Greece has become one of Europe’s most popular real estate markets in recent years. The capital of Greece, Athens, is attracting a lot of interest from visitors. The real estate industry in the country is seeing a major increase in foreign investment. What is it about the capital that attracts expats? We’ll talk about Athens real estate and everything you need to know about it in this article.
Purchasing Property in Athens
Foreigners are buying property in Athens for a variety of reasons, including low property prices. Property development and transaction activity are both increasing. It offers a laid-back lifestyle that will be a welcome departure from the hustle and bustle of city life.
Athens is one of the most interesting cities on the European continent, with a wonderful blend of traditional and urban experiences. It is an ideal destination because of its position and connections to the rest of Europe. You’ll enter a world steeped in history and tradition.
Why Purchase a Home in Athens
There are numerous reasons to purchase a home in Athens. Here are a few examples.
A Diverse Urban Setting
Purchasing a home in Athens is more than just a good investment; it’s also a means to immerse yourself in the city’s rich culture. Athens is one of Europe’s most appealing cities, with delicious food, a rich history, and beautiful art. Along with this metropolitan experience, it is also home to many Blue-Flag beaches, as well as stunning panoramic vistas from its hills. The city offers a mix of city life and vacation possibilities.
Projects and New