The Golden Era of Athens Real Estate Market
Square meters of the capital of Greece today more than ever attract attention from all over the world – the arrival of the new government and the numerous news of the local real estate market allow Athens to always remain on the agenda.
Recent studies have shown that property prices are rising in 80% of key cities in the world and Athens is in the top ten with an increase in housing prices by 11.2%. It is interesting that experts observe a shift in demand from the coastal suburbs to the historical center of the city – this applies to both residential and commercial real estate. This was not fundamentally affected by the change of government in Greece, but the arrival of the new government gave a strong impetus to the influx of investments into the country, both medium and large.
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Recovery after the crisis
Just the other day, a 3% VAT freeze was announced in the amount of 24% for real estate developers and sellers. After the fall, the bottom of which fell at the end of 2017-beginning of 2018, the reverse process began to restore and increase prices, due to which the real estate sector in Greece is now quite stable, prices have been growing steadily for several years, albeit at a small pace. Of course, in the capital of Athens, the current situation manifests itself most clearly. Small business is developing, shops are opening again, which closed during the recession. Accordingly, the demand for rental of commercial real estate in the central areas of the city is growing.
Interestingly, Greece occupies a leading position in Europe in the number of properties that are leased through the Airbnb Internet platform – as much as 74% of residential real estate in the country. It is also worth noting that in Greece, about 80% of the inhabitants own their own housing, estimated at several objects. Due to the high demand for apartments among tourists and the quick income from short-term rental (especially in the Greek capital, where the country’s leading educational institutions and numerous offices are concentrated), long-term tenants represented by employees and students suffer primarily because their income often cannot to cover the growing appetites of the owners. Therefore, any budget option in the Athens housing market will always be in demand.
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Sought after areas
As for the purchase of real estate in the Greek capital, the price range is very large – they grow exponentially as they approach the historical center. On the outskirts, a square meter can still cost below 1000 euros, and near the Acropolis the price can go up to 5000-8000 euros. Pricing depends on the area, the specific location of the house, the view from the windows, the condition of the housing stock, etc. Therefore, it happens that the north and south of Athens can be more expensive than the city center.
The most sought after areas are the center of Athens with its historical monuments, the Athenian riviera (Alimos, Glyfada, Voula, Vouliagmeni, Varkiza) and the northeast – the Kifissia area. Metaxurgio-Keramikos, Ambelokipi, Piraeos have great prospects for growth due to the rapid development of the region due to investments in the development of the port, as well as increased volumes of cargo and passenger traffic, expansion of the metro and many other factors are gaining high popularity.
Buy real estate in Athens
Buyers of residential real estate in Athens acquire it both for personal year-round living and for renting (short-term or long-term) to tourists and expats. At the same time, it is worth highlighting the popularity of commercial real estate in the central part of the city, which is in particularly high demand among tenants. Do not forget that Athens is a resort city, if we talk about the outskirts of the capital. Almost the entire coastline is rich in beautiful beaches and bars, and thanks to convenient transport access from all parts of the city (tram, metro, bus, etc.), you can be here in half an hour after completing business in the city – the distance from the center of Athens to the nearest Alimos beach is only 11 km away. The Athenian coast stretches across the southern and northeastern side of the Attica Peninsula. At the same time, in the area from Glyfada to Cape Sounion there are not only comfortable beaches, but also secluded bays.
The obvious advantages of Athens against the background of many European capitals: comfortable temperature and sun almost all year round, the presence of a large air hub, high level of service, security and still affordable real estate prices with upside potential and stable profitability. Athens is suitable for year-round comfortable living and doing business.
Buy real estate in Athens. The purpose of the purchase is different for each investor, it can be: immigration, investment, education, healthcare, recreation and permanent residence. And Athens is suitable for all this, since any investor can find real estate for his purpose. If we are talking about buying real estate in Athens with the traditional purpose for Greece – to rent it out for short-term rent, then you should pay attention to the central areas of the capital.