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Real estate in Athens: top 5 areas for investment

Real estate in Athens: top 5 areas for investment

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Anastasiia Zapevalova
29 March 2023
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The Greek real estate market continues to grow rapidly. Foreign capital inflows are at an all-time high in 2022 as people from all over the world buy property in Greece not only to relocate, but also to apply for the Golden Visa. The Golden Visa gives its holders the opportunity to live in the country and apply for Greek citizenship in the future.

Ilana van Huysteen-Meijer, Migronis expert on Golden Visa programs, says that most investors who want to obtain a residence permit prefer to buy property in Athens, as the capital has the most opportunities for making money on both short-term and long-term rentals . However, experts do not advise investing in old houses in the historical center of Athens around the Acropolis due to the need for frequent renovations and low capital growth potential. We collected their recommendations and found out in which areas of the Greek capital it is most profitable to buy investment property and why.

Pagrati

Pagrati is one of the hippest and nicest areas in Central Athens, located close to most of the city’s attractions. This area is close to Kolonaki, where tourists often prefer to live. Pangrati is also a good district for Airbnb property and still has options to choose from, unlike Kolonaki, where it is almost impossible to find a property for sale. Rental yields here will be around 3-4%, and the capital gain in the future is promising. Pagrati is also included in The 50 coolest neighborhoods in the world list by Times Out magazine.

Here you can find multiple bars, fine dining restaurants, eateries, and ethnic shops, says Chris Lepeniotis, a real estate expert at D&A Invest. Investment-wise, it makes a lot of sense as you can find nice properties within the price range of Golden Visa’s current minimum investment, around €300,000-400,000. Despite this, Lepeniotis claims it’s hard to find some luxury or new properties in Pagrati since most buildings date back to the 1960s and 1970s, sometimes to the 1980s.

Glyfada

Glyfada is a suburb on the coast of Southern Athens. This is an up and coming area that is very popular among expats. This is a green, quiet and safe place where families with children prefer to live.

In Glyfada you can choose between new buildings and buildings built in the 1990s and 2000s - there are plenty of offers in both categories. The area is subject to new minimum investment requirements that will come into force in May. For the €500,000 required for a Golden Visa, you can buy an 80 square meter two-bedroom, one-bathroom apartment here in a 2010s building, with its own storage room and parking space.

If you want to know more about real estate investment in Greece or Greek Golden Visa program, don’t miss these guides:

Just click on the headline to read it!

Investing in real estate in Greece: get a residence permit and make income renting it out

Petralona

Petralona is one of the fast-appreciating neighborhoods which expands all around the hill next to the Acropolis. The properties here are not visually appealing because Petralona, like most of Athens, was built between the 60s and 70s. It’s a great option if you want to invest in a middle-class location.

In Petralona, it is possible to find a good apartment with two bedrooms and two bathrooms for €250,000-300,000. Once you secure your investment, you can rent it out to tourists for a short-term basis or to local families and students for the long term, as there are two universities nearby Petralona.

Zografou

Zografou is the neighborhood around the Athens university, about 4 km from the city center. It is the most popular district for student rentals, so the best investment option here will be a one-bedroom apartment. You will probably get more yield with older buildings, but you will make more money on capital growth with the new ones. Think about what is more important to you.

Alimos

Alimos is a southern area of Athens, which offers new developments with prices starting at €7,000 per square meter. On the other side, it borders Ellinikon, an area that used to be an old airport but is now the most ambitious urban development project in modern Athens. There will be a large park, homes, hotels, shops, a marina, and 31 miles of walking and biking paths, and it is due to open in 2026.

Savvas Mina, the overseas director of the construction company Zafido, predicts that the opening of Ellinikon will upscale the price of properties in the whole neighborhood of Alimos to a starting price of €8,000 per square meter so you can count on the capital gain in the future.

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