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
As we reach mid-2025, Athens presents one of Europe's most compelling property investment opportunities, combining affordable entry prices with strong rental yields and capital appreciation potential.
The Greek capital offers investors gross rental yields ranging from 4% to 9% across different neighborhoods, with property prices averaging €2,480 per square meter - significantly lower than other European capitals. Foreign investment continues to surge, driven by the Golden Visa program and Athens' recovery as a major tourist destination.
If you want to go deeper, you can check our pack of documents related to the real estate market in Greece, based on reliable facts and data, not opinions or rumors.
Athens property investment offers 4-9% gross rental yields with entry prices from €250,000 for commercial-to-residential conversions and €800,000 for prime central areas under the Golden Visa program.
The best investment neighborhoods combine tourist appeal (Koukaki, Plaka), infrastructure development (southern suburbs near Ellinikon), and strong rental demand from both short-term and long-term tenants.
| Neighborhood | Avg. Price/m² | Gross Yield | Investment Type |
|---|---|---|---|
| Koukaki | €3,000 | 4.8-6% | Short-term rentals |
| Kolonaki | €5,194 | 4.4% | Premium long-term |
| Kypseli | €1,000 | 6.6% | High-yield rentals |
| Patision-Acharnon | €1,400 | 7.8% | Budget investment |
| Plaka/Historic Center | €3,500-7,000 | 3.7-8.3% | Tourist accommodation |
| Southern Suburbs | €3,200-6,000 | 5-7% | Capital appreciation |
| Piraeus | €8,000 | 6-8% | Mixed-use development |
What's your total budget for investment, including purchase, renovation, and taxes?
Your total investment budget for Athens property should include the purchase price plus 15-20% for additional costs and renovation expenses.
For a €250,000 property purchase, expect total acquisition costs of €268,975-€277,725. This includes the 3.09% transfer tax (€7,725), notary and lawyer fees of 2.5-3% (€6,250-€7,500), and agency fees ranging from 2-5% (€5,000-€12,500).
Renovation costs vary significantly by location and scope. Basic renovations cost €100-€300 per square meter, while full renovations range from €600-€900 per square meter. Premium upgrades can reach €1,000 per square meter. For example, renovating an 80m² apartment typically costs €53,275 (€665/sqm), while a 100m² apartment costs €69,075 (€690/sqm).
Annual ownership costs include ENFIA property tax (€0.01-€13 per sqm), municipal tax (TAP) of 0.025-0.035% of property value, and property management fees. Short-term rental management costs 20-30% of rental income, while long-term rental management ranges from 8-12%.
As of June 2025, budget allocation should reserve 15% for taxes and fees, 20% for renovation, and 10% for contingencies to ensure proper cash flow management.
What rental yield are you targeting for this investment?
Athens offers gross rental yields ranging from 4% to 9% depending on neighborhood and property type, with net yields typically 25-45% lower after expenses.
High-yield neighborhoods include Patision-Acharnon (7.82% gross yield for 1-bedroom apartments) and Kypseli (6.60% gross yield). Premium areas like Kolonaki offer lower but more stable yields around 4.36%, while tourist-focused areas like Koukaki provide 4.88% gross yields with strong appreciation potential.
Short-term rental properties typically generate higher income but require more management. The average daily rental rate (ADR) for short-term rentals in Athens has risen to €119, marking a 7% annual increase. Properties in tourist areas can earn up to €131 per day with proper management.
Long-term rentals offer more predictable income streams. Monthly rents for two-bedroom apartments range from €600-€1,650 in central Athens, with occupancy rates near 100% in desirable districts.
Target net yields of 6-7% for well-managed properties in emerging neighborhoods, or 4-5% for premium locations with strong capital appreciation potential.
How much do properties currently cost per square meter in Athens neighborhoods?
