Greek Real Estate Market: Best Neighbourhoods to Invest in Athens
Investors from all over the world have many different options when it comes to obtaining a Golden Visa; purchasing property is the most popular option of all. Greece Golden Visa has a 250.000€ investment threshold. Greece’s Golden Visa Program offers one of the most affordable options compared to other residency by investment programs. This makes buying property in Greece, especially in Athens, a really popular move in terms of property investment. Why is Athens a great choice though, and where in Athens should you invest?
Why Should You Invest in Athens?
With its plenty tourist attractions like The Acropolis and Parthenon, Athens is one of the most popular destinations in the world. For an investor “why should I invest in here/this?” is a critical question that needs a clear answer for preventing financial mistakes. It is important to get to know the city and make research before purchasing any property. Here are several answers for why Athens should be considered as a high potential property investment centre.
First of all, as the capital of a country fresh out of a huge economic crisis, Athens offers its investors great opportunities. The recent economic progress show good signs of development. Compared to other popular capitals, Athens’ prices per square metre are so much cheaper. For instance, buying property in Athens is almost eight times cheaper than in Paris.
Of course, buying something just because it is cheap is not a good investment. The other factor that should be there is the potential value. According to the Bank of Greece, property in Athens was most expensive in 2008. After the crisis, after 10 years, it is now almost 40% cheaper to buy property in Athens. However, according to International Monetary Fund’s (IMF) numbers, Greece’s GDP is expected to continue its recent growth.
Together with the annual 15% growth in Athens’ international tourist arrivals, Greece’s economy is showing strong signs for economic improvement. So, with its recovering economy and cheap prices, Greece, Athens in particular, is a great location for property investment.
The Old City
As it is with most European cities, Athens’ Old City is one of its most popular parts. So it comes as no surprise that this part of the city is more expensive than its average. Prices here range from €1,000 to €2,000 per square metre if the building is in bad shape and without a great view. If the property is in better circumstances, the price rises to €3,000 to €6,000 per square metre. Being especially popular among investors, flats in the Old City are almost unavailable for locals.
Located near Syntagma Square at the east of the Old City, Kolonaki is an upper crust neighbourhood. As being the centre for foreign consulates, legal firms and business offices; Kolonaki is where the most affluent people of Athens reside. According to local real estate agents, “investing in Kolonaki property is always profitable.”. Kolonaki is located on a hill; therefore it has a great view of most of Athens and the Acropolis. Prices here range from €1,500 to €6,000 per square metre and provide the investors with a great alternative for property investment.