Buying real estate in Greece?

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Buying a property in Athens: a complete guide

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Yes, the analysis of Athens' property market is included in our pack

Thinking of investing in real estate in Athens? You're not alone!

Athens' historical significance and Mediterranean allure inspire people to dream of owning an elegant neoclassical house or a contemporary apartment in Greece's capital.

Does it make sense, though? Are property prices increasing in Athens? What is the current trend? Is it wiser to invest in Plaka or Koukaki? Is there any hidden tax? What yields can I expect?

We have all the answers you need.

The Investropa team has thoroughly explored this market. As a matter of fact, we have condensed all our findings in a pack. Get it now.

In the lines below, we'll share useful information and some practical tips.

How's the real estate market in Athens?

Confused about the property market's status? Everyone has their views. We prefer data and statistics over opinions for accurate assessments.

Property types

In Athens, there are various types of properties available for sale, catering to different preferences and needs.

These include apartments, suitable for individuals or small families, often found in multi-story buildings with amenities; houses, offering more space and privacy, ranging from cozy single-family homes to larger villas; commercial properties like shops or offices, suitable for businesses; and land or plots, providing opportunities for building custom homes or investment.

Each property type offers unique features and options, allowing buyers to find the right fit for their lifestyle or investment goals in the vibrant city of Athens.

Buying or renting?

(If you want to live there yourself and not rent it to others)

If Athens is your city of choice, you may be pondering the buy vs. rent decision in this historical and culturally rich Greek capital.

Obviously, it's better to buy if you are looking to invest in a long-term asset that is likely to appreciate in value over time.

One data can help you make a decision - the property price-to-rent ratio. It's like a measure of how much rental income you'll need to afford the property at its current value.

According to Numbeo, the property price-to-rent ratio in Athens is around 23.4, which is around the world average.

To put it simply, it usually takes an average of 23 years of rental payments to buy a property in Athens.

Property prices in Athens

On average, according to the last data from Bank of Greece, purchasing a property in Athens would cost you around $2,820 per square meter.

There are big differences, obviously. The value of a square meter for an apartment in the historic center of Athens might differ from a suburban home. We actually offer a more in-depth analysis in our pack for buying property in Athens and in Greece.

To help you understand better, it means that, instead of buying an apartment in Paris or London, you can afford 5 properties in Athens.

Also, housing prices in Athens are 62% cheaper than in the Greek Islands.

The most expensive neighbourhoods in Athens are probably Kolonaki, Glyfada, and Vouliagmeni, while the cheapest are Nea Ionia and Nea Filadelfeia.

Athens Property Price per Square Meter


First, let's acknowledge that Greece offers peace and stability to investors today. The last Fragile State Index that has been reported for this place is 55.8.

It is something to have in mind when wondering whether it's a good investment to buy a property in Athens.

On the longer term, the growth will still be there since Greece's economy is expected to soar by 8.1% in the coming 5 years, resulting in an average GDP growth rate of 1.6%.

If you're about to invest in real estate in Athens it's a good thing because an expanding economy usually means people earn more, so they can buy property for themselves or as an investment, causing property demand (and then prices) to increase.

Also, in Greece, the average GDP per capita has changed by 8.2% over the last 5 years. It's a satisfactory number.

These are positive signals showing that property prices in Athens might increase in 2024 and during the coming years.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Greece right now.

Buying property in Athens

Buying real estate in Athens can be difficult due to the lack of reliable and up-to-date information available. That's why we have created the pack to buy property in Athens and in Greece.

Buying process

In our pack, we've explained the entire buying process in detail. We've provided clear information about prices and yields based on the area, guidance on negotiating the price, and options for securing a mortgage.

Now, we're offering you a simpler version, step-by-step, to make it easier for you to grasp.

This is the step-by-step process to purchase a property in Athens:

  1. Research the Athens property market and set a budget.
  2. Engage a licensed Greek real estate agent.
  3. View potential properties, considering specific Athenian neighborhoods.
  4. Perform due diligence, including Title Deed verification (Tomeio).
  5. Make an offer and negotiate terms, subject to lawyer's approval (Nomikos).
  6. Sign a preliminary agreement (Compromise), validated by a notary.
  7. Pay a deposit (usually 10%) to secure the property.
  8. Obtain a Greek tax number (AFM) and open a local bank account.
  9. Conduct a thorough title search (Ipiresia Katastrafis) with the Land Registry.
  10. Finalize the purchase contract (Simvolaio) with the seller's lawyer.
  11. Pay the remaining balance and transfer ownership officially at the notary.
  12. Register the property at the Land Registry (Ypiresia Katastrafis) and pay transfer taxes (FPA).

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Greece.

