Investing in real estate in Athens, good or bad idea?
24 October, 2022
When we think about real estate in Greece, we, most often, think of the famous houses adorned with the white of a dove and the blue of the Aegean Sea. You can clearly see the peaceful little port or the village high above the water at an eagle's height.
Soon, the bouzoukis insinuate themselves, in our visions of paradise, the countless beaches underlined by clear and transparent waters. The small tavern by the see extends, with the small glass of Ouzo and the tasty and sensual food from the sea or the grill; the beautiful dream that eternal Greece spreds like a perfume of happiness, the absolute well-being that everyone of us deserves.
In the midst of this dreamlike comfort, would it be traumatic to utter the word « Athens »? Could it be a clap of thunder from Zeus to bring down the sweet dream?
It is true that the Greek capital is not an instinctive choice in the mind of the buyer who thinks of holidays or leisure to guide his real estate investment projects.
Professionals who develop economic, hotel or purely real estate projects turn to large urban centers more naturally , and, as such, Athens is a target of choice.
These professionals seek a social, cultural and economic environment that is attractive to their employees or clients. This is when a series of advantages are revealed for individuals that deserve special attention when it comes to investing in real estate in Greece. Major university city, the Greek capital also attracts many young people, researchers and intellectuals.
First of all, Athens has all the facilities of a great European capital in the middle of a thousand-year-old architectural and historical environment. If the city is a must for a successful trip to Greece, beyond the obvious attraction of the great ancient sites, first and foremost the Acropolis, Athens is a melting pot of life and culture unsuspected by ordinary people and visitors. This city has more theaters than Paris, music is everywhere and museums complete an important cultural offer.
It must also be said that this capital is a living urban soul rich of all the greek diversity with inhabitants of very diverse origins, from all regions. Indeed, this human mosaic constitutes the Athenian society in a city which , by itself, accommodates half of the approximately twelve million inhabitants of the entire country.
This human mosaic finds, in echo, an urban mosaic made up of neighborhoods each endowed with its own personality.
More and more Europeans are discovering the special charms of buying or renting an apartment or a house in the Greek capital, whether it is to invest for the holidays, to spend long periods and work there remotely, or, more practically, to rent out your property for seasonal or permanent rental.
Young people and singles will appreciate neighborhoods like Monastiraki, Psiri, Exarcheia or even Metaxourguio where life is hectic in the middle of cafés and restaurants that compete in originality. Families will appreciate more popular and middle class neighborhoods such as Kipselli, Mets, Koutaki, Petralona, Peristeri, Pagrati or even Neo-Kosmos, for example.
Public transport in the center are very well connected and diverse. With a combined metro-tram-bus-trolley pass, the city reveals itself in every corner.
Affluent families will find, in the northern suburbs of Athens, in Kifissia, for example, properties that are quite expensive but of very high standard. Luxury apartments and houses with gardens.
The Kolonaki district collects all the votes among those who love urban and cosmopolitan life, provided they have a minimum of means because the area is one of the most popular and therefore, the most expensive.
Seaside stalwarts will aim for the southern neighborhoods, lined like pearls along the Athens Riviera. These include Alimos, Glyfada, Voula, Vouliagméni, Varkiza, among others.
Financially speaking, prices vary widely depending on the neighborhood and the nature of the property and the means of the buyer will be decisive depending on the geographical ambitions for the location of the property. It would therefore be risky to embark on the statement of prices and estimates. It is certain that the miraculous years are behind us, and the notion of a bargain acquired for a pittance is, like everywhere else, relegated to the rank of myth.
However, good deals are always to be expected and real estate prices are much lower than those we know in other European capitals as well as in many provincial towns.
What more could we say without risking disappointing our reader? We won't take any risks by pointing out that you can still find, in simple neighborhoods, good apartments at less than €150,000, that you can find very nice properties between €300,000 and €800,000. But we only provide these figures for the purpose of giving an idea to the reader who is always eager to know.
So, we could say, that the choice of Athens will always be the right one. Mobilia Real Estate has been established in the capital for a long time and we know the Athens market perfectly down to the smallest detail. There's sure to be the crush of your life waiting for you somewhere in town. Do not hesitate to contact us on our website or, who knows, by pushing the door of our agency. By entering our office you will already feel a bit like home.