A quick Guide to Popular Athens Neighbourhoods
Athens’ city center and the southern and northern suburbs of the capital are the areas with the highest demand among property investors, or those looking for a house for own use. However, one shouldn’t forget digital “nomads”, i.e. people who are expected to arrive from abroad (Greeks or not), looking for a more spacious house, in a better neighborhood and at a lower price point, compared to some other European capitals.
Those people are more likely to migrate towards areas further away from Athens’ city center, like for example Glyfada in the south, or Porto Rafti in the east, are looking for sea proximity as well.
Should your interest in a property in Athens is purely for investment purposes, then it’s preferable to look for a renovated apartment in the center of the city.
The closer it is to tourist attractions, like the Acropolis, the better, since it will be easily leased through an online platform for short-term rents. Neighborhoods like Koukaki, Mets, Neos Kosmos, Pagrati, Metaxourgeio, Kerameikos, Thissio and Psirri are considered among the optimum choices for short-term renting.
Moving a bit further away, for example in Exarchia, Ampelokipoi, or Attica Square, one can find more affordable choices and at the same time broaden the potential clientele of renters, since apart from foreign visitors, these areas are popular among students, or even young families, looking for a house near the center of Athens.
The Northern Athens Suburbs
In the northern suburbs of Athens, the audience is mostly of Greek origin, whether for rent, or for buying. Chalandri, Maroussi, Vrilissia and Agia Paraskevi are some of the areas where prices have been reduced by quite some margin during the period of the financial crisis, but also offer enough stock of unsold apartments, built mainly during the 2000s.
The Southern Suburbs
Meanwhile, most newly built housing is being done in the southern suburbs of Athens. Areas like Voula, Glyfada and Helliniko cater to a much more demanding audience, which also possesses the necessary liquidity and seeks out luxury for its property. At the same time, there areas offer proximity with the Hellinico Project, a redevelopment of the former airport of Athens.
This proximity guarantees any long term yield of such an investment, as market experts estimate that housing values in the broader area will increase by some margin over the next few years. Today, the cost of buying an apartment in Glyfada ranges between 2,500 and 4,500 euros/sq.m., however newly built properties are sold even higher, above 5,000 euros/sq.m.