Yes, the analysis of Athens' property market is included in our pack
The question of 'the best neighborhood to buy a property in Athens' does not have a one-size-fits-all answer.
Some of you are buying to live there, while others want to make the best investment possible. Individual preferences and circumstances matter.
That’s why the article below is covering every intent.
At Investropa, when we write a blog post or when we update our our property pack for Greece, we want to bring solutions and cover different aims in a clear and organized way.
Enjoy the read, and please remember that we are not financial or investment experts. This article is for informational purposes only.
To improve the readability and user-friendliness of this article, we will categorize neighborhoods in Athens into various groups, including budget-friendly options, emerging hotspots, and areas with high rental demand, among others. Consequently, some neighborhoods may appear in multiple categories and be mentioned several times throughout the article.
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How is the real estate market in Athens?
The real estate market in Athens is currently experiencing a vibrant and dynamic phase.
One of the key strengths of Athens as a city lies in its unique blend of ancient history and modern living. Nowhere else can you find properties that offer views of landmarks like the Parthenon, a symbol of ancient Greek civilization.
This blend of history and culture is a magnet for buyers who are looking for more than just a home, but a connection to a rich, historical tapestry.
People who are drawn to buy in Athens are often those who appreciate this deep cultural and historical significance. These include art and history enthusiasts, academics, and those looking for a unique lifestyle that combines the charm of ancient history with the conveniences of modern urban living.
Additionally, Athens' climate, with its warm Mediterranean sun and breezy evenings, adds to the city's allure.
Foreign interest in Athens' real estate is notably high. This is partly due to Greece's Golden Visa program, which offers residency permits to non-EU investors in real estate. The program has attracted a significant number of buyers from outside Europe, looking for a gateway into the EU.
Moreover, the lifestyle, culture, and relatively lower cost of living compared to other European capitals make Athens an attractive destination for foreign buyers.
Speaking of the market's dynamism, one data point that stands out is the steady increase in property values in Athens, particularly in areas close to the city center and historical sites. This trend is indicative of the growing demand and the city's ongoing urban revitalization.
A unique aspect of properties in Athens is their architectural blend. Many properties, especially in areas like Plaka or Thissio, combine traditional Greek elements with modern amenities. It's not uncommon to find homes with neoclassical facades or interiors that have been modernized, offering a living experience that's deeply rooted in Greek aesthetics.
Looking to the future, the value of properties in Athens is expected to rise for several reasons.
Firstly, ongoing urban regeneration projects are enhancing the city's infrastructure and livability.
Secondly, Athens is becoming an increasingly popular tourist destination, which boosts demand for both residential and rental properties.
Finally, the city's growing reputation as a cultural and business hub in the southeastern Mediterranean signals a long-term increase in demand for real estate.
Top neighborhoods in Athens to consider for living
Areas in Athens that are budget-friendly
If you're looking to buy property in Athens on a budget, there are a few neighborhoods you might want to consider.
Here is a summary table. Below, we will give more details.
| Neighborhood | Average Price per Sqm | Property Types | Residents | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Kallithea | €1,500 - €2,000 | Apartments | Working-class, Students | Good transport, Local amenities | Noisy, Densely populated |
| Petralona | €1,800 - €2,500 | Old and New Apartments | Students, Young families | Cafe culture, Historical sites | Limited parking, Some areas lack modern amenities |
| Neos Kosmos | €1,600 - €2,300 | Older and Newer Developments | Long-time residents, Newcomers | Good transport, Close to city center | Some areas still developing, Public spaces not as polished |
Kallithea
In Athens, one of the most affordable areas for buying property is Kallithea.
It's relatively cheap because it's a bit away from the city center and tourist hotspots. However, property values might rise due to ongoing urban development projects and its proximity to the coast.
You'll mainly find apartments in Kallithea, with average prices per square meter hovering around €1,500 to €2,000. The area is populated mostly by working-class residents and students, offering a blend of vibrant local culture and urban living.
Its strengths include good public transport links and a variety of local amenities. The downside? It can be noisy, and some parts are densely populated.
Petralona
Next up is Petralona, a neighborhood that balances affordability with charm.
It's cheaper because it's still under the radar compared to more central areas. Yet, its growing popularity among young professionals and artists suggests property values could climb.
The area offers a mix of old and new apartments, with prices per square meter generally between €1,800 and €2,500. Petralona attracts a diverse crowd, from students to young families, creating a lively, community-oriented atmosphere.
Its strengths include an emerging cafe culture and proximity to historical sites. However, parking can be a challenge, and some parts lack modern amenities.
Neos Kosmos
Neos Kosmos is affordable due to its transitional nature, being an area that's slowly evolving from its working-class roots.
