Is buying a property in Glyfada a good investment?

Last updated on December 29, 2023

Yes, the analysis of Athens' property market is included in our pack

If you've experienced the coastal beauty and vibrant lifestyle in Glyfada, you might consider owning property in this Athenian suburb.

Is it a good idea though? What's the current state of the real estate market in that area? Are property values appreciating or depreciating? Are investors seeing returns on their real estate investments? How's the demand for rentals?

We'll answer all these questions for you! When building and updating our property pack for Greece, our team has been researching and surveying this area. In fact, there is significant customer interest in investing there. Therefore, we believe it would be beneficial to include some information about it in our property pack.

Why do property buyers like investing in Glyfada?

Glyfada, a suburb in the southern parts of Athens, Greece, has become a sought-after location for property buyers, and for good reason.

Its charm lies in a unique blend of urban sophistication and relaxed beach town vibes, setting it apart from other real estate markets, not just in Athens but globally.

First, it's the lifestyle. Imagine a place where you can enjoy high-end shopping, trendy cafes, and gourmet restaurants, then, within minutes, find yourself on a beautiful beach, soaking up the Mediterranean sun.

This seamless fusion of city life and beachside relaxation is rare and highly appealing. Glyfada offers this in abundance, attracting those who seek a balanced lifestyle.

Moreover, Glyfada's real estate market is diverse. From luxurious villas to modern apartments, there's something for every taste and budget. Compared to more central Athens areas, where properties are often older and more compact, Glyfada offers more spacious and modern living options.

This variety caters to a range of buyers, from families looking for roomy homes with gardens to young professionals seeking stylish apartments.

The area's popularity started to peak in the late 20th century, as people began to value quality of life and proximity to the sea more. This trend has continued, and Glyfada remains a top choice for property buyers.

The sustained interest suggests that its appeal isn't just a passing hype. It's backed by the continuous development of infrastructure, the influx of international brands and businesses, and the steady growth in property values.

It's a mix. You have expatriates who love the blend of Greek culture with international amenities, families who appreciate the safe neighborhoods and good schools, and retirees seeking a serene yet vibrant place to enjoy their golden years. Glyfada's ability to cater to such a diverse crowd is a testament to its versatility as a residential area.

However, like any place, Glyfada isn't without its drawbacks. The cost of living and property prices can be high, reflecting its status as a premium location. This might be a barrier for some.

Additionally, during peak summer months, the area can get quite crowded with tourists, which might not appeal to those seeking tranquility year-round. Traffic congestion, especially on routes connecting to central Athens, can also be a challenge.

Overall, Glyfada's allure as a property hotspot is clear. It offers a rare mix of urban sophistication and relaxed coastal living, catering to a diverse populace, while ensuring that the essence of Greek culture and hospitality remains at its core.

This balance is what continues to attract a broad spectrum of property buyers, ensuring its place as a top choice in the Athens real estate market.

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Why is Glyfada a nice place to live?

Glyfada is more than just a place, it's a lifestyle choice that many find irresistible.

Living in Glyfada means embracing a blend of cosmopolitan flair and relaxed seaside ambiance, a combination that's rare and highly valued.

The lifestyle and culture in Glyfada are unique. It's a place where the pace of life feels just right, bustling enough to be exciting but also laid-back enough for leisurely afternoons at the beach.

The streets are lined with trendy boutiques, cafes, and restaurants, offering a taste of modern Greek culture mixed with international influences. For those who enjoy a vibrant nightlife, Glyfada doesn't disappoint, with its array of bars and clubs.

The expat community in Glyfada is thriving, drawn by the area's charm and quality of life. This international presence adds to the cosmopolitan feel of the area, creating a diverse and inclusive environment.

Whether you're from Europe, North America, or elsewhere, you'll find a welcoming community that can make settling in much easier.

However, this quality of life comes with a price tag. Living in Glyfada is generally considered more expensive compared to other parts of Athens. Property prices and rents are on the higher end, reflecting the area's desirability.

Everyday expenses, from dining out to shopping, can also add up, making it important for residents to manage their budgets accordingly.

Safety is a key aspect of Glyfada's appeal. It's known for being a safe area with a low crime rate, which is especially reassuring for families and expatriates. This sense of security is one of the reasons why Glyfada is so popular among those moving to Athens.

When it comes to amenities and facilities, Glyfada is well-equipped. For families, there are reputable schools such as the International School of Athens and Campion School, offering high-quality education.

Healthcare needs are well catered for, with facilities like Metropolitan General and the Glyfada Medical Center providing excellent medical care.

Shopping enthusiasts will enjoy Glyfada's shopping district, which boasts a variety of shops and malls like the Glyfada Shopping Center.

