5 reasons to invest in real estate in Athens
Athens is the social, cultural, and economic center of Greece. The city attracts by the relatively low cost of housing compared to other European capitals. The average price per square meter in the capital of Greece is € 2,700.
For comparison: in the UK it is € 20,000, in France – € 13,000, in Austria – € 12,000. At the same time, the rise in prices after the crisis has already begun, but they are still affordable, so it is very important not to miss a good time to buy.
Greek estate’s pros
According to an IMF study published in April 2018, real estate prices in Athens will grow at least 5% per year, and this trend will continue in the long term. Subject to the delivery of housing in the short-term rental return on investment can reach 20% per year.
An additional plus is the program of the Greek government to provide a residence permit for real estate investments in the amount of € 250,000. This is the lowest threshold in Europe. Given the low prices per square meter, this opportunity attracts many investors from Russia, who have switched their attention from the UK and Germany to Hellas.
Also, the Greek government is taking steps to increase the investment attractiveness of Athens. For example, a program worth estate € 600 million was adopted for the global renovation of the southern areas of the city: Vouliagmeni, Glyfada, Elliniko, and Palio Faliro. Within its framework, it is planned to completely upgrade the infrastructure, build new hotels and medical tourism facilities. It’s expected to increase the investor interest in real estate in these areas.
Of course, it is always promising to buy property in the city center. There are traditionally many tourists here, so the demand for short-term rental housing is high. If to consider areas such as Patisia, Petralona, or Moschato, the prices per square meter here are still held at the level of € 2,700. The north of Athens is no less attractive in terms of investment. This is where most of the headquarters of large international companies are located, so the demand for long-term rental housing is high.
But the prices here are higher: in the Dionysos area, the cost per square meter comes up to € 3,500. More affordable prices for real estate in the east of the Greek capital. In the areas of Keratea, Drafi, Gerakas, and Spata you can buy square meters for € 2,200. This is the diplomatic center of Athens. Embassies of many countries of the world are located here, so the demand for rental is stable.