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 is happening in Athens’ real estate market? Are prices on the rise or decline? Is the city still a magnet for international investors? How are Greece’s government policies shaping real estate taxes and regulations in 2025?
These are the questions we hear every day from professionals, buyers, and sellers across Athens and beyond. Maybe you’re curious about the same things.
We know this because we stay closely connected with local experts and people like you, exploring the Athenian real estate market daily. That’s why we crafted this article: to offer clear answers, insightful analysis, and a comprehensive view of market trends and dynamics.
Our aim is straightforward: to make sure you feel informed and confident about the market without needing to search elsewhere. If you think we missed something or could improve, we’d love to hear your feedback. Feel free to message us with your thoughts, and we’ll strive to enhance this content for you.
How this content was created 🔎📝
1) Luxury properties in prime locations will attract foreign investment
Foreign investment is increasingly focusing on luxury properties in prime locations in Athens for several reasons. First, the Greek Golden Visa program has been a major driver, bringing in approximately €5.54 billion over the past decade. In 2023 alone, this program saw record-high applications, channeling €1.32 billion into Greek real estate.
The luxury market in Athens, particularly in the city center, has gained significant attention. High-end properties are attracting buyers from around the world, and residential property prices in central Athens increased by over 35% from 2018 to 2023. This surge is largely due to the influx of foreign investment and domestic demand.
Athens is also highlighted as a top destination for high-net-worth individuals. The city offers a unique blend of ancient landmarks and modern amenities, making it highly attractive for luxury living. The proximity to popular areas like Glyfada and the Riviera further enhances its appeal.
Sources: The Luxury Playbook, ETIAS, Von Poll Greece
2) Tourist-heavy areas will see higher yields from increased short-term rental activity
Properties in tourist-heavy areas, like the center of Athens, are experiencing higher yields due to increased short-term rental activity. This is largely because these areas attract a significant number of international tourists, with about 79.71% of guests in Athens being from abroad. These tourists often prefer unique accommodations that offer local experiences, which short-term rentals can provide.
The average daily rental rate (ADR) for short-term rentals in Athens has risen to €119, marking an annual increase of 7%. This increase in ADR is a clear indicator of the growing demand and willingness of tourists to pay more for accommodations in these popular areas. Additionally, properties in tourist attraction neighborhoods, such as those with city and sea views, have a high revenue potential, with some earning up to €131 per day.
Moreover, the number of active Airbnb listings in Athens has grown significantly, reaching 12,253 by September 2024. This growth in listings reflects the increasing demand for short-term rentals, driven by the influx of tourists. The Greek Tourism Confederation’s research arm, INSETE, reported a strong start to 2025 with a 16% increase in demand for January, followed by a 9% rise in February, and a substantial 38% surge in April, further highlighting the growing interest in these areas.
Sources: Airbtics, Greek City Times, Argophilia
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) Rents in tourist hotspots will increase as short-term rental demand grows
In recent years, particularly in 2023 and 2024, there has been a noticeable increase in short-term rental listings in Athens. As of September 2024, there were 12,253 active Airbnb listings, highlighting a significant rise in properties available for short-term rental.
This surge in listings is closely linked to the growing number of tourists visiting Athens. In December 2023 alone, tourist arrivals in Athens reached 883,828, with a total of 2,033,355 nights spent, marking a steady increase from the previous year. Such growth in tourism naturally boosts the demand for short-term rentals, as many visitors prefer these accommodations over traditional hotels.
Moreover, the financial appeal of short-term rentals is evident, with hosts in Athens earning an average annual revenue of €18,000 in 2023. This profitability encourages more property owners to convert their homes into short-term rentals, further driving up demand and, consequently, rental prices in tourist-heavy areas.
Sources: Airbtics, Statistics Greece, Greek City Times
4) The Golden Visa program will keep drawing foreign investors looking for residency
The Golden Visa program in Greece has been a magnet for foreign investors, and this trend is likely to continue. In 2023, over 31,000 permits were issued, channeling €2.6 billion into the country. By 2024, there was an 11% increase in permits, showing a growing interest from diverse nationalities.