The quality of infrastructure in Glyfada is commendable. The roads are well-maintained, and utility services like electricity and water supply are reliable. Internet connectivity is generally good, with various options available for high-speed connections, essential in today's digital world.

Accessibility is another of Glyfada's strengths. It's well-connected to the rest of Athens, making commuting relatively easy. The drive to the city center is straightforward, and the Athens International Airport is just a 30-minute drive away, which is convenient for frequent travelers.

Public transportation options are plentiful, with buses and trams linking Glyfada to central Athens and other suburbs. The tram, in particular, is a popular choice for its scenic route along the coast.

How much does it cost to buy real estate in Glyfada?

If you need a detailed and updated analysis of the prices, rents and yields, you can get our full guide about real estate investment in Greece.

Buying a property in Glyfada is an investment that attracts a lot of interest due to its unique blend of lifestyle and location.

The types of residential properties in Glyfada vary, offering something for everyone from cozy apartments and traditional houses to luxurious villas with stunning views of the Mediterranean.

In Glyfada, there's a particular demand for modern, high-end properties. Apartments, especially those with sea views or within walking distance of the beach, are highly sought after.

The demand for luxury villas is also significant, driven by buyers looking for spacious, private properties. This demand is fueled by Glyfada's reputation as a sophisticated and upscale area, combined with its proximity to the sea and the vibrant city life it offers.

The property market in Glyfada consists of both new developments and resale properties. In recent years, there has been a surge in the construction of new, modern residential complexes, catering to the growing demand for contemporary living spaces.

These developments often come with amenities like swimming pools, gardens, and secure parking, adding to their appeal.

Talking about prices, the cost of buying property in Glyfada varies widely depending on the type and location of the property.

Prices per square meter for apartments could range from approximately €3,000 to €5,000, while luxury properties and villas could command much higher prices, sometimes exceeding €10,000 per square meter.

Over recent years, property values in Glyfada have shown an upward trend. The area's continuous development, coupled with its desirability as a residential and holiday destination, has contributed to this increase.

The real estate market has been resilient, with prices holding steady or increasing, even in times of broader economic challenges.

Looking ahead, several factors could influence property values in Glyfada. Upcoming developments and city planning changes, such as the enhancement of public spaces, improvement in infrastructure, and potential new luxury residential projects, could further boost the area's appeal.

These developments often lead to an increase in property values as the quality of living in the area improves.

Predicting the future of the real estate market in Glyfada involves considering various factors. Given its status as a high-demand, upscale area, the market is likely to remain strong.

Factors such as Glyfada's continued popularity among both local and international buyers, its lifestyle offerings, and ongoing developments indicate a potential increase in property values.

However, it's always wise to remember that real estate markets can be influenced by broader economic conditions.

Where is the best area to buy a property in Glyfada?

When considering the best area to buy a property in Glyfada it's important to understand that Glyfada isn't a one-size-fits-all kind of place.

Each part of this suburb offers a unique atmosphere, property types, and pricing, catering to different preferences and budgets.

Let's start with the areas closest to the seafront. These are highly coveted for their beautiful sea views and proximity to beaches. Properties here are predominantly luxurious, with modern apartments and grand villas dominating the landscape.

Living in these areas means embracing a lifestyle where the beach and high-end amenities are just a stone's throw away.

However, the premium location comes with a higher price tag. If your priority is a sea view and you have a flexible budget, these areas are worth exploring.

Moving a bit inland, the atmosphere changes. Here you'll find a more traditional suburban feel, with a mix of older and newer properties, including family houses and smaller apartment buildings.

These areas offer a quieter lifestyle compared to the bustling seafront and are often more affordable. They're ideal for families or those who seek a balance between urban living and a peaceful home environment.

In terms of up-and-coming areas within Glyfada, certain neighborhoods are undergoing development, bringing in new residential projects and amenities. These areas might not have the same immediate appeal as the seafront, but they offer potential for growth and appreciation in property value.

They're worth considering if you're looking for a long-term investment or a property with the prospect of increasing in value.

Now, for areas where it would be wise to look for property; The central parts of Glyfada, near the main shopping and dining districts, are highly desirable.

These areas offer the convenience of having everything within walking distance - cafes, restaurants, shops, and even the tram line connecting to other parts of Athens. Living here means being at the heart of Glyfada's vibrant lifestyle.

On the contrary, there are areas that might not be as advisable for property investment. These could be regions further away from the main amenities or those that lack easy access to public transportation.

Such areas might not offer the same level of convenience or lifestyle appeal as more central or seafront locations.

Also, areas that haven't seen much development or renovation might not provide the same living standards or investment potential as others.

Here is a summary table to help you visualize better. If you need more detailed data and information, please check our property pack for Greece.