Make a profitable investment in Athens

Better information leads to better decisions. Save time and money. Download our guide.

buying property in Athens

Where to find a property

If you're beginning your property search in Athens, these websites can help you get started:

  • Golden Home - A real estate company with an extensive portfolio of over 50,000 properties available for sale and rent in Greece.
  • Spitogatos - A real estate platform in Greece, offering a variety of properties for sale and rent, including homes, commercial properties, and land plots.
  • Spiti24 - The leading Greek property listings platform, featuring an easy-to-use interface, advanced search options, and connections to real estate experts.
  • Grekodom - Providing a wide range of properties in sought-after Greek locations and offering expert support throughout the purchasing process.
  • Tospitimou - A premier property portal in Greece, exclusively listing properties from real estate agents and boasting over 600,000 listings.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Greece.

What you can get

As mentioned before, the average price per sqm in Athens is $2,820. A one-bedroom property with 60 square meters would be priced at around $169,000, and a two-bedroom with 85 square meters would cost about $240,000.

Obviously, property prices will change based on both the property itself and its location.

Prices tend to be higher in the top areas of Athens. Imagine a condominium in Kolonaki priced at approximately $320,000, whereas an apartment in Glyfada could be around $300,000.

However, some places are cheaper. You have the option to find a condominium in Kypseli for $90,000 or a condominium in Peristeri that's priced at $80,000.

We give a more detailed pricing list in our full pack for buying property in Greece.

Common pitfalls

Here are the main pitfalls specific to buying a property in Athens, Greece:

  • Delays due to complex land registry processes.
  • Unresolved title deeds from past ownership changes.
  • Risk of purchasing in protected archaeological zones.
  • Potential fines for unauthorized renovations or additions.
  • Property taxation changes and austerity measures.
  • High cost of complying with earthquake-resistant building codes.
  • Challenges with obtaining utility connections in certain areas.
  • Impact of the Golden Visa program on property prices and availability.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

real estate Greece

Everything you need to know is included in our Greece Property Pack

Living in Athens

Athens is a vibrant city with a rich cultural heritage, offering a unique lifestyle to those looking to purchase property.

Cost of living

The cost of living in Athens is generally lower than in other major European cities. For example, rent and groceries tend to be cheaper than in other capitals, while utilities are slightly higher.

Here are some examples to better understand the cost of living in Athens, Greece:

  • A glass of ouzo at a local taverna: $4-$6.
  • Rent for a one-bedroom apartment in the trendy Exarcheia neighborhood: $600-$1,000 per month.
  • Monthly Ath.ena Card for public transportation: $30-$50.
  • A bottle of Mythos beer at a grocery store: $1.50-$2.00.
  • Utilities (electricity, heating, cooling) for an 85m² apartment in Athens: $100-$150.
  • A frappé coffee, a popular Greek iced coffee, at a café: $3-$4.
  • Entrance fee to the Acropolis Museum: $10-$15.
  • Health insurance coverage for a family of four: $100-$200 per month.


We want to show information in an easy-to-understand way. So, we made a summary table that lists the different areas in Athens. For yields, prices and rents, check our property pack.

Neighborhood Description Strengths Weaknesses


Plaka is a picturesque historical neighborhood located at the foot of the Acropolis. It's known for its charming narrow streets, traditional architecture, and numerous archaeological sites.

Rich history, popular tourist destination, vibrant atmosphere.

Can be crowded and touristy, limited parking space.


Koukaki is a trendy and residential area near the Acropolis, offering a mix of local culture and modern amenities. It has many cafes, restaurants, and is well-connected to public transportation.

Proximity to major attractions, lively dining and nightlife scene.

Higher living costs, noise from tourists during peak seasons.


Exarcheia is a bohemian and alternative neighborhood known for its vibrant street art, anarchist culture, and intellectual vibe. It attracts artists, students, and activists.

Unique artistic and social atmosphere, affordable housing options.

Perceived as less safe at night, occasional political demonstrations.


Monastiraki is a lively neighborhood with a bustling flea market and a mix of traditional and modern shops. It's a cultural hub with various dining options and great views of the Acropolis.

Diverse shopping experience, vibrant nightlife, historic landmarks.

Can be crowded and noisy, beware of pickpockets in busy areas.


Gazi is an up-and-coming neighborhood known for its vibrant nightlife, contemporary art galleries, and converted industrial spaces hosting events and concerts.

Thriving nightlife, cultural events, industrial-chic vibe.

Some parts might be less safe at night, limited green spaces.


Kolonaki is an upscale neighborhood with boutique shops, elegant cafes, and restaurants. It's known for its affluent residents and a mix of neoclassical and modern architecture.

High-end shopping, fine dining, cosmopolitan atmosphere.

Expensive housing, limited public transportation options.


Thissio offers a charming blend of ancient landmarks, green spaces, and a riverside promenade. It's a great spot for leisurely walks and enjoying views of the Acropolis.

Scenic views, historical sites, pleasant ambiance.

Limited nightlife options, some areas might be hilly.


Pangrati is a residential neighborhood popular among young professionals and families. It has a relaxed vibe, parks, and various cafes and tavernas.

Quiet atmosphere, affordable living, local amenities.