Investors are particularly drawn to the Greek real estate market, which saw over €2.9 billion in foreign direct investment by 2024. The appeal lies in Greece's affordable property prices and the country's economic stability, which has been improving steadily.
Moreover, Athens and Thessaloniki are experiencing a real estate boom, with increased demand for properties in vibrant neighborhoods. This urban revival is attracting non-EU citizens who are eager to invest in these promising areas.
Additionally, the program is gaining traction among investors from countries with unstable political or economic climates. For instance, Israeli investors increased by 70% in 2024, while British and American investors also showed significant interest, driven by factors like Brexit and global instability.
Sources: Investment Visa, The Luxury Playbook, ETIAS, Get Golden Visa
5) Foreign buyers will increasingly target Athens properties due to favorable exchange rates
Foreign buyers are increasingly interested in Athens due to favorable exchange rates.
When the euro strengthens against other currencies, it becomes cheaper for foreign investors to buy properties in Athens. This shift makes the Greek real estate market more appealing. The Greek Golden Visa program has also been a game-changer, attracting significant foreign investment. By 2023, over €5.54 billion had been invested through this program, with a noticeable rise in applications.
Foreign investors are already eyeing opportunities in Greece, and the favorable exchange rates sweeten the deal. Reports from 2024 highlight a surge in demand for Greek properties from countries like Israel, Turkey, and the United Kingdom. This trend indicates that international buyers see Greece as a viable investment option, thanks in part to the affordability brought by these exchange rates.
In Athens, the real estate market is buzzing with activity. The city's rich history, vibrant culture, and stunning architecture make it a desirable location. Foreign buyers are drawn to the unique blend of ancient and modern that Athens offers, making it a hotspot for investment.
Local experts note that the Greek real estate market is not just about the numbers. It's about the lifestyle and the potential for growth. With the current economic climate, investing in Athens is seen as a smart move by many international buyers.
As the euro continues to fluctuate, the interest from foreign buyers is expected to grow. The combination of favorable exchange rates and the allure of Athens creates a perfect storm for investment. Now is the time for savvy investors to consider Athens as a prime destination.
Sources: The Luxury Playbook, ETIAS, NTL Trust, To Vima
Get fresh and reliable information about the market in Athens
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
6) Central Athens will see higher rental yields with rising short-term rental demand
In recent years, Athens has seen a significant rise in tourist arrivals, with 7.1 million international air arrivals in 2023 and projections for over 36 million tourists in 2024. This increase in visitors naturally boosts the demand for short-term rentals, as more tourists look for convenient and flexible accommodation options.
The growth of short-term rental platforms like Airbnb has transformed the property market in Athens, similar to other popular tourist destinations like Santorini and Mykonos. This trend has led to rising property prices and increased rental yields, as property owners capitalize on the high demand from tourists.
In central Athens, areas like Kolonaki and Plaka have experienced significant rental price increases, driven by both short-term rental markets and long-term expatriate housing. The average monthly rents in these areas reflect the high demand and profitability of short-term rentals.
Sources: Statista, The Luxury Playbook, The Luxury Playbook
7) Kolonaki will continue to attract high-net-worth individuals as a premium area
Kolonaki has consistently maintained its status as a premium area in Athens, attracting high-net-worth individuals due to several key factors. One of the most significant indicators is the rising property prices in the area. In 2023 and 2024, the average sale price for properties in Kolonaki was €5,194 per square meter, which is significantly higher than other areas in Athens, such as Piraeus and Patissia. This trend highlights the area's exclusivity and desirability among affluent buyers.
The demand for luxury apartments and penthouses in Kolonaki has been on the rise, with luxury rentals reaching an average of €18.05 per square meter. This high demand is fueled by the influx of foreign investment, particularly through the Golden Visa program, which has bolstered the market for luxury homes. The strong rental potential and appreciation in property values make Kolonaki an attractive investment opportunity for high-net-worth individuals.