Area	Atmosphere	Property Types	Pricing
Seafront	Luxurious, close to beaches	Modern apartments, grand villas	Higher price range
Inland Suburbs	Traditional suburban, quieter	Mix of older and newer houses and apartments	More affordable
Up-and-Coming Areas	Developing, potential for growth	New residential projects	Varied, potential for appreciation
Central Glyfada	Vibrant, near shopping and dining	Various, convenient location	High demand, mid to high pricing
Remote Areas	Less convenient, limited access to amenities	Varied, potentially less developed	Lower demand, potentially more affordable

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Is there a strong rental demand in Glyfada?

Glyfada, known for its upscale lifestyle and proximity to the sea, indeed experiences a strong rental demand.

This demand, however, varies in nature between short-term and long-term rentals, each catering to different demographics and preferences.

Starting with short-term rentals, Glyfada is a popular destination for tourists and visitors looking for a more upscale and relaxed experience compared to the hustle and bustle of central Athens.

These short-term renters often include vacationers, business travelers, and those visiting friends or family in the area. They tend to look for properties that offer convenience and luxury.

Such as well-furnished apartments, especially those with sea views or proximity to the beach and Glyfada's vibrant shopping and dining district. Short-term rentals are particularly profitable during the summer months when tourism peaks.

Long-term rentals, on the other hand, attract a different demographic. These are often professionals, both local and expatriates, who work in Athens but prefer the quality of life that Glyfada offers. Families are also a significant part of this group, drawn to the area for its reputable schools, safety, and family-friendly amenities.

Long-term renters usually seek modern apartments or family houses, with a preference for properties that are well-connected to public transport and close to essential amenities like supermarkets, schools, and healthcare facilities.

The profiles of potential tenants in Glyfada are quite diverse. For short-term rentals, you're looking at a mix of international tourists and business visitors, while long-term rentals are more likely to be occupied by middle to upper-middle-class professionals and families.

When it comes to amenities, those that reduce vacancy and make a property more attractive include things like a balcony or terrace, a modern kitchen, air conditioning, a parking space, and for higher-end properties, a swimming pool or garden. Proximity to the beach, good restaurants, and shopping areas is also a significant plus.

In terms of potential returns on investment, properties in Glyfada can be quite lucrative, especially if managed well.

For short-term rentals, the returns can be higher during the tourist season, with some properties fetching premium rates. Long-term rentals offer a more stable income stream, although the returns might be lower compared to short-term rentals.

Estimations of returns vary, but a well-located and well-maintained property could yield a significant return, especially when considering the potential for capital appreciation.

Recently, there's been an increasing demand for modern, well-located apartments, both for short-term and long-term rentals.

These types of properties are often in newer buildings with contemporary amenities and are considered a good bet for potentially better yields. They cater to the growing demand for comfort, convenience, and lifestyle, which is a significant draw for tenants in Glyfada.

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Is it easy to buy a property as foreigner in Glyfada?

Before we answer the question, please know that we have an article dedicated to the experience of buying real estate as a foreigner in Greece.

Buying a property in Glyfada, Athens, as a foreigner is relatively straightforward, but it's important to be aware of the nuances of the local real estate market, regulations, and potential risks.

Firstly, in terms of regulations, Greece does not impose significant restrictions on foreign buyers. In fact, the country has a Golden Visa program that offers residency permits to non-EU citizens who make significant real estate investments.

However, this doesn't mean the process is without its complexities. It's essential to be familiar with the legal and tax obligations involved in buying property in Greece.

The purchasing process in Glyfada typically starts with identifying a property that meets your requirements. Once you've found a property, you make an offer, and if it's accepted, a pre-sale agreement is usually signed, and a deposit is paid.

Then, the necessary checks are carried out, including ensuring the property has a clear title and no outstanding debts.

The final step is the signing of the sale contract in front of a notary, followed by the registration of the property in your name.

There are some risks associated with property investment in Glyfada, as with any real estate investment. These include market fluctuations, potential legal issues with the property (like unclear titles or illegal constructions), and changes in tax laws.

Also, the Greek property market can be less liquid than in other countries, meaning it might take longer to sell your property when you want to exit your investment.

Common pitfalls for foreign buyers often include underestimating the importance of thorough legal checks and not being aware of the additional costs, such as transfer taxes, notary fees, and legal fees.

A unique aspect of buying property in Greece is the need to obtain a Greek tax number (AFM) and open a Greek bank account, which can be a complex process for foreigners.

Working with a local real estate agent or lawyer is crucial. They can guide you through the process, help you navigate the local market, and ensure that all legal aspects are handled correctly.

A local expert can also provide valuable insights into the specificities of the Glyfada market and help you avoid common pitfalls.

Common exit strategies for property investors in Glyfada include selling the property outright, which can be profitable if the property has appreciated in value.

Another strategy is renting out the property, either for long-term leases or as a vacation rental, which can provide a steady income stream.