This evolution hints at potential property value increases, particularly as it becomes more appealing to young professionals. The real estate here is varied, with both older apartments and newer developments, and average prices per square meter range from €1,600 to €2,300 in Neos Kosmos.
The demographic is a mix of long-time residents and newcomers, adding to its cultural diversity.
Neos Kosmos boasts good transport links and is close to the city center. On the flip side, some areas are still developing, and public spaces may not be as polished as in more expensive neighborhoods.
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Areas in Athens that are popular and upscale
When looking to buy property in Athens, three neighborhoods stand out as upscale and popular choices. These neighborhoods each have their unique character and draw different types of residents.
| Neighborhood | Average Price/sqm | Property Types | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Kolonaki | €10,000+ | Apartments, Penthouses | Professionals, Artists | Cultural Scene, Central | Cost of Living, Parking |
| Kifisia | €5,000 - €7,000 | Villas, Apartments | Families, Executives | Greenery, Schools | Distance from Center |
| Glyfada | €4,000 - €6,000 | Villas, Apartments | Professionals, Expats | Beach, Nightlife | Crowds, Touristy Areas |
Kolonaki
In the heart of Athens, Kolonaki is the epitome of luxury.
It's where the affluent crowd gathers, with high-end boutiques and art galleries dotting its streets. The properties in Kolonaki are predominantly elegant apartments and penthouses, often with stunning views of the city.
The average price per square meter in Kolonaki can reach upwards of €10,000. The area is favored by well-to-do professionals, artists, and diplomats.
Strengths include its central location, vibrant cultural scene, and excellent dining options. However, the high cost of living and limited parking can be downsides.
Kifisia
This northern suburb is known for its greenery and spacious properties.
It’s a haven for those seeking a quieter, more suburban lifestyle within reach of the city. In Kifisia, you'll find luxurious villas and modern apartments. Prices in Kifisia average around €5,000 to €7,000 per square meter.
The residents are typically wealthy families and business executives. Kifisia’s strengths are its peaceful environment, beautiful parks, and high-quality schools.
The downside is its distance from the city center and reliance on private transportation.
Glyfada
Located along the coast, Glyfada is a blend of city life and beachside relaxation.
It's popular for its trendy cafes, beach clubs, and shopping streets. The real estate market is diverse, offering everything from modern apartments to beachfront villas.
Prices in Glyfada hover around €4,000 to €6,000 per square meter. It attracts a mix of young professionals, celebrities, and expatriates. The main strengths are the beach access, vibrant nightlife, and excellent dining options.
However, it can get crowded in the summer, and some areas are prone to touristy feel.
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.
Areas in Athens that emerge as new hotspots
Let's explore these emerging neighborhoods in Athens that, according to our local partners and our customers, are getting quite a bit of buzz lately.
| Neighborhood | Average Price/sqm | Property Types | Resident Profile | Strengths | Weaknesses |
|---|---|---|---|---|---|
| Metaxourgeio | €2,500 | Mixed | Artists, Entrepreneurs | Art Scene, Cafes | Remnants of Gritty Past |
| Petralona | €3,000 | Apartments | Young Professionals | Local Culture, Community | Lacks Luxury Amenities |
| Kerameikos | €3,500 | Lofts, Apartments | Diverse, Urban Crowd | Street Art, Nightlife | Noise, Lack of Greenery |
Metaxourgeio
Once a neglected area, Metaxourgeio is undergoing a cultural renaissance.
Known for its artistic vibe, the neighborhood has attracted a wave of young artists and entrepreneurs. With a mix of neoclassical buildings and modern developments in Metaxourgeio, property prices are more affordable, averaging around €2,500 per square meter.
The area's popularity is driven by its burgeoning art scene, trendy cafes, and proximity to the city center.
However, it still has remnants of its gritty past, which can be a drawback for some.
Petralona
This neighborhood blends traditional charm with a modern twist.
Initially a working-class area, it has seen a surge in popularity due to its authentic Athenian feel, quaint tavernas, and indie boutiques. Properties in However are mainly small to medium apartments, with prices around €3,000 per square meter.
It's becoming a favorite among young professionals and creative minds.
Petralona's strengths are its community feel and local culture, but it lacks the luxury amenities found in more upscale areas.
Kerameikos
Traditionally industrial, Kerameikos is now a hotspot for those seeking an urban, hip lifestyle.
It's known for its vibrant street art, music scene, and eclectic nightlife. The real estate market is diverse, with renovated lofts and new apartment buildings.
Prices in Kerameikos are around €3,500 per square meter. The area attracts a diverse crowd, from artists to tech professionals.
While it offers a unique urban experience, it can be noisy and lacks green spaces.