Kolonaki's appeal is further enhanced by its vibrant shopping district, which features upscale boutiques and designer stores. The presence of high-end retailers like i-D CONCEPT STORES and DTales adds to the area's allure, making it a preferred destination for luxury shopping. Additionally, the area's culinary scene, with its classy restaurants and trendy cafes, provides a hub for dining and socializing, catering to the tastes of affluent residents.
Kolonaki's strategic location near cultural landmarks and prestigious institutions adds to its attractiveness. The area's historical significance and architectural appeal also play a crucial role in drawing high-net-worth individuals who value unique and culturally rich environments. Furthermore, municipal investments in infrastructure and beautification projects, such as the urban regeneration project in Ellinikon, are expected to enhance Kolonaki's overall appeal by improving connectivity and amenities.
Sources: The Luxury Playbook, Insights Greece, Properstar
8) Demand for accessible housing will rise due to an aging population
Athens is seeing a steady rise in its aging population, with more older residents than ever before.
In Greece, people are living longer, with life expectancy expected to hit 83.10 years by 2025. This means there's a growing need for homes that cater to the needs of older adults who prefer to stay in their own homes rather than move to nursing facilities.
As folks get older, they often face mobility issues. By 2050, 15.1% of the population will have severe limitations in daily activities, up from 10.4%. This makes it crucial to have homes with features like ramps and grab bars.
But here's the catch: Athens is facing a shortage of accessible housing. By 2025, the city will need an additional 156,000 senior housing units, and even more by 2030, to keep up with demand.
Many older adults in Athens are keen on "aging in place," meaning they want to stay in their familiar surroundings. This trend is pushing the need for homes that are not just accessible but also comfortable for seniors.
With the aging population growing, the demand for accessible housing options is set to increase, making it a critical issue for the city to address.
Sources: Neos Kosmos, Macrotrends, World Bank, NIC, AA
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) A growing expat community will boost demand for diverse housing options
The growing expatriate community in Athens is significantly influencing the demand for diverse housing options. In 2023, the foreign-born population in Greece was over 1.1 million, highlighting a substantial expatriate presence. This trend continued into 2024, with the Athens metro area population reaching over 3 million, indicating a thriving urban environment that attracts expatriates.
International companies like TTEC and Bain & Company have expanded their operations in Athens, reflecting the city's increasing appeal to global businesses. This influx of international firms naturally brings more expatriates, who often seek housing that meets their specific needs and preferences. Additionally, the lower cost of living in Greece compared to countries like the US makes it an attractive destination for expatriates, further driving the demand for diverse housing options.
Real estate market reports from 2023 and 2024 showed increased foreign investment in Greek properties, particularly in cities like Athens. This trend is supported by government policies such as the Golden Visa program, which encourages foreign investment by offering residency to non-EU citizens who purchase property. These factors collectively contribute to a growing demand for housing that caters to a variety of international tastes and requirements.
Sources: Trading Economics, TTEC, Bain & Company, Macrotrends
10) Virtual reality tours will become more popular, enabling remote property viewings for buyers
Virtual reality tours are becoming a staple in real estate, especially for those buying from afar.
In recent years, over half of adults have experienced a virtual property tour, and it's no wonder why. These tours offer a unique way to explore homes without stepping foot inside. For many, 67% of home buyers now prefer listings with virtual tours, making them a must-have feature for sellers looking to attract attention.
Listings with virtual tours are not just popular; they are engaging. They receive 87% more views than those without, showing how much buyers appreciate the ability to explore a property in detail. This increased interest is evident as potential buyers spend more time on these listings, diving deeper into what each home has to offer.
Thanks to advancements in VR technology, these tours are more accessible and affordable than ever. Companies like Matterport have developed high-quality VR cameras that capture properties in full 3D, allowing buyers to explore homes from anywhere. This tech evolution is a game-changer, making virtual tours a practical option for both buyers and sellers.
For sellers, virtual tours help filter out casual viewers, focusing on serious buyers who are genuinely interested. This not only saves time but also enhances the overall viewing experience, making it more efficient and enjoyable for everyone involved.
