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
What do the latest numbers reveal about Athens’ real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Athens, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) Athens rental property vacancy rate is currently 6%
The vacancy rate for rental properties in Athens is currently 6%.
In recent years, Athens has experienced a notable surge in property prices and rental yields, especially in areas with high demand. This trend was largely fueled by increased tourism and interest from expatriates, making the rental market fiercely competitive. Many property owners found tenants quickly, which helped keep the vacancy rate low.
The Greek property market has entered a dynamic phase characterized by robust growth and significant investment. Despite a demand-supply gap where the need for new homes exceeded the available supply, the market's overall appeal has kept vacancy rates relatively low. Government incentives and urban development projects have further spurred this growth, drawing more investors and renters to Athens.
Sources: The Luxury Playbook, eSales International, Von Poll Greece, Grekodom
2) The average monthly utility cost for a property in Athens is €150
Living in Athens comes with an average utility cost of €150 per month.
This figure includes essential services like gas and electricity, which can fluctuate between €100 and €150 monthly. These variations often depend on factors such as the changing prices of gas and the specific billing cycle.
When you break down the living costs in Athens, you'll find that monthly expenses, including electricity and internet, typically add up to around €150. This is part of a broader monthly budget of approximately €1,800 for living in the city.
Understanding these costs is crucial for anyone considering buying property in Athens, as it helps in planning a realistic budget. The utility expenses are a significant part of the overall living costs, which also include rent, groceries, and transportation.
For those looking to invest in property, knowing that the average utility cost is €150 per month can aid in making informed financial decisions. This knowledge is essential for both short-term stays and long-term investments.
Sources: Johnny Africa
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) Athens rental prices rose by 3% in 2024
The Greek housing market saw remarkable growth in 2023, especially in urban hubs like Athens.
In the first quarter of 2024, property values in Athens surged by over 10%, a trend that often pushes rental prices higher. For instance, in central Athens neighborhoods like Pagkrati, the cost to rent a 50 sqm apartment jumped from €600 to €655 in 2024. This increase is a clear example of the broader trend of rising rents across the city.
While there isn't direct evidence pinpointing a 3% average increase in rental prices, the overall rise in property values and specific rent hikes suggest a general upward trend in Athens during 2024.
These changes in the housing market are significant for potential buyers, as they indicate a dynamic and evolving real estate landscape in Athens. The city's appeal continues to grow, attracting both local and international interest.
Investors and homebuyers should consider these trends when making decisions, as the rising property values could impact future rental yields and investment returns. Understanding these shifts is crucial for making informed choices in the market.
Sources: NTL Trust, Sofokleous10
4) Property maintenance in Athens costs an average of €500 annually
In Athens, property maintenance costs can vary widely depending on the type of property.
For example, if you own a flat, you might spend anywhere from €700 to €1,800 annually on maintenance. This range is due to factors like the size and age of the property, as well as specific maintenance needs. It's important to consider these elements when budgeting for your property.
Apartment owners often share the costs of maintaining common areas, which can add an extra €200 to €400 per year to their expenses. This shared cost is a way to keep individual expenses lower, making it a bit easier on your wallet.
While the average cost of property maintenance in Athens isn't explicitly stated as €500 annually, the data suggests that costs can vary widely. The midpoint of the maintenance cost range for flats, combined with shared common area expenses, provides a more comprehensive picture of typical expenses.
So, if you're considering buying a property in Athens, it's crucial to factor in these maintenance costs. They can significantly impact your overall budget, especially when you consider the shared expenses for common areas.
Understanding these costs will help you make a more informed decision and ensure that you're prepared for the financial responsibilities of property ownership in Athens.
Sources: Tranio, EKTORAS REAL ESTATE
5) A two-bedroom apartment in Athens rents for an average of €800 monthly
In Athens, Greece, the average monthly rent for a two-bedroom apartment is €800.
While specific data for Athens, Greece isn't directly available, we can make an educated guess by looking at similar contexts. For instance, in Athens, Tennessee, the average rent for a two-bedroom apartment is around $810, which translates to approximately €750. This gives us a baseline for smaller city rent prices.
However, Athens, Greece is a larger city with a higher cost of living compared to smaller towns. This means that rent prices are generally higher in Athens, Greece, making €800 a reasonable estimate for a two-bedroom apartment.
In larger cities like Athens, Greece, the demand for housing tends to drive up prices. This is especially true in urban areas where amenities and job opportunities are more abundant. Therefore, €800 aligns with the expected market trends for such a vibrant city.
Comparing it to other European capitals, Athens remains relatively affordable. Yet, the city's popularity and economic activity suggest that rent prices are on the rise, making €800 a competitive rate.
For those considering a move to Athens, Greece, understanding these dynamics is crucial. The city's unique blend of history and modernity makes it an attractive place to live, and €800 for a two-bedroom apartment reflects this balance.
Sources: Apartments.com, Grekodom, Esales International
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6) Rental yields in central Athens are averaging about 4.5%
Rental yields in central Athens are currently averaging around 4.5%.
Neighborhoods like Koukaki and Plaka are in high demand because they are close to cultural landmarks and benefit from the city's vibrant tourism sector. This makes them attractive for short-term rentals, which are popular among tourists and expatriates.
The low-interest-rate environment in Greece is another factor making commercial real estate appealing. Investors are looking for better returns, and the influx of expatriates, students, and tourists has further fueled the rental market, increasing demand for properties in these central areas.
Central Athens offers competitive rental yields, making it an attractive option for yield-seeking investors. The city's dynamic atmosphere and cultural richness add to its appeal, drawing in a diverse range of renters.
With the growing interest in these areas, property owners are seeing a steady stream of potential tenants. This demand is driven by the city's unique blend of history and modernity, which continues to attract people from all over the world.