Property prices in Athens vary dramatically by neighborhood, ranging from €1,000 per square meter in emerging areas to over €7,000 per square meter in premium locations.
| Neighborhood | Price Range (€/m²) | Property Type |
|---|---|---|
| Kolonaki | €4,500-€6,000 | Luxury residential |
| Plaka/Historic Center | €3,500-€7,000 | Mixed heritage |
| Koukaki | €2,500-€3,500 | Tourist-focused |
| Southern Suburbs | €3,200-€6,000 | Coastal residential |
| Kypseli | €1,000-€1,500 | Emerging residential |
| Patision-Acharnon | €1,400-€2,000 | Value investment |
| Piraeus | €6,000-€8,000 | Commercial-residential |
As of Q1 2025, the Athens average stands at €2,480 per square meter, representing a 7.6% year-over-year increase. Central districts like Exarchia, Koukaki, and Pangrati continue to lead price growth.
New construction commands premium prices, with newly built apartments selling for €7,000 per square meter in the historic center, while resale properties start from €3,500 per square meter in the same areas.
What are the average monthly rental incomes for short-term and long-term rentals in each neighborhood?
Rental income potential varies significantly between short-term and long-term strategies across Athens neighborhoods.
Short-term rental income in tourist-heavy areas generates the highest returns. Koukaki properties average €3,000 monthly, while Kolonaki commands €4,000-€5,500 monthly for premium accommodations. The historic center properties near the Acropolis can achieve €1,536 average monthly income through Airbnb platforms.
Long-term rental markets offer more stability with lower management requirements. Kypseli provides reliable €550 monthly rents for standard apartments, while central areas like Syntagma generate €600-€1,650 monthly depending on property size and condition.
Premium neighborhoods like Kolonaki and southern suburbs command higher long-term rents due to their appeal to expatriate professionals and affluent locals. Properties in these areas typically achieve €800-€1,200 monthly for well-maintained apartments.
The rental market shows strong seasonal variation for short-term properties, with peak tourist months (April-October) generating 20-30% higher rates than winter periods. Long-term rentals maintain consistent income throughout the year.
It's something we develop in our Greece property pack.
What are the current occupancy rates for both short-term and long-term rentals?
Athens maintains strong occupancy rates across both rental segments, with short-term rentals achieving 72% citywide occupancy and long-term rentals approaching 100% in desirable districts.
Short-term rental occupancy varies by location and season. Tourist zones like Koukaki and Plaka achieve 75% occupancy rates, while properties near major attractions can reach 80% during peak months. The city benefits from year-round tourism, with occupancy remaining above 60% even during winter months.
Long-term rental markets show exceptional strength with near-universal occupancy in central districts. The combination of international expatriates, university students, and local demand creates a robust tenant pool. Properties in Kolonaki, Koukaki, and historic areas rarely experience vacancy periods exceeding 30 days.
Rental demand is supported by Athens' growing expatriate community, with over 1.1 million foreign-born residents in Greece as of 2023. International companies expanding operations in Athens further strengthen long-term rental demand.
The average time-on-market for rental properties is minimal in prime neighborhoods, with well-presented apartments receiving multiple applications within the first week of listing.
What are the year-over-year property value growth rates for each neighborhood over the past five years?
Athens has experienced remarkable property value growth since 2021, with some neighborhoods achieving exceptional appreciation rates.
Piraeus leads with extraordinary 83.8% price growth from 2019-2024, driven by infrastructure upgrades and port development. Southern suburbs have gained 14% annually, largely attributed to the €8 billion Ellinikon megaproject development.
The overall Athens market has appreciated 35% from 2021-2025, with an average annual growth rate of 7.6% as of Q1 2025. Premium areas like Kolonaki maintain steady 5-8% annual appreciation, while emerging neighborhoods like Metaxourgio and Gazi show higher volatility but stronger growth potential.
Historic center properties near the Acropolis experienced 18.4% price increases in 2024 alone, reflecting intense tourist demand and limited supply. Areas undergoing gentrification, such as Neos Kosmos and parts of Kypseli, show 10-15% annual appreciation.
Looking forward through 2026, property prices are forecast to increase 4-7% annually, with southern coastal areas and neighborhoods connected to new metro extensions likely to outperform the city average.