As VR technology continues to improve, expect virtual tours to become even more common. They offer a convenient and immersive way to view properties, making them an essential tool in the modern real estate market.
Sources: PhotoUp, The Luxury Playbook, GlobeNewswire
11) Marousi and other northern suburbs will draw more tech professionals as local tech companies grow
The northern suburbs, like Marousi, are becoming a magnet for tech professionals, and there are several reasons for this trend. In recent years, we've seen a significant increase in the number of tech companies setting up offices in Marousi. This is part of Greece's broader digital transformation, which has attracted major U.S. tech firms such as Microsoft, IBM, and Google to invest in the area. These companies are not only establishing data centers but also launching training programs, which are crucial for nurturing local talent.
Moreover, the Greek startup ecosystem has been gaining momentum, drawing attention from European investors. This growth is expected to continue, fueled by strategic investments and international interest. The startups in Greece are primarily focused on digital transformation, offering innovative solutions that attract substantial investments. This vibrant ecosystem creates numerous job opportunities for tech professionals, making Marousi an appealing destination.
Another factor contributing to Marousi's attractiveness is the infrastructure developments supporting the tech industry's expansion. Initiatives like Microsoft's "GR for Growth," which includes the establishment of data centers in the Attica region, are pivotal. These developments position Greece as a regional data and innovation hub, further enhancing Marousi's appeal to tech professionals.
Sources: Trade.gov, EIT Digital
Don't buy the wrong property, in the wrong area of Athens
Buying real estate is a significant investment. Don't rely solely on your intuition. Gather the right information to make the best decision.
12) Interest in the Athens Riviera will grow with new infrastructure projects improving connectivity
The Athens Riviera has become a focal point of interest due to significant infrastructure projects that have enhanced its connectivity. One of the most notable projects is The Ellinikon Development, which is the largest urban redevelopment project in Europe. This massive undertaking includes a variety of facilities such as upmarket homes, a luxury hotel, a large shopping mall, and a marina, all of which are set to transform the area into a vibrant hub.
In addition to The Ellinikon Development, the government has announced metro extensions in Athens, which are designed to improve transportation links within the city. These extensions, with substantial budgets, aim to make commuting more efficient and accessible, thereby increasing the appeal of the Athens Riviera for both residents and visitors.
Furthermore, the rising property prices in the southern suburbs of Athens, with a notable 14% increase, reflect the growing demand and interest in the area. This trend is supported by increased real estate transactions and inquiries, indicating a broader interest in Greek real estate, particularly in regions with improved infrastructure.
Sources: Greek Reporter, Greek Exclusive Properties, GTP News, Trade.gov, Ypodomes
13) Stricter short-term rental rules will affect the profitability of Airbnb-style investments
In recent years, Athens has seen significant changes in how short-term rentals are regulated. In 2023 and 2024, concerns about housing shortages and overtourism led to a one-year ban on new short-term rental registrations starting January 1, 2025. This move aims to address the growing issues in the housing market.
Additionally, the Greek government has introduced tax incentives to encourage property owners to switch from short-term to long-term rentals. This shift is intended to increase the availability of housing for residents, which has been a pressing issue due to the popularity of short-term rentals.
Moreover, heavy fines are set to be imposed on those who attempt to register new short-term rentals in certain districts of Athens during the ban period. These fines can be as high as 50% of the income from the rental, with a minimum of €20,000, making it a costly risk for non-compliant operators.
Sources: Rental Scale-Up, BNB News, Athens Politics Nerd
14) Investors will focus on Piraeus as the port area sees major redevelopment
Piraeus has been gaining significant attention from investors due to its ongoing redevelopment, which has transformed the port area into a vibrant hub of activity. The substantial investments in infrastructure, such as the restoration of the Tower of Piraeus and the development of new hotels, have played a crucial role in this transformation.
The real estate market in Piraeus has experienced a remarkable surge, with property prices increasing by an average of 30% over the past two years. This rise is partly due to the impact of the Golden Visa program, which has redirected prospective buyers to Piraeus, leading to even higher price increases in some cases.
