thessaloniki?

The areas that look most overpriced relative to rental income in Thessaloniki are Kalamaria, Analipsi-Botsari-Nea Paralia, Pylaia, and parts of Faliro-Ippokratio.

These are good residential areas, but the rental-yield case is weaker because purchase prices are already high. Kalamaria is the clearest example in the dataset.

A modeled Kalamaria 2-bedroom apartment costs about €214,000 and rents for about €680 per month. That gives only 3.8% gross yield and 2.7% net yield.

Analipsi-Botsari-Nea Paralia also looks stretched for yield. The seafront and eastern-center appeal support prices, but modeled net yields sit around 3.1% to 3.4%.

Pylaia is stable but not cheap enough to deliver high income returns. Its modeled 2-bedroom net yield is about 2.9%, while its studio net yield is about 3.2%.

The trade-off is not good neighborhood versus bad neighborhood. Kalamaria and Nea Paralia can be excellent lifestyle or capital-preservation buys, but they are weaker for a beginner whose main objective is rental income.

Which neighborhoods should I avoid even if the rental yield looks attractive in Thessaloniki?

Beginner investors should be careful with Xirokrini-Panagia Faneromeni, Vardaris-Lachanokipi, and weak micro-locations in Ano Poli or Sykies, even when the rental yield looks attractive.

The risk is that low purchase prices can hide vacancy risk, resale risk, building problems, or a weak tenant experience. Xirokrini has the strongest modeled net yields, but the yield comes partly from a very low entry price.

Xirokrini studios cost about €53,000 and rent for about €290 per month, which supports a 6.6% gross yield and 4.7% net yield. That is attractive, but the buyer must check street quality, building condition, light, access, and local demand.

Vardaris-Lachanokipi also looks strong, with studio net yield around 4.5% and 2-bedroom net yield around 4.1%. The issue is micro-location, because some streets benefit from central access while others are more transitional, noisy, or commercial.

Ano Poli is more nuanced. It has charm and centrality, but stairs, humidity, old systems, parking, access, and renovation quality can change the investment outcome sharply.

The practical recommendation is not to avoid these areas automatically. Avoid them if the apartment is dark, unrenovated, hard to access, poorly managed, or only attractive because it is cheap.

Which neighborhoods look risky even though the rental yield is high in Thessaloniki?

The high-yield but riskier Thessaloniki neighborhoods are Xirokrini-Panagia Faneromeni, Vardaris-Lachanokipi, Neapoli, and some parts of Sykies.

Their risk-adjusted return may be weaker than the headline yield suggests. Xirokrini and Vardaris both show modeled net yields above 4.0% across all apartment types, but that does not remove tenant-depth and resale-liquidity risk.

Neapoli is less risky than Xirokrini in many cases because it has a clearer residential base and very low entry prices. A modeled studio costs about €55,000 and rents for about €280 per month, giving 4.4% net yield.

The issue is that one vacancy month hurts more when the rent is only €270 to €310 per month. In low-rent areas, every operational mistake is more visible in the annual return.

Sykies can work well for affordable long-term rentals, especially small apartments. But demand may be more local than international, and that matters for foreign buyers who may need quick resale later.

Safer alternatives are Toumba, Rotonda-Kamara, and Faliro-Ippokratio. The yield is lower in some cases, but the tenant story is easier to understand and resale is usually more liquid.

What neighborhoods should I avoid when buying a rental apartment in Thessaloniki?

When buying a rental apartment in Thessaloniki, beginners should avoid weak micro-locations in Xirokrini-Panagia Faneromeni, Vardaris-Lachanokipi, industrial-edge locations, and poorly maintained older buildings in any district.

The avoid list is about measurable risk, not reputation alone. A strong street in a discounted area can work, while a poor unit in a better-known area can fail.

Xirokrini should be avoided when the apartment is dark, unrenovated, far from good transport, or in a weak building. The yield may look high, but vacancy and resale risk can erase the advantage.

Vardaris-Lachanokipi should be reviewed street by street. The central access is useful, but some parts are more commercial, transitional, or noisy, which narrows the tenant pool for stable long-term leases.

Ano Poli should not be rejected as a neighborhood, but difficult apartments should be avoided. Stairs, humidity, old systems, poor access, and expensive renovation can turn a good central yield into a maintenance problem.

For a beginner, the safer rule is simple. Avoid any Thessaloniki apartment where the yield depends on buying cheap but the renter experience is weak.

Which neighborhoods are seeing rental demand weaken, and why, in Thessaloniki?

Rental demand looks most vulnerable in older, less liquid, lower-amenity parts of Xirokrini-Panagia Faneromeni, Vardaris-Lachanokipi, and some secondary western districts.

This does not mean demand is weakening across Thessaloniki. The weaker signal is neighborhood-specific and unit-specific, especially where stronger renters have more attractive alternatives.

Demand weakens when apartments are old, poorly insulated, badly furnished, dark, or far from a renter's daily routine. In a city where mobility is improving, a weak apartment is easier for renters to compare against better central or metro-connected units.

The metro makes the comparison more visible. A small central apartment near transport can compete more effectively than a larger but less convenient apartment in a cheaper area.

