Where to invest in Athens?

Moving and/or buying property abroad is an exciting adventure and iad Overseas is with you every step of the way. Whether you’re hoping to invest in a second home, relocate permanently or buy an overseas rental property then Greece is a picture-perfect destination.

Athens offers foreigners the very best of Greece. With busy bars and restaurants, beautiful beaches and tons of arts and culture to enjoy. Here are our top reasons for investing in this magical capital city:

1. With an average of 300 days of sunshine per year, Athens offers a warm Mediterranean climate with long summers and mild winters. Life is so much more enjoyable when you can spend time outdoors, and with around 11 hours of sun every day, this is a great place to live if you want to be in year-round sunshine.
2. Despite Athens being a capital city, the cost of living here is much cheaper than other European capitals. Prices for goods and services are around 31% cheaper than London and 27.5% cheaper than Paris.
3. If you’re a non-EU citizen and hope to live in Greece on a permanent basis, then it’s useful to know that the country offers one of the most affordable Golden Visa programs for investors in real estate with a minimum investment of €250,000 (around £210,021.25) (this will change at the end of 2024).
4. Athens is extremely well-connected, with a busy airport and excellent transport system making travel in and out of Greece or to other parts of the country an easy task due to its strategic location.
5. If you live for food and culture, then there’s nowhere better than Athens with traditional and modern restaurants catering to every taste. Food is an important part of Greek culture and foodies will be spoilt for choice when it comes to new dishes and fresh produce.
6. If you’re relocating with a young family, then it’s nice to know that Greek culture values family and community above everything. You’ll find a warm and welcoming attitude from nationals and a strong expat community to get to know too.

The Greek economy has experienced many problems over the last few years, but things are definitely improving. The property market has shown signs of recovery and prices increased by approximately 11% in 2023 alone. Despite the rise in prices, property throughout Greece is generally more affordable than other European countries.

Typically, prices in a capital city are more expensive than other parts of a country, however this is not the case in Athens. Islands such as Mykonos and Santorini hold the crown for the highest purchase prices in Greece. So you can still live your Greek dream and stay well-connected in Athens.

Whilst prices in Athens are on the up due to mass redevelopment, there are still plenty of bargains to be had. We’ll explore property prices later in the articles.

Being a large city, there are plenty of property types available to buyers: from modern apartments, small houses, and even large villas. Properties in or near to the city centre and around the Athens Riviera will command higher prices than some of the quieter, less touristy areas.

On average property prices in the centre of Athens are priced at €2,433 (around £2,043.93) per m2 with rents at an average of €11.39 (around £9.57) per m2. Housing prices are much cheaper in the capital city than on many of the islands.

In the next section, we explore different neighbourhoods in Athens and their appeal for buyers.

Athens is a large city with a population of around 4.5 million people. While the city is dominated by famous archaeological sites such as the Acropolis and the Ancient Agora, there’s plenty more to experience in and around the city centre and suburbs.

Here are just a few of the many neighbourhoods dotted around Athens.

Probably one of the most popular and most visited neighbourhoods in Athens, Plaka is a picturesque, village-like area which gets very busy with tourists throughout the year. Long winding lanes, framed by stunning flowers, are dotted with gift shops, restaurants and museums.

This central location is a great choice if you love being in the hub of things and it’s also a good location for holiday rentals.

Average property prices for this area are €5,909 (around £4,964.06) per m2 and rent is around €18.09 (£15.20) per m2.

If you’re searching for style and sophistication, then this is the place for you. With high end fashion stores, upmarket restaurants, and bars this is one of the most expensive parts of Athens. Average property prices for this area are €5,098 (around £4,282.75) per m2 and rent is around €17.94 (around £15.07) per m2.

This area offers stunning views of the city from the Hill of Lycabettus which is covered in greenery and can be reached by cable car from Kolonaki. Whether you’re searching for an apartment or detached house, there are plenty of properties available in this central location.

Located in the heart of Athens, Monastiraki Square is a famous meeting point within the city and is accessed from various roads, subway stations and even the nearby port.

This ancient neighbourhood is a unique blend of art, architecture and busy market stalls. Every way you turn, you’ll see something old and new. And in the evenings, there’s a lively social scene, from sophisticated rooftop bars to intimate street-side tavernas.

Average property prices for this area are €5,629 (around £4,729.84) per m2 and rent is around €19.16 (around £16,10) per m2.

As you venture out of the city centre, Thissio is an area favoured by locals and attracts fewer crowds of tourists. With plenty of cafes and restaurants dotted around, this laid-back area is popular with students and young professionals. From apartments, to townhouses, period properties to modern developments – this part of Athens will suit a variety of budgets.

Average property prices for this area are €4,239 (around £3,561.12) per m2 and rent is around €14.09 (around £11.84) per m2.

Once a busy industrial area, this part of Athens fell into disrepair for some years until being slowly transformed into a popular spot for galleries and bars. It’s also home to The Technopolis City – a former gas factory now a museum and cultural centre.

Average property prices for this area are €2,264 (£1,901.95) per m2 and rent is around €10.84 (around £9.11) per m2.

A mainly residential neighbourhood, this area offers a great sense of community with lots of locals and few tourists. Whilst it’s not as exciting as other parts of Athens, it’s just a short journey to the centre if you choose to settle here.

Average property prices for this area are €2,694 (around £2,263.19) per m2 and rent is around €11.09 (around £9.32) per m2.

The beautiful Athens Riviera is a stretch of the south-east coastline and is a collection of gorgeous beaches and marinas. It spans several neighbourhoods, each of which offer foreign investors a tase of authentic Greek life.

As you travel away from the city centre towards the suburban neighbourhoods of Glyfada, Pireas and Varkiza, you’re just moments away from Athens’ stunning beach life.

Along this coastline, you can find a range of new build properties such as apartments and houses. Prices here are slowly creeping upwards as the area gains more popularity and newly built homes are around €3,676 (around £3,088.15) per m2.

This seaside neighbourhood is around 10 km away from central Athens and has become popular with expats and Greek nationals for its golf facilities, luxury hotels, bars and restaurants.

With outdoor shopping centres, an excellent transport structure and stunning beach scenes, this is the ideal location for a second home or a holiday rental.

Average property prices for this area are €6,439 (around £5,409.31) per m2 and rent is around €18.43 (around £15.48) per m2.

If you’re thinking about investing in Greece, then get in touch with one of our iad Overseas property consultants who can help you to find your dream Athenian property.

To find out more about how to buy a property in Greece, check out our step-by-step guide here.