Don't lose money on your property in Athens
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
What are the renovation costs per square meter in central and peripheral areas?
Renovation costs in Athens vary significantly between central historic areas and peripheral neighborhoods, with material and labor costs continuing to rise through 2025.
Central Athens renovation costs are higher due to heritage building requirements and accessibility challenges. Basic renovations range from €200-€400 per square meter, while comprehensive renovations cost €700-€1,000 per square meter. Historic properties may require specialized restoration work, pushing costs to €1,200 per square meter or higher.
Peripheral areas offer more economical renovation options, with basic work starting at €100-€250 per square meter and full renovations ranging from €500-€700 per square meter. Areas like Kypseli and outer districts provide the best value for renovation-focused investment strategies.
Specific cost examples include electrical system upgrades (€15-25/sqm), plumbing renovations (€20-35/sqm), flooring installation (€25-60/sqm), and bathroom renovations (€150-300/sqm). Energy efficiency improvements, which qualify for tax deductions up to €16,000, cost €50-100 per square meter but significantly improve rental competitiveness.
Rising construction costs have compressed margins for renovation-focused investors, encouraging a shift toward properties requiring minimal work or those eligible for government renovation subsidies.
What are the typical property management and maintenance fees as a percentage of rental income?
Property management costs in Athens vary significantly based on rental strategy and property type, representing a substantial portion of gross rental income.
Short-term rental management is more expensive but offers higher gross returns. Professional Airbnb management companies charge 20-30% of rental income, covering guest services, cleaning, maintenance, and platform management. This includes utilities, cleaning between guests, and 24/7 guest support.
Long-term rental management costs range from 8-12% of monthly rent for basic services including tenant screening, rent collection, and maintenance coordination. Premium management services with comprehensive maintenance and legal support cost 12-18% of rental income.
Additional annual costs include building maintenance fees (koinochrista) ranging from €30-150 monthly depending on building amenities, insurance costs of €200-500 annually, and utility connections. Self-managed properties reduce these costs but require local presence and Greek language capabilities.
Overall operating expenses typically consume 25-45% of gross rental income, making net yield calculations crucial for investment planning. Properties in premium buildings with concierge services may have higher maintenance costs but achieve better rental rates and tenant quality.
What are the average taxes and legal fees related to buying and owning real estate in Greece?
Greek property investment involves several tax obligations and legal fees that significantly impact total investment costs and ongoing returns.
Purchase costs include a 3.09% transfer tax, notary fees of 1-1.2%, and lawyer fees of 1-2% of property value. New properties are exempt from 24% VAT but commercial-to-residential conversions may be subject to reduced VAT rates. Total acquisition costs typically add 8-10% to the purchase price.
Annual property ownership costs include ENFIA property tax ranging from €0.01-€13 per square meter based on property value and location. Municipal taxes (TAP) add 0.025-0.035% of property value annually. These taxes are relatively low compared to other European countries.
Rental income taxation depends on residency status. Non-residents pay 15% tax on Greek rental income, while residents face progressive rates up to 45%. However, Golden Visa holders can opt for the non-domicile regime, paying a flat €100,000 annual tax on global income for those with substantial foreign earnings.
Capital gains tax is currently suspended as an economic stimulus measure, though this could be reinstated at approximately 15% of gains. Foreign investors benefit from double taxation treaties with 57 countries to prevent duplicate taxation.
It's something we develop in our Greece property pack.
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.
What is the risk level in each neighborhood in terms of safety, infrastructure reliability, and political factors?
Athens neighborhoods present varying risk profiles for property investors, with most central areas maintaining low crime rates and reliable infrastructure.
Safest investment areas include Kolonaki, Plaka, Koukaki, and the southern suburbs, which maintain excellent safety records and robust infrastructure. These neighborhoods have low crime rates, reliable utilities, and stable property values. Kolonaki and southern suburbs are particularly favored by international residents and tourists.
Moderate-risk areas include emerging neighborhoods like Metaxourgio and Gazi, which are undergoing gentrification. While generally safe during daytime, these areas may have higher petty crime rates and variable infrastructure quality. However, they offer significant upside potential as development continues.
