Investment Opportunities, Trends and Major Developments in the Athens Real Estate Market Overview
The real estate market in Athens is experiencing rapid growth and development, driven by several factors that make Athens an attractive destination for real estate buyers and investors alike. Property prices in Athens are rising steadily, especially in premium areas where demand for luxury properties with high-end amenities is increasing.
The Greek government’s initiatives to attract foreign investors are also playing a significant role in boosting the market. One such initiative is the Golden Visa Program, which offers residency permits to non-EU citizens who make a significant real estate investment in the country.
Infrastructure and amenity improvements
Athens has undergone significant aesthetic improvements, with new architectural masterpieces adding to its urban charm. There are plans to redevelop many parts of downtown Athens by 2025, which will further enhance the city’s appeal.
The growing demand for luxury real estate is being met with the construction of modern apartments with luxurious amenities. These developments not only enhance the city’s skyline, but also increase the value of surrounding real estate.
Investment Opportunities and Trends in Athens
The Athens real estate market offers high potential for rental returns and capital appreciation. Despite being ranked 23rd out of 30 European cities in terms of real estate prospects, industry experts see plenty of upside potential in the Athens Real Estate Market.
Technology is playing a major role in shaping the future of real estate in Athens, with the emergence of online real estate portals making buying and selling property more accessible. In addition, the growing popularity of Airbnb and other booking platforms is creating a new dynamic in the rental property market.
Major projects and developments in Athens
There are several major redevelopment projects underway in Athens that are having a significant impact on the real estate market. The Faliro area and the Piraeus waterfront are being redeveloped, while the Hellinikon project, the largest urban regeneration project in Europe, is expected to transform the city’s landscape.
The growth of tourism is also impacting the hotel sector, with new hotels being built and renovated in Athens. The One&Only Aesthesis Hotel in Glyfada is one such project under construction with a budget of €300 million.
Economic Factors Influencing the Athens Real Estate Market
The growth of the Greek economy is attracting more investment into the country, with real estate being a major beneficiary. Tax reductions and incentives are making Greece an attractive base for economic activity, further boosting the real estate market.
The Golden Visa program is another significant influence, attracting foreign investment into the Athens real estate market and driving up property prices.
Athens Real Estate Prices and Analysis
Compared to other Mediterranean destinations, prices for premium areas in Athens are relatively low, making it an attractive destination for real estate buyers. According to the latest data, the average house price in the southern suburbs of Athens rose by 14.7% in the second quarter, and by 11% in the city center. (Source)
In addition, rents have increased in various areas, including the southern and northern suburbs and the city center, reflecting the growing demand for rental properties.
The Athens real estate market is experiencing rapid growth and development, making it an exciting place for real estate investment with a bright future. With the potential for high returns on investment and a number of positive trends shaping the market, investors and buyers can look forward to profitable opportunities. Keeping abreast of these market trends and developments is crucial when buying or selling property in Athens.