Authored by the expert who managed and guided the team behind the Greece Property Pack
Yes, the analysis of Athens' property market is included in our pack
Why is Athens emerging as a prime destination for property investment in 2025? Is it the rich cultural heritage, the thriving tourism sector, or the competitive pricing compared to other European capitals? What are the key benefits for investors?
We often encounter these questions because we are actively engaged with local developers, real estate agents, and investors like you. With the growing interest in this market, we've decided to compile our insights into a comprehensive article for everyone's benefit.
Our aim is to present a compelling case for investing in Athens' real estate market, supported by our firsthand experience and market expertise.
If you feel we've overlooked an important aspect or want more information, please reach out (we respond very quickly). Your feedback enhances our content.
Finally, please remember that this is not financial or investment advice. Real estate investment involves inherent risks, and market conditions can change unexpectedly. We strongly recommend conducting thorough research and consulting with a qualified financial advisor before making any investment decisions.
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1) With Athens' economy stabilizing, investors are more confident in the real estate market
Athens' economic stability is boosting investor confidence in its real estate market.
With Greece's GDP growth rate hitting 2% in 2023, it outpaces the EU average of 0.4%, signaling a robust economy. This makes Athens a hot spot for property investment. The city's vibe is changing, and you can feel it in the air. Strolling through neighborhoods, you’ll notice new cafes and shops popping up, a sign of economic vitality.
Unemployment in Athens has dropped to a 15-year low of 10.5% by early 2024. This means more people have jobs, leading to more spending and a bustling economy. When locals have money to spend, it often translates into a thriving real estate market. Imagine the buzz in local markets and the energy in the streets as more people find work.
Foreign direct investment in Greece surged by 57% in 2022, showing international investors are betting big on Athens. This influx of foreign money is like a vote of confidence, making the city even more appealing for property buyers. Picture investors from all over the world eyeing Athens as their next big opportunity.
Infrastructure projects, like new metro lines and revamped public spaces, are making Athens more accessible and livable. These changes are not just about convenience; they’re transforming the city into a more attractive place for both residents and investors. Imagine hopping on a sleek new metro train that whisks you across the city in minutes.
The Greek government is rolling out the red carpet for foreign investors with tax incentives and the "Golden Visa" program. These initiatives are drawing more international buyers into the real estate market. Think of it as Athens opening its doors wide to welcome new investors with enticing offers.
Sources: The Luxury Playbook, EY, Global Property Guide, Economy & Finance
2) Athens’ location as a gateway to Europe, Asia, and Africa strengthens its real estate market
Athens is a prime spot for real estate, thanks to its strategic location connecting Europe, Asia, and Africa.
In 2023, foreign investment in Greek real estate jumped by 8%, reaching 2.13 billion euros. This surge shows how international investors are increasingly drawn to Athens, seeing it as a key link between three continents. The city's role as a major shipping and logistics hub naturally adds to its appeal, making it a hotspot for businesses eager to tap into trade opportunities.
The Greek government has sweetened the deal with initiatives like the Golden Visa program, which has been a magnet for international investors. This is especially true in lively areas such as Attica, where the program has made a noticeable impact. Athens' cultural and historical charm also plays a big part, attracting expatriates and retirees who are keen on settling down in the city.
Property prices in Athens are on the rise, with key neighborhoods seeing a 13.9% increase in 2023. This upward trend continued into early 2024, reflecting the growing demand for residential properties. The tourism boom has also fueled the need for short-term rentals, further boosting the real estate market.
For those considering buying property in Athens, the city's vibrant mix of history, culture, and strategic location offers a compelling case. Whether you're looking to invest or settle down, Athens presents a unique opportunity. The city's dynamic real estate market is a testament to its enduring appeal and potential for growth.
Sources: Global Property Guide, Keep Talking Greece, GTP Headlines
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Greece versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
3) In Athens, you can find affordable properties with high appreciation potential compared to other European cities
Athens' property prices are surprisingly affordable compared to other major European cities.
In 2023, the average price for a home in Athens was €2,100 per m², a bargain when you think about places like Zurich or London. This affordability is a big draw for those looking to invest in European real estate without breaking the bank.
Over the past few years, Athens has been on the rise. From 2018 to 2022, property prices jumped by about 32%, and just in the first quarter of 2024, urban house prices went up by 9.35% year-over-year. This steady climb shows a promising trend for potential buyers.
Foreign investors are catching on, seeing Athens as a prime spot for investment. Real estate agencies are buzzing about Athens, calling it a "golden opportunity for investors" in Europe. The combination of low prices and growth potential is hard to resist.
Tourism in Greece is booming, and that's pushing up demand for short-term rentals in Athens. This demand is helping to drive property prices even higher. Plus, with new urban development projects and infrastructure improvements, Athens is becoming even more attractive.
