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Athens Property Market

Athens Property Market

Athens – City Centre

Athens is one of the world’s oldest cities, with a remarkable recorded history of over 3,400 years. Acropolis, the ‘holy rock’ where the symbol of Democracy prevails - the Parthenon, stands out at the city centre, along with the new Acropolis Museum as well as other museums and monuments giving the feeling of the ‘Golden Era of Athens’ back in time.  Athens is a city that doesn’t sleep, with an abundant of choices when it comes to dining, seeing, doing and enjoying.  There are also several modern shopping malls and areas offering the best brands but local choice too.   

Athens can be very relaxed by walking around its picturesque little streets and parks, it can also feel like one is in a Greek island due to the amazing sandy beaches a bit out of Athens, but it can also feel like a big hectic city. 

At the center of Athens most of the cultural and artistic facilities such as theaters, galleries, music and concert halls are gathered.  Living in the city centre offers a modern lifestyle having all the amenities nearby and a wide selection of shops, museums and restaurants.   

Why A Client May Choose the City Centre?

  • Well, at first, the city centre seems the easiest option.  So for the not very risk takers, and for the easy going ones, the city centre is a good option.
  • The city always never loses demand and it can easily be given to a company to rent too. So stable rental yields too.
  • Quality?  Well, the centre being so dense, consequently it means ‘hard to find space’, and therefore the properties we have available most likely will be small and older buildings and/or renovated ones turn to modern space/residences.

In he city centre property sales are moving fast; also the local market is active and Greek people are buying and selling properties, it is also a student market as so many Greek Universities are found in Athens.  Therefore, for a student is is always very convenient to reside in the centre having a small property.

 

Athens – Southern Provinces

The most demanded areas of Athens are probably the southern ones, those are: from north to south:

Paleo Faliro, Alimos, Elliniko, Glyfada, Voula.  Many foreigners including Chinese buyers, Arabs, Russians, and Greeks too, are looking for a property solution that combines, easy access to the centre of Athens but at the same time close to the beach, to have a better lifestyle; so that after work, to have an easy way out to the beach for relaxation.

Those neighborhoods, each one has its own centre, and all amenities and facilities as in the city centre (banks, post offices, municipalities centers, supermarkets, restaurants and cafes, schools etc.  Each of these areas have metro station and other public transports, so it depends of the exact address within the neighborhood of these province and how close they are at a Metro station.  It is very easy to find a taxi and usually the cost is approx. €10-15.)

So, Why A Client May Choose the Southern Areas?

  • Mainly for what we described above, these are the new areas of Athens, therefore one can find new modern properties with upgraded finishes, AND, a lifestyle which combines easy access to the centre and to the beach.
  • Glyfada, being the most chic area of Athens, has a reputation of class and glamorous living, therefore prices are the highest.  Newly buildings are priced from €3.500 per m² - €6.000 .  Further, it has become popular to buyout cheap old properties and renovate them to deluxe properties, as long as they are located in Glyfada.  That is, due to the low supply of land in Glyfada and in general in the whole area of Athens. 
  • Finding bargain deals in Glyfada, is non existent.  With the adoption of the PR law, properties have been selling fast and we anticipate the commencement of new buildings. 
  • For further analysis of Glyfada area, please have a look at the Mega Project of Elliniko, which it’s bordering with Glyfada and will boost further the area: https://www.youtube.com/watch?v=KTWW88GqC2s

Athens – Northern Areas

Kifisia is the most popular and glamorous area in the North, hosting many of the International Schools.  The area of Kifisia is one of the most expensive northern suburbs of Athens.  It has traditionally been home to rich Greek families and major Greek political families. Kifissia is actually a beautiful place and street by street much nicer than downtown Athens. Besides the main square there is also Kefalari Square each of which is like a smaller version of the National Gardens, with ponds and palm trees and interesting plants and flowers.

The area is on the slopes of Mount Pendeli and has a milder climate than Athens which is why all the rich Greeks have historically had their summer houses here and many now live there year round.

So, Why A Client May Choose Kifisia?

 

  •  Highly developed and modern area with highways and numerous open spaces.
  •  The biggest and most luxurious shopping Malls are located in the area (Golden Hall, Mall, Avenue).
  •  It has an excellent transportation system with 1 metro station connecting the area with the city centre, the international airport, the chief port of Athens, seaside and mountain area.
  •  Kifisia lies between the two highest mountains of Attica (Parnitha and Penteli mountain).
  •  Olympic Stadium is located nearby the area, with modern sports facilities, such as basketball, tennis courts, swimming pools etc.
  •  A number of public and private educational institutions, as well as public and private hospitals are close to the area (iaso, ygeia, iatriko e.t.c).
  • Market/ Shopping Malls (Athens Mall/ Golden Hall/ Avenue Mall/Super Market/ Commercial Stores/ Services/ Banks).
  • Sports Facilities/ Olympic Stadium.
  • Zirineio Stadium.
  • Private International School (St. Catherine, Moraitis, Athens College).
  • Private Hospital (Ygeia, Iaso, Iatriko).
  • Embassy Area/ Chinese Embassy. 

 

 

 

To find sound investment opportunities in each district of Athens and fine properties, please search our Database or email us your requirements.  Also, for an indepth market analysis and research study please contact us.  Email us here to include you in our Monthly Newsletter.

Gate Research Team