Athens Inner-city Neighborhoods Winning Over Real Estate Buyers

Exarcheia, Athens. Photo source: Visit Greece / Y. Skoulas

Inner-city neighborhoods Exarcheia, Kypseli, Goudi and Neos Kosmos-Fix are now winning over investors interested in real estate in Athens, according to a study published in Greek daily Imerisia.

According to the study carried out by the Attica Real Estate Association in collaboration with Property Market Technologies for the third quarter of 2019, the Athens property market is picking up pace, with all the more city areas and real estate categories promising value added and returns for investors.

At the same time, the impact of a short-term rental surge (Airbnb)  in the last few years is diminishing, playing – according to property market experts – a limited role in pricing.

Buyers are now more interested in purchasing homes, shops, offices, and warehouses. The Neos Kosmos-Fix district is popular with investors seeking three- and four-bedroom homes, while the Goudi and Ilissia area is selected for smaller apartments.

As for the Exarcheia and Kypseli neighborhoods, the study found that re-sale of a home there takes about two to five months’ time.

Athens, Greece

At the same time, the study found an increase in demand for luxury homes in the center of Athens, as demonstrated by the rise in the number of real estate companies active in this form of sale such as Barnes and Engel & Völkers.

According to experts cited by Imerisia, demand for luxury homes is set to increase, particularly in view of plans by the government to grant full citizen rights to investors bringing more than 2 million euros into the country as an additional incentive to attract foreign capital.