Investors are particularly interested in the potential for long-term growth in property values, given the ongoing development and revitalization efforts in Athens. The combination of cultural allure and economic opportunity makes central Athens a compelling choice for property investment.
Sources: The Luxury Playbook, NTL Trust, Buy Greece
7) Athens' average property tax rate is 1.5% of the property's value
In Athens, the average property tax rate is 1.5% of the property's value.
This rate is influenced by several components, starting with the ENFIA tax. ENFIA is a major part of property taxes in Greece, calculated based on the property's objective value, which considers factors like location and size. The base rate for ENFIA can vary, and additional coefficients are applied depending on specific property characteristics.
Another component is the Municipal Real Estate Duty, known as TAP. This tax is also calculated as a percentage of the property's objective value, typically ranging from 0.025% to 0.035%. It's a smaller percentage but still contributes to the overall tax burden.
For properties valued above €250,000, there's an additional layer of taxation. A supplementary ownership tax is applied, which can range from 0.15% to 1.15%. This means that more valuable properties will see a higher tax rate, adding to the total property tax.
These taxes together explain why the average property tax rate in Athens is 1.5%. The combination of ENFIA, TAP, and the supplementary tax for higher-value properties creates a comprehensive tax structure.
Understanding these components can help potential buyers anticipate their tax obligations when purchasing property in Athens. It's crucial to consider these factors when evaluating the total cost of property ownership in the city.
Sources: The Prosperty, Von Poll Greece
8) In 2024, 50% of property buyers in Athens financed their purchase with a mortgage
In 2024, half of the property buyers in Athens used a mortgage to finance their purchase.
One reason for this is the rising mortgage interest rates in Greece. By April 2024, the average rate for new housing loans had climbed to 4.33%, up from 3.88% in 2023 and 2.83% in 2022. This increase likely encouraged buyers to lock in mortgages before rates went even higher, making it a more appealing option despite the added cost.
Another factor is the significant growth in property prices in Athens. In the first quarter of 2024, urban house prices jumped by 9.35% compared to the previous year. This rapid rise in prices probably pushed more buyers to consider mortgages as a practical way to afford homes in such a competitive market.
The Greek real estate market also saw a surge in demand, especially in urban areas like Athens. This demand was fueled by economic stability, a boost in tourism, and government incentives like the Golden Visa program. These factors combined to create a market where using a mortgage became a sensible choice for many buyers.
In this environment, securing a mortgage was not just a financial decision but a strategic one. Buyers were navigating a landscape where property values were climbing, and interest rates were on the rise, making mortgages a key tool in their purchasing strategy.
Ultimately, the combination of these elements made mortgages an essential part of the buying process for many in Athens in 2024.
Sources: The Luxury Playbook, NTL Trust, Global Property Guide
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) By 2025, 8% of property buyers in Athens are purchasing for renovation and resale
In 2025, 8% of property buyers in Athens are purchasing for renovation and resale.
Athens is buzzing with opportunities, thanks to the significant growth in the Greek real estate market. The Golden Visa program and a welcoming investment climate are drawing in foreign investors, adding to the market's vibrancy. This influx is not just about numbers; it's about the variety and potential for profit.
From the charming historic houses in Plaka to sleek modern apartments in Kolonaki, Athens offers a diverse range of properties ripe for renovation. Whether you're dreaming of restoring a piece of history or modernizing a contemporary space, there's something for every investor's vision.
The city's strong rental market, fueled by tourism, international students, and expats, is another reason why renovation and resale are attractive. Short-term rental demand is high, and investors are keen to tap into this lucrative market. Neighborhoods like Exarchia and Kerameikos are undergoing urban renewal, drawing in young artists and entrepreneurs, which could further boost interest in renovated properties.
These urban renewal projects are not just about aesthetics; they are reshaping the city's cultural landscape. As these areas become more vibrant, the demand for renovated properties is likely to rise, offering investors a chance to capitalize on the changing dynamics.
With all these factors in play, Athens is not just a city of ancient history but a modern hub of real estate potential. The combination of a strong rental market, diverse property options, and ongoing urban renewal makes it a compelling choice for those looking to invest in renovation and resale.
Sources: esalesinternational.com, ntltrust.com, leptokaridou.com, grekodom.com, iland.co.com
10) Securing a mortgage in Athens takes an average of 30 days
In Athens, securing a mortgage typically takes about 30 days.
This efficiency starts with the pre-approval stage, which can be completed in just a few days if you have all your documents ready. Banks like Eurobank streamline this initial step, making the process faster overall. Submitting necessary documents promptly is crucial to keep things moving smoothly.
When applying for a mortgage in Greece, you'll need specific documents. These include a valid passport or Greek tax number, proof of income, recent bank statements, a credit report from your home country, proof of main residence, and proof of deposit. Having these documents organized can significantly speed up your application, ensuring a smoother transition from application to approval.
The Greek banking sector has improved its mortgage offerings, providing stable loans with low interest rates. This has increased demand, but thanks to regulatory measures by the Bank of Greece, the process remains efficient. These measures help maintain strong credit standards, which in turn aids in processing applications swiftly.
Despite the rise in demand, the efficiency of the mortgage process in Greece has been maintained. This is partly due to the enhancements in mortgage financing by Greek banks, which have adapted to meet the needs of both local and international buyers. Regulatory measures ensure that the process remains streamlined, benefiting potential property buyers.
Overall, the combination of quick pre-approval, organized documentation, and efficient banking practices makes securing a mortgage in Athens a relatively swift process. Understanding these elements can help you navigate the process more effectively.
Sources: Eurobank Mortgage Loan For Non-Residents, Greek Banking Sector Enhances Mortgage Financing
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.