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Athens is the economic center of Greece, a dynamic city with a busy metropolitan lifestyle, a comfortable climate, and a well-preserved cultural heritage.
Investing in the capital of Greece has gained significant popularity during the last years, as a result of the increasing demand from international investors all over the world. According to Emerging Trends in Real Estate Europe 2020 report, Athens will continue to grow as an attractive investment option.
For the last 6 years we made an extensive research to receive available information about the city and its areas to rely on. In the first phase, we mapped all areas of central Athens according to the Greek “cadaster” and explored the various neighborhoods. We have pinpointed important places of interest such as tourist attractions, academic institutions, student dormitories, public transport, night life and more.
Finders team met with the city engineer and senior officials in the local authorities to receive a clear picture of all plans to be implemented in the city. Then, we started visiting properties and systematically and meticulously characterized all of them, divided them into different segments.
During these years we have physically visited more than 3,000 properties and in fact, we have created an extensive database with emphasis on central Athens.
What is the price per square meter in Athens?
Prices per square meter (sqm) in Athens are several times lower compared to other European capitals. They vary by dozens of percent from region to region and sometimes even from street to street.
The main “pilgrimage center” in Athens is the Acropolis. The distance from the Acropolis and whether there is a view to the Acropolis, dramatically affect real estate prices. The most expensive neighborhoods are those located at the foot of the Acropolis hill (Monastiraki, Plaka, Psirri, and Thiseio) and within walking distance to it (Omonia, Kerameikos, Metaxourgio, Exarcheia, Kolonos, Kypseli, Gazi).
Plaka is a neighborhood, clustered around the northern and eastern slopes of the Acropolis, and is, in fact, the ancient city of Athens. Most of the buildings in the neighborhood are preserved buildings. Prices range here from € 3,000 to € 5,000 per sqm for a non-renovated property.
Ermou Street – Athens’s main shopping street, where you can see most of the international brands.
Psiri is a trendy neighborhood, just 15-minute walk from the Acropolis, full of bars, restaurants, and cafes. Prices in the neighborhood today range from € 2,000 to € 2,500 per sqm for a non-renovated property.
We at Finders started investing in the Omonia Square, the oldest square in Athens – and all the area around it- over three years ago and we see the significant change taking place before our eyes.
Prices in Omonia are around € 1,500 per sqm, depending on the general condition of the property.
Exarcheia is one of Athens’ oldest neighborhoods. It’s a colorful and vibrant neighborhood, full of life, largely due to the presence of the nearby University of Athens and the Technical University of Athens. The price of a property in Exarcheia is about € 1,500 per sqm.
Kolonos is a nice residential neighborhood with good public transport and close to the city center. Several small hotels have opened here over the past two years in addition to the old hotels operating in the neighborhood. Here you can still find properties nearly € 1,000 per sqm.