Limited tourist attractions, fewer entertainment venues.


Psyri is a hip and lively area with a mix of street art, trendy bars, and restaurants. It's a favorite spot for nightlife enthusiasts and creative individuals.

Artistic vibe, vibrant nightlife, diverse dining options.

Can be noisy at night, limited green spaces.

Life in Athens

Athens is the economic hub of Greece, and its economy is largely based on services and tourism. The city has seen some economic growth in recent years, but still faces many challenges such as high unemployment and a weak banking system.

Referring to the IMF's data, the GDP of Athens constitutes almost 42% of Greece's GDP. That's a good thing, cities with strong economies often offer a steady influx of job opportunities, making property ownership a wise investment.

What expats usually like the most in Athens is the city's vibrant culture and the abundance of historical monuments and archaeological sites. Additionally, the city's lively nightlife and its array of delicious restaurants and eateries are also big draws.

However, the crime rate index of Baden-Baden remains high (with a value of 56). The most common crimes in Athens are theft, burglary, drug-related offenses, and assault.

A good point for a property investor - Athens has a comprehensive metro system, which opened in 2004, and is the fastest and most efficient way to get around the city.

Access to healthcare in Athens is good, with a Healthcare Index of 57. An effective healthcare infrastructure always boost the appeal of a place, which is good for real estate.

Finally, it is worth noting that the National and Kapodistrian University of Athens ranks among the top 500 universities in the world.

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Renting out in Athens

This section is for you if you want to buy property solely for renting out and earning income.


Tenant Profiles in Athens

According to the data reported by Wikipedia, the home ownership rate in Greece is 73%, which is average.

It means that, if you decide to buy and rent out in Athens, there will be a good number of people who can become your potential tenants.

If you decide to buy and rent out to long-term tenants, you should target young professionals, families, and students. Athens is also a popular destination for tourists, so you may want to consider renting out short-term for travelers as well.

Here is a little summary table we've made for you.

Property type and area Profiles of potential tenants What they are looking for Expected monthly rent in $

Apartment in Kolonaki

Professionals, expats

Central location, upscale living

$800 - $1,500

Studio in Exarcheia

Artists, students

Creative community, bohemian atmosphere

$500 - $1,000

House in Kifissia

Families, professionals

Suburban living, green spaces

$1,500 - $3,000

Apartment in Glyfada

Expats, beach lovers

Close to the beach, vibrant nightlife

$1,000 - $2,000

Studio in Psiri

Youth, tourists

Urban experience, nightlife

$600 - $1,200

Apartment in Pangrati

Young professionals, families

Residential area, local amenities

$700 - $1,300

House in Voula

High-income families

Luxury living, sea views

$2,000 - $4,000

Rental yields

Nowadays, rental yields in Athens are usually below 5%. It's not much. As you might know it already, a good rental yield generally falls within the range of 7% or more.

The best rental yields in Athens are usually found in areas with easy access to public transportation, as these attract tenants who are looking for convenience. Additionally, properties located in neighborhoods with strong local amenities, such as shops, restaurants, and entertainment, are also desirable to tenants and tend to have higher rental yields.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Finally, be aware that rental incomes in Athens are taxed at 22%, which is not bad.


You could also decide to rent short-term to tourists visiting Athens, or to business travelers attending conferences in the city. Additionally, you could rent to students attending the University of Georgia or other local universities.

If you decide to go with that option, look for properties in the areas of Syntagma, Monastiraki, and Psiri as they are popular tourist destinations and close to major attractions. Additionally, consider areas such as Kolonaki, Exarchia, and Gazi as they are popular residential areas for short-term tenants.

You will have some competition though - there are around 11,000 Airbnb listings in Athens. The average daily rate stands around $73.

You have the opportunity to generate a nice additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Athens can make around $1300 per month. Also, the average occupancy rate is estimated at 77%.

Is it worth buying real estate in Athens then?

Certainly, when it comes to buying property in Athens, it's a compelling choice if you're in it for the long haul. Athens offers an affordable real estate market with the potential for property values to appreciate over time. It's an excellent opportunity for individuals seeking a stable and cost-effective investment option.

Plus, the city's rich culture and historical significance make it a captivating place to live and experience life. So, if you're patient and looking for a long-term investment with the chance of capital appreciation, Athens might just be the place for you.

On the flip side, if you're chasing quick profits or unfamiliar with the local market complexities, Athens might not be your best bet. The city's property market can be intricate, with a lack of reliable information, and short-term rental yields tend to be relatively low.

Additionally, navigating Greece's legal and regulatory landscape can be challenging without expertise. So, if you're looking for rapid returns or a straightforward investment, you might want to explore other options in more transparent markets.

In the end, it boils down to your investment horizon, risk tolerance, and whether you're willing to embrace Athens' unique blend of history, culture, and affordability for the long run.

Make sure you understand the real estate market in Athens

Don't rush into buying the wrong property in Greece. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

real estate market Athens

The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.