As Greece officially exited its international bailout on Aug. 20, one indicator of confidence in the country is its tentatively stabilizing real estate market — especially in the capital, Athens.
Overall, the residential property market saw a 65-percent dip in the eight years prior to 2015, when a modest recovery began, particularly in Athens’ historic city center.
In 2008, 100-square-meter apartments in the Piraeus districts of Keratsini, Perama and Drapetsona were selling for around €120,000; now similar properties are going for around €40,000-50,000.
Other investment options include the purchase of fixer-upper properties, particularly in the central districts. Some properties are retailing for only €3,000-4,000 – “less than the price of a second-hand car, in some cases”.
The central district of Koukaki — within striking distance of the Acropolis. It is not exclusively expensive and has become a patchwork of different prices. One apartment can go for €150,000 for 50 square meters while, three streets away, the same type of property can go for €40,000-50,000.
Districts like Elliniko – the site of the city’s former airport – as a place where foreign investment and infrastructure spending is spurring price growth. More central areas seeing rising prices are Koukaki, Exarchia, Kalithea-Fix and Gazi, with seven-out-of-ten sale customers paying in cash. Many of these buyers are foreign, mainly from China, Lebanon and Russia, availing of a Greek government ‘golden visa’ scheme for investors.
On the flip side, the district of Patissia is seeing a downturn amid a problem with crime and drugs in the area and whole apartments going for as little as €4,000-7,000.
There is a rising real estate scene in Athens as the market has already bottomed out during the crisis. With tentative signs of growth in the economy, even some construction has begun again.
Comments (0)
October 19, 2018
Demetre Politis