Sources: Global Property Guide, NTL Trust, Estate of Cyprus
4) Greece’s Golden Visa program draws international investors, boosting property demand
The Greek Golden Visa program is a major draw for international investors, boosting property demand.
In 2023, Golden Visa applications doubled from the previous year, with 8,351 submissions. This momentum carried into 2024, with over 11,870 visas issued, injecting more than €2.9 billion into Greek real estate.
Over the past decade, the program has funneled around €5.54 billion into Greece's real estate market, with €1.32 billion in 2023 alone. This surge in capital has led to record-breaking property transactions involving international buyers.
Property prices in popular Golden Visa areas like Athens and Thessaloniki have climbed significantly. The islands, such as Mykonos and Santorini, are also seeing rising property values due to high demand from international investors.
These regions are not just tourist hotspots but also investment magnets, with property values reflecting the influx of foreign capital. Investors are drawn to the lifestyle and potential returns.
With the Golden Visa program, Greece has become a prime destination for those looking to invest in real estate, offering a blend of cultural richness and financial opportunity.
Sources: NTL Trust, The Luxury Playbook, ETIAS
5) Athens is perfect for Airbnb investments due to its strong hospitality tradition
Athens is a hotspot for Airbnb investments, thanks to its strong tradition of hospitality.
In 2023, Athens had a 74% Airbnb occupancy rate, showing a strong demand for short-term rentals. This demand highlights how much visitors love the city's welcoming vibe.
By June 2024, Athens had around 13,300 active Airbnb listings, up from 12,253 in September 2023. This growth shows property owners are eager to tap into the city's tourist appeal, especially since 80% of Greek Airbnb stays get a 5-star review.
Athens' location near major attractions like the Acropolis and Parthenon makes it a prime spot for visitors. This proximity naturally boosts the demand for Airbnb properties.
The city's rich cultural heritage and historical sites are major draws for international tourists, fueling the thriving short-term rental market.
Sources: Airbtics, To Vima, Elxis
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6) Athens' cultural revival is drawing tourists, making it easier for you to rent out short-term
Athens is buzzing with a cultural revival, drawing in more tourists and boosting short-term rental demand.
In 2023, Greece saw a record-breaking influx of 30.8 million tourists, with Athens being a major hotspot. This surge in visitors has not only filled the city's streets with life but also pumped 20.6 billion euros into the tourism sector. The trend shows no signs of slowing down, making Athens a prime spot for property investment.
Short-term rental platforms like Airbnb are thriving, especially in Athens' bustling neighborhoods. This boom has led to a noticeable increase in property prices in these popular areas. Investors are snapping up properties, eager to transform them into short-term rentals and capitalize on the lucrative tourist season.
Athens isn't just about ancient ruins; it's alive with cultural events and festivals. The Onassis Cultural Centre-Athens, for instance, hosts events that draw over a million visitors each year. These gatherings highlight contemporary cultural expressions and international collaborations, adding to the city's allure.
Infrastructure upgrades, like the extension of metro lines, have made Athens even more accessible and attractive. These improvements are a boon for both tourists and investors, making it easier to explore the city and its vibrant culture.
Sources: Xinhua News, The Luxury Playbook, Fulbright Greece
7) With the metro expanding, Athens properties are becoming more accessible and valuable
The metro expansion in Athens has significantly boosted property accessibility and value.
From 2018 to 2023, residential property prices in central Athens jumped over 35%, thanks to foreign investment and a revival in domestic demand. This surge is closely tied to the city's infrastructure improvements, especially the metro expansion.
The Athens metro project extended Line 2 and built Line 4, modernizing the city's transit network. This has cut down traffic congestion and air pollution, making neighborhoods with new metro stations more appealing to both residents and investors.
In fact, the European Investment Bank noted that Line 4 alone reduces Athens’ daily CO2 emissions by 318 tons. This environmental benefit adds to the allure of properties in these areas.
Real estate agents are seeing a spike in interest for homes near new metro stops. Areas like Exarchia, Pangrati, and Koukaki are now more accessible, leading to a surge in demand for modern, renovated apartments.
The new metro lines have made getting around the city easier and greener, cutting travel times and offering an eco-friendly alternative to cars. This makes properties in these neighborhoods more attractive to potential buyers and renters.
Sources: The Luxury Playbook, Travel and Tour World
8) Athens has a diverse expat community, making it easy to find renters
The city's diverse expatriate community creates a steady demand for rental properties.
With international air arrivals in Athens hitting nearly 7.1 million in 2023, the city is buzzing with newcomers. This surge surpasses pre-COVID-19 numbers, naturally boosting the need for housing as more people flock to the area.
The expatriate community is a melting pot, with folks from the UK, Germany, and Portugal, each bringing their own housing tastes. This mix means rental properties are snapped up quickly, especially in trendy neighborhoods where competition is fierce.
