Greece is the cheapest country in the European Union in price per square-meter in real estate
The centre of Athens regains its old glory. At least as far as real estate is concerned. There are areas that are again sought after. And more are coming. The years of crisis, the justified reactions of the world, the marches, the fighting, the capital properties that lost their value. And now they seem to be recovering it.
If 2018 was the first optimistic sign in the property market, 2019 was much better. The increase in demand is not just due to Airbnb. It is also due to the upgrading of the areas. One brings the other. And the upgrading is a cause for interest. Interest causes mobility. All this, at a time when Greece is the cheapest country in the European Union in terms of price per square-meter in real estate.
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In the last one year and a half, there have been more purchases than in the near past. But properties in Athens have not reached the desired levels. However, it’s better than before. Investment in hotels and the Golden Visa which brought new people to the capital have raised prices. Athens has again entered the real estate map.
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Those who have endured the crisis are smiling today. On the one hand, they did not have to “kill” their property and on the other hand, they hold a portfolio of value in their hands. Those who didn’t make it are the big losers. Athens is in itself a global attraction. One of the most historic cities in the world. Millions of tourists come to the capital of Greece.
The centre may not have lasted as long as some people would have liked or expected it, but it is regaining its strength. The historical areas of Athens lead the way. Then there are the surrounding districts. Some as underdogs. Some as legislation. The real estate seems to be rising again.
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Frequently Asked Questions
The most sought after areas in Athens include Acropolis, Plaka, Zappeion, and the Commercial Triangle, which maintain fixed high values. Additionally, emerging investment hotspots include Lycabettus, Goudi, Patissia, Kolonos, Gazi, Metaxourgio, and Kypseli, where property values have significantly increased in recent years.
Greece offers the lowest price per square-meter for real estate compared to other EU countries. This affordability, combined with improving market conditions and increased demand from investors and tourists, makes Greece an attractive destination for real estate investment.
In Kypseli, the value of the square meter has doubled compared to two years ago, making properties significantly more valuable. This represents one of the most notable price increases among Athens' emerging neighborhoods and demonstrates strong investor interest in the area.
The Athens real estate market recovery is driven by multiple factors including area upgrades, increased Airbnb investment opportunities, the Golden Visa program attracting international buyers, and growing tourism. These factors combined have increased demand and restored confidence in the property market after the financial crisis.
Yes, Athens real estate presents a favorable investment opportunity. The market showed optimistic signs in 2018 and improved further in 2019 with increased purchasing activity. Combined with Greece's competitive EU pricing and Athens' status as a historic global attraction, the market conditions favor investors who can capitalize on rising property values and rental income potential.