Short-term rental competition also matters in the center. Tourism can support demand and prices, but it can also pull renovated stock away from long-term tenants and make weaker long-term units less competitive.

The recommendation is to monitor weaker western and transitional areas rather than reject them outright. Buy only with a price discount, a renovation plan, and evidence that similar apartments rent quickly.

Which neighborhoods are seeing new developments that could create stronger rental demand in Thessaloniki?

The neighborhoods most helped by demand-creating development in Thessaloniki are Kalamaria, Nea Krini, Aretsou, Pylaia, Thessaloniki Center, and metro-adjacent eastern districts.

The biggest driver is transport, not just new apartments. Better access can change renter behavior because road congestion, parking, and cross-city travel have long been practical frictions in Thessaloniki.

The Kalamaria metro extension is the key 2026 story for the eastern side. It is expected to improve access for areas such as Nomarchia, Kalamaria, Aretsou, Nea Krini, and Mikra.

This should support rental demand because eastern residential districts become more connected to the center. A renter who previously rejected an area because of commute friction may reconsider if the transport link becomes easier.

Pylaia is also relevant because eastern employment, retail, and suburban amenities support professional tenants. But Pylaia's modeled yields remain modest, with studio net yield at about 3.2% and 2-bedroom net yield at about 2.9%.

The trade-off is pricing. Kalamaria and eastern districts may see stronger tenant demand, but much of the story is already visible to buyers, so the best opportunity is in well-priced small apartments rather than expensive large units.

We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Greece. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.

Which neighborhoods are becoming more attractive to renters because of recent infrastructure or transport changes in Thessaloniki?

The neighborhoods becoming more attractive to renters because of transport changes in Thessaloniki are Thessaloniki Center, Rotonda-Kamara, Faliro-Ippokratio, Analipsi-Botsari, Voulgari-Depo-Martiou, Kalamaria, Aretsou, and Nea Krini.

The metro is the main reason. It changes how renters compare apartments, because a smaller apartment with better access can become more useful than a larger apartment with weaker transport.

Rotonda-Kamara benefits because it already has university demand, central nightlife, walkability, and access to the core rental market. The modeled studio yield of 4.1% net is strong because the rent is high relative to the entry price.

Faliro-Ippokratio and Analipsi-Botsari benefit from established urban demand and eastern-center positioning. Their yields are not the highest, but they are easier to rent than many cheaper areas.

Kalamaria, Aretsou, and Nea Krini are the eastern-side infrastructure story. Better connectivity should deepen the tenant base, especially for professionals and families who want livability without being cut off from the center.

The practical takeaway is to separate demand improvement from investment return. Kalamaria may become easier to rent, but its modeled net yield is still only about 2.7% to 3.0%, so the purchase price must still make sense.

Which neighborhoods have become less attractive for apartment investors over the last 12 months in Thessaloniki?

The neighborhoods that have become less attractive for rental-income investors in Thessaloniki are Kalamaria, Analipsi-Botsari-Nea Paralia, Pylaia, and parts of Thessaloniki Center.

These areas remain desirable, but their income return is less compelling when purchase prices rise faster than rents. The signal is yield compression, not a collapse in demand.

Kalamaria is the clearest example. The metro extension improves the rental story, but buyer demand and livability expectations already push prices high, leaving the modeled 1-bedroom net yield at only about 2.8%.

Analipsi-Botsari-Nea Paralia has the same income problem. A modeled studio costs about €100,000 and rents for €390 per month, producing about 3.4% net yield, while a 2-bedroom produces about 3.1% net yield.

Thessaloniki Center has good rent depth, but it is not the best yield market. A studio costs about €102,000 and rents for about €430 per month, giving 3.6% net yield, which is below cheaper center-edge and western areas.

The recommendation is not to avoid these areas completely. They can still work for capital preservation, personal use, or very high-quality units, but income-first buyers should demand sharper pricing.

Which apartment types are becoming harder to rent in Thessaloniki, and in which neighborhoods?

The apartment types becoming harder to rent in Thessaloniki are expensive 2-bedroom apartments in high-price districts and poor-quality studios in weak micro-locations.

The weakness is not about size alone. The problem is price point, tenant fit, and whether the apartment gives renters enough value for the monthly rent.

In Kalamaria, a modeled 2-bedroom apartment costs about €214,000 and rents for about €680 per month, producing only 2.7% net yield. That can still rent, but it needs a stronger tenant base and a patient owner.

In Analipsi-Botsari-Nea Paralia, 2-bedroom apartments also face yield pressure. A modeled unit costs about €203,000 and rents for about €720 per month, giving about 3.1% net yield.

Studios are still liquid in Rotonda-Kamara, Thessaloniki Center, and university-linked areas because student and young professional demand is deep. But cheap studios in poor buildings, weak streets, or badly furnished condition can struggle despite low rents.

The safest beginner product is a renovated studio or 1-bedroom apartment near university demand, metro access, or a strong residential hub. The riskiest product is an expensive 2-bedroom apartment bought at a lifestyle price but rented as an income asset.

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INVESTROPA

A team specialized in real estate investing in European countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Thessaloniki. If you’d like to learn more about us, you can check our presentation page.