Higher-risk areas include Omonia, Exarcheia, and parts of Kypseli, particularly for short-term rental strategies. While these neighborhoods offer attractive purchase prices and rental yields, they may face higher vacancy rates and property management challenges.
Infrastructure reliability is excellent in central Athens, with modern metro connections, reliable utilities, and ongoing urban improvement projects. Political stability under the current business-friendly government supports continued foreign investment and property market growth.
Climate resilience is becoming increasingly important, with Athens implementing adaptation measures for extreme heat and occasional flooding in low-lying areas.
What is the demand trend in each neighborhood - are more people moving in, new developments, or gentrification underway?
Athens neighborhoods are experiencing dynamic demographic shifts driven by international investment, urban regeneration, and changing lifestyle preferences.
Koukaki exemplifies successful gentrification, transforming from a residential area into a trendy neighborhood with 800% growth in Airbnb bookings. New bars, restaurants, and boutiques continue opening, attracting young professionals and international residents.
Southern suburbs, particularly around Ellinikon, represent the highest growth potential with the €8 billion coastal development project creating luxury residential and commercial spaces. This area is experiencing rapid price appreciation and infrastructure investment.
Neos Kosmos and Marousi benefit from metro extensions and new developments, with emerging international business districts attracting expatriate professionals. These areas show strong population growth and rising property demand.
Historic areas like Plaka and Monastiraki face tourism saturation challenges but maintain strong investment appeal due to limited supply and UNESCO heritage protections. Regulatory changes may limit short-term rental growth but support long-term value preservation.
Emerging areas like Metaxourgio and Gazi attract artists, young professionals, and creative industries, driving gradual gentrification and property value increases. Infrastructure improvements and cultural developments support continued growth in these neighborhoods.
What's the resale value potential in 5 to 10 years for the most popular investment neighborhoods?
Long-term capital appreciation prospects in Athens remain strong, supported by continued economic recovery, infrastructure development, and international demand.
Southern coastal areas, particularly around Ellinikon and the Athens Riviera, offer the highest 10-year appreciation potential. The massive coastal development project will transform this region into a premium residential and commercial hub, potentially driving 50-100% value increases over the next decade.
Metro-adjacent neighborhoods like Goudi and Kaisariani benefit from ongoing transport infrastructure expansion, with new metro stations typically generating 15-25% property value increases within 2-3 years of completion.
Central tourist areas like Koukaki and Plaka will likely maintain steady 4-6% annual appreciation, supported by limited supply and continued tourism growth. These areas offer excellent liquidity with average sale times of 58 days for well-presented properties.
Premium neighborhoods like Kolonaki provide stable long-term value preservation with modest but consistent appreciation, appealing to investors seeking capital security over high returns.
Emerging areas present higher risk-reward profiles, with successful gentrification potentially delivering 80-150% value increases over 10 years, though timing and market conditions significantly impact outcomes.
It's something we develop in our Greece property pack.
Conclusion
This article is for informational purposes only and should not be considered financial advice. Readers are advised to consult with a qualified professional before making any investment decisions. We do not assume any liability for actions taken based on the information provided.
Athens presents compelling investment opportunities across diverse neighborhoods, from high-yield emerging areas to stable premium districts.
Success requires careful neighborhood selection based on investment goals, risk tolerance, and management capacity, with particular attention to Golden Visa requirements and evolving regulatory landscape.
Sources
- The Luxury Playbook - Athens Real Estate Market Overview 2025
- Global Property Guide - Greece Property Market Analysis 2025
- Investropa - Athens Real Estate Trends 2025
- Investropa - Athens Investment Areas Guide
- Migronis - Top Athens Investment Districts
- Tranio - Best Athens Neighborhoods for Investment
- The Luxury Playbook - Best Places to Buy Property in Greece
- Global Citizen Solutions - Greece Golden Visa Guide 2025
- Statista - Average Residential Rent in Greece by Area
- Plum Guide - Athens Safety Guide