Big names like McKinsey & Company are setting up shop in Athens, drawing in more expatriates. These professionals often choose to rent rather than buy, given the complexities of the property market. This trend is a boon for landlords looking to lease out their properties.
International relocation agencies are busy in Athens, hinting at government efforts to attract foreign investment and make the city a welcoming place for expatriates. This support makes renting an appealing option for newcomers.
Sources: Relocate Magazine, Statista, McKinsey & Company
We have made this infographic to give you a quick and clear snapshot of the property market in Greece. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
9) In Athens, you’ll find investment options from luxury to budget-friendly neighborhoods
Athens is a hotspot for property investment, offering everything from luxury pads to budget-friendly homes.
In 2023, property prices in Athens jumped by about 9.4%, continuing a strong upward trend. This is especially true in upscale neighborhoods like Kolonaki and Kifisia, where values have surged by 10-15% annually. These areas are known for their chic cafes and designer boutiques, making them highly desirable.
The Golden Visa program has been a game-changer, attracting foreign investors by offering residency perks to non-EU citizens who buy property. This has made places like Kolonaki and Plaka even more appealing, as investor confidence in Athens grows thanks to these incentives.
Athens doesn't just cater to the luxury market; it offers a variety of property types. In Kolonaki, luxury apartments average €5,194 per square meter, while in Exarchia, you can find more affordable options ranging from €2,000 to €2,800 per square meter. This means there's something for every budget and investment strategy.
Kolonaki is not just about high-end living; it's a cultural hub with art galleries and theaters, adding to its allure. Meanwhile, Exarchia offers a vibrant, bohemian atmosphere, attracting younger buyers and those looking for a more eclectic lifestyle.
Whether you're eyeing a luxury apartment or a more modest home, Athens' diverse neighborhoods provide a wealth of opportunities. The city's mix of history, culture, and modern amenities makes it a compelling choice for property investors.
Sources: The Luxury Playbook, The Luxury Playbook
10) Athens’ focus on renewable energy makes its properties more sustainable and appealing
Athens is making waves in the real estate market by focusing on renewable energy projects.
In 2023, 57% of Greece's energy came from renewable sources, a big jump from the previous year. This shift is not just about going green; it's about making properties more appealing to buyers who care about sustainability.
The city is rolling out projects like the ASCEND pilot, which involves installing solar panels on schools and creating smart grids. These initiatives are not only cutting emissions but also slashing energy costs for homeowners, making it a win-win for the environment and your wallet.
The Greek government is also putting serious money into energy-efficient renovations, aiming to upgrade over 110,000 homes by 2030. This means properties are becoming more valuable as people increasingly seek homes that are both eco-friendly and cost-effective.
These efforts are part of a broader push to enhance energy efficiency, which in turn boosts the market value of properties. Buyers are more interested in homes that promise lower utility bills and a smaller carbon footprint.
With these initiatives, Athens is not just improving its energy landscape but also making its real estate market more attractive. Properties here are becoming a smart investment for those who prioritize sustainability.
Sources: ADMIE, NetZeroCities, BusinessWire
11) International students flock to the city’s universities, boosting demand for student housing
The University of Georgia and other local institutions are drawing more international students than ever.
In Fall 2023, international student enrollment surged, making Athens a popular choice for students worldwide. This influx has created a buzz in the local housing market.
With more students arriving, the demand for student housing has skyrocketed. Many properties are nearly full, with some boasting a staggering 99.74% occupancy rate. Finding a place to live is becoming a real challenge.
As a result, rental prices for student apartments have climbed. Last year alone, rents in Athens jumped by 5.63%, reflecting the intense demand.
For those considering investing in property, this trend indicates a robust and growing market. The city's vibrant student community is a key driver of this demand.
With limited housing options, students are willing to pay more, making it a potentially lucrative opportunity for property investors.
Sources: EAB, College House, Rambler Athens
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12) With better public transport, it’s easier to commute, making properties more desirable
Athens has been busy upgrading its public transportation, making life easier for everyone.
With the new Line 3 metro extension, commuting times have dropped, and it's a greener choice than driving. This change has made daily life smoother and boosted the quality of life for city dwellers.
These transit improvements are also shaking up the real estate market. In central Athens, property prices have jumped by 12.4%, reaching 2,120 euros per square meter. This rise shows that areas with better public transport are becoming hot spots, as people are willing to pay more for the ease and access.
Looking ahead, the upcoming Line 4 will add 15 stations over an 8-mile stretch, further enhancing accessibility. This is expected to drive up rental demand in these neighborhoods, as more folks want to live near convenient transit options.
Investing in public transport is a smart move for cities aiming to boost property values and urban growth. Athens is following this trend, and it's paying off.
Sources: Travel and Tour World, Holcim, To Vima
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility. Finally, please note that we are not affiliated to any of the sources provided. Our analysis remains then 100% impartial.