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Top neighborhoods in Athens to invest in property
Areas in Athens with a strong rental demand
If you're considering buying real estate in Athens for renting it out, these neighborhoods with high demand for rentals should be considered.
| Neighborhood | Tenant Profile | Property Type | Average Rental Income | Rental Yield | Tips for Higher Income | Weaknesses |
|---|---|---|---|---|---|---|
| Kolonaki | Professionals, Expatriates | Modern Apartments | €1,200 - €2,000/month | 3-5% | Modern amenities, Smart features | High purchase and maintenance costs |
| Exarchia | Students, Young Professionals | Small Apartments | €600 - €900/month | 4-6% | Near university, Unique features | Occasional political activism |
| Pangrati | Families, Young Professionals | Medium-sized Apartments | €700 - €1,100/month | 3.5-5% | Family-friendly amenities | Increasing competition |
Kolonaki
This upscale district is known for its strong rental demand due to its proximity to central Athens and luxurious amenities.
Preferred by professionals and expatriates, tenants in Kolonaki look for modern, well-furnished apartments. The area is characterized by high-rise buildings with balconies offering city views.
You can expect a rental income of approximately €1,200 to €2,000 per month for a one-bedroom apartment in Kolonaki, translating to a rental yield of around 3-5%. The key to maximizing rental income in Kolonaki is focusing on properties with modern amenities, such as updated kitchens and smart home features.
However, the high purchase prices and maintenance costs are potential weaknesses, making it essential to balance the initial investment against the rental returns.
Exarchia
Known for its vibrant and bohemian vibe, Exarchia attracts students and young professionals.
The demand in Exarchia is for affordable, smaller apartments, often with one or two bedrooms. The typical rental income ranges from €600 to €900 per month for these units, yielding about 4-6%.
To increase rental income, focus on properties near the National Technical University of Athens or those with unique features like rooftop terraces.
However, be aware of the neighborhood's reputation for occasional political activism and street art, which might not appeal to all tenant profiles.
Pangrati
This neighborhood is increasingly popular due to its balance of urban living and quieter, residential areas.
It's favored by families and young professionals. The rental demand in Pangrati is for medium-sized apartments, with rental incomes ranging from €700 to €1,100 per month, and a yield of about 3.5-5%.
Properties near parks or with family-friendly amenities like extra bedrooms or proximity to schools in Pangrati are ideal.
However, competition is increasing as more investors realize Pangrati's potential, so finding a unique selling point for your property is crucial.
Don't lose money on your property in Athens
100% of people who have lost money in Greece have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
Areas in Athens where property prices might increase in the future
In these areas in in Athens you can still find properties at a reasonable price, with room for appreciation as the neighborhoods develop.
| Neighborhood | Tenant Profile | Property Type | Average Price/Night | Tips for Higher Income | Weaknesses |
|---|---|---|---|---|---|
| Plaka | Tourists | Traditional Greek Properties | €80 - €150 | Unique character, Luxurious amenities | Constant upkeep, Seasonal demand |
| Monastiraki | Young Travelers, Couples | Studio/One-Bedroom Apartments | €70 - €120 | Unique designs, Modern amenities | Noise level, Busy streets |
| Syntagma | Business Travelers, Tourists | Modern Apartments | €90 - €160 | Business amenities, High-quality service | Competition from hotels |
Plaka
As the historic heart of Athens, Plaka is in high demand for short-term rentals, especially from tourists.
Guests in Plaka seek properties with traditional Greek charm, like neoclassical architecture, and modern conveniences. Amenities like rooftop terraces with Acropolis views are highly sought after.
The average price per night in Plaka can range from €80 to €150. To maximize your income, invest in properties that highlight the area's unique character and provide luxurious amenities.
However, managing short-term rentals here requires constant upkeep and dealing with seasonal fluctuations in demand.
Monastiraki
This area is popular for its vibrant market and proximity to major attractions.
Short-term renters in Monastiraki are often younger travelers or couples looking for studio or one-bedroom apartments with local flair. Properties with balconies or easy access to the market area in Monastiraki are desirable.
The average nightly rate in Monastiraki is around €70 to €120. To attract more guests, focus on unique interior designs or offer amenities like Wi-Fi and air conditioning.
However, the noise level and busy streets can be a downside for some tenants.
Syntagma
Known for its central location and easy access to transport, Syntagma is ideal for short-term business travelers and tourists.
Renters look for modern, well-equipped apartments in Syntagma. The average nightly rate in Syntagma is €90 to €160.
Properties with business amenities, like high-speed internet and a workspace, are in high demand.
However, be mindful of the competition from hotels and other rentals, and ensure your property stands out with high-quality service and unique features.
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.