Moreover, the strategic plans executed by the Piraeus Port Authority have aligned with the goal of attracting high-profile tourist flows, further boosting the area's appeal. The involvement of international companies like COSCO Shipping has also revitalized the port, making it a major transport hub and attracting multinational companies.
Sources: Greek City Times, China Briefing
We made this infographic to show you how property prices in Greece compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
15) Middle Eastern buyers will show increased interest in Athens due to geopolitical changes
In recent years, Athens has become an increasingly attractive destination for Middle Eastern buyers, largely due to geopolitical shifts. One of the main reasons is the geopolitical instability in the Middle East, which has often led to capital flight. Investors from regions experiencing political turmoil tend to seek safer and more stable investment destinations, and Athens fits this profile well.
The Greek Golden Visa program has played a significant role in drawing interest from Middle Eastern investors. This program offers residency to non-EU investors who purchase properties meeting certain criteria, and it has been highly successful, with over 28,000 residency permits issued since its launch. The program's minimum investment threshold in prime areas like Athens has been increased to €500,000, making it an attractive option for those looking to invest in a stable market.
Additionally, the recent announcement of direct flights from Eilat to Athens starting in February 2025 by Israir could potentially increase travel and investment opportunities between Israel and Greece. This development may indirectly benefit Athens by attracting more Middle Eastern investors. Furthermore, the overall positive outlook on Athens' real estate market, driven by factors like economic recovery and tourism, makes it a safe and attractive investment destination.
Sources: The Luxury Playbook, Next Generation Equity, Travel and Tour World, Notte Global
16) Yields in new developments will increase as infrastructure upgrades draw more tenants
In recent years, particularly in 2023 and 2024, Athens has experienced a wave of urban renewal projects that have revitalized neighborhoods, leading to increased property values. These projects often include improvements in infrastructure, public spaces, and commercial developments, which attract new residents and businesses.
The rental market in Athens has also seen significant growth, especially in high-demand areas with strong tourism and expatriate interest. For example, luxury rentals in areas like Kolonaki and the Athenian Riviera have seen notable rental price increases, with average monthly rents reaching €18.05/m² in these sought-after locations. This trend reflects a wider increase in demand for properties with improved infrastructure.
Government policies have played a crucial role in this development. Favorable capital gains tax policies and reduced property taxes have encouraged long-term investment in newly developed areas. This has made it easier for developers to create modern, sustainable housing that meets the needs of today’s buyers, further boosting the attractiveness of these areas.
Sources: Iron Horse Property Management, The Luxury Playbook, Ered.gr
17) Luxury property investments will increase in southern suburbs like Glyfada for their coastal appeal
Glyfada is now a prime spot for luxury property investments thanks to its stunning coastal views.
In Glyfada, the average home prices have jumped, with Terpsithea seeing a 14.1% increase in sale prices from 2022 to 2023. This surge shows that more people are eyeing the area, making it a hot pick for those wanting solid returns on their investments.
Nearby, the Hellinikon area is getting a massive makeover with an €8 billion transformation project, featuring luxury homes that are set to shake up the Greek real estate scene. This kind of development boosts the charm of places like Glyfada, pulling in even more luxury property buyers.
Glyfada has become the top choice for foreign buyers in Greece, even beating out Thessaloniki’s city center. The Golden Visa program is a big draw, luring international investors who crave coastal living. Plus, Glyfada’s natural beauty and closeness to business hubs make it even more appealing to wealthy buyers.
Investors are particularly interested in Glyfada because of its proximity to the Hellinikon project, which promises to bring new amenities and infrastructure to the area. This makes Glyfada not just a beautiful place to live, but also a smart investment choice.
With its mix of luxury, location, and lifestyle, Glyfada is set to see a continued rise in property values, making it a top contender for anyone looking to invest in Greek real estate.
Sources: The Luxury Playbook, Greek Exclusive Properties, Greece Is
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.