Athens is a megalopolis gathering almost six million people while the country has just over 11 million citizens. The capital is a city-world where, in the cement of Greek identity, many cultures and communities coexist, among which the French are very well represented. The attractiveness of real estate is a landmark in the life of the city, whose built heritage offers a reservoir of opportunities that seems inexhaustible despite the cycle of increases and decreases over the course of economic crises.
Whether for tourism, business or residential goods, demand is high and so are the opportunities. But, depending on the needs, you have to make your project converge with the identity of the city’s neighborhoods. Here, we offer you a short review of the main areas of Athens in order to clarify your choices and your desires in your real estate projects. In any case, it is essential to be accompanied by recognized and well-established real estate professionals.
Athens city center
For the Greeks, the Acropolis the center of their world. We locate ourselves according to the side we can see of the sacred hill. The historic center is the bustling heart of Athenian life. Historical and administrative monuments as well as places of power are all landmarks and identity factors of the city center.
Plaka, attached to the Acropolis is the tourist district where to be. There are many neoclassical houses there, and despite the floods of tourists who roam the shopping streets, living in this area has remained, over time, a sign of distinction. If you are lucky enough to find a place to invest, then you can live a unique experience and share it with your seasonal tenants while achieving a very good and profitable return on your investment.
Monastiraki is a social puzzle, but the many cafes and restaurants give the area a unique vitality and animation. The persistence of a corporate tradition in commerce offers a reassuring identity. You will mainly find a concentration of textile merchants, locksmith shops, accessories and mineralogy.
Syntagma is aassing place where your investment will have all the advantages of centrality and proximity to means of transport and shopping streets including the famous Ermou avenue, once nicknamed “the Champs Elysees of Athens”.
Psiri, located at the very end of this Ermou avenue, is a district which, after years of neglect, was reinvested by a young population who made it take the path towards a kind of soft gentrification. Many ironwork workshops and stores dedicated to leather remain there, and it is also the antique district. For several years now, many cafes and restaurants have established there without compromising the village identity of psiri, which tourists appreciate very much. Every visitor can think that a small apartment or a house here would bring happiness. There are still a number of real estate opportunities for investors, but do not wait too much. Investing in real estate in Psiri is a winning bet. Be careful, demand is strong and supply is tight throughout the historic center. We must not give up too quickly and arm ourselves with the strongest determination. But, when we finally found, profitability is effective.
For the investor, Thiseio is a good surprise. We would say that this district is an island of peace. Quiet reigns there in a surprising way all along the wide pedestrian path that nestles at the foot of the Acropolis.
You can approach this stroll from the “Acropoli” metro station, starting with the Museum, then stroll a little in front of the facades of the opulent houses of former shipowners, great artists and industrial fortunes. Then, to the southern end, hesitate in front of the many terraces, each more welcoming than the next. The most curious of you will branch off towards the side streets, and will remember, walking towards the observatory of the famous chase scene of the film “The Heist” between Omar Sharif and Jean-Paul Belmondo.
The whole district is influenced by the magnetic and beneficent aura of the Acropolis. We understand that owning a house, an apartment, or renting in Thiseio is an absolute dream.
Buying an apartment in this area is like reaching the Holy Grail. Tourists and temporary residents alike are willing to go the extra mile to enjoy this neighborhood. Thus, the investment profit for a real estate buyer in Thiseio is multiplied.
At this level of investment, to preserve the profitability and quality of your property, it will be essential for you to use a professional rental management service.
Kolonaki: A MUST
Kolonaki is the most prominent district in the city center. Under the gaze of Mount Lycabettus where the Chapel of Saint George sits enthroned, the area is the place to be for great families who are the “happy few” of Greek society and who own the most valuable assets in the city.
The population of Kolonaki is generally wealthy and dynamic. Close to the governemental buildings and the embassy district, this area has a large number of luxury boutiques, art galleries, delicatessens and well-known restaurants.
Apart from the outskirts of the central square, the streets, often sloping, are wooded and quiet. The buildings all have a standing and an aesthetic and constructional quality which make them privileged addresses.
The prices, both buy and rent, are high. But, making a real estate investment in Kolonaki will put you in the “big leagues”.
Real estate investment in this area is highly strategic and deserves special attention. Recourse to the assistance of a real estate professional to carry out transactions is essential because, more than elsewhere, the quality of the transaction depends on the quality of the negotiation.
Koykaki, the blessed district
Koykaki represents a very interesting alternative for those who want to keep the best of Athens while making a smaller investment. The Greeks are not mistaken on the subject and they have started to reclaim this district, which is undergoing transformations.
Very beautiful old houses remain there in large numbers and preserve the human and intimate dimension of the district. The modern buildings inserted into the urban plan have a form of discretion that stands out from the architectural violence of the constructions of the 70s ’which, in some places, have distorted the soul of the capital.
There is a form of harmonious social mix in Koykaki and there are always good surprises in terms of human relations.
The district is a good compromise concerning attractiveness, quality of life, proximity to points of tourist interest and the cost of real estate.
Investing in Koykaki is a father’s choice and a security in the face of changes in the real estate market. It is also the last district of Athens where one can still find, at reasonable prices, a few apartments and terraces with a breathtaking view of the Acropolis.
Investing outside the city center, an interesting alternative.
Outside the city center
Outside the city center, real estate investment retains its full meaning, whether you want to settle there permanently or simply invest in a rental property.
As public transport is well coordinated between the bus, tram or metro, no part of the city is isolated.
The prices of goods are adapted and we can thus identify interesting real estate opportunities. This is the case, for example, in a neighborhood like Pangrati.
The northern suburbs are very privileged places where very well-off people reside who have chosen to stay away from the noise and bustle of the city. It is only beautiful and large properties or modern high-class buildings that are available to the investor. The Kifissia sector is very suitable for family life and the fast connections, both by road and by metro, plead for this city in the countryside.
Real estate investment in these sectors is often significant, but the comfort of life is related. Many tenants are senior executives and many of them are also employed by big companies and foreign businesses. This clientele is very interesting for those who wish to invest in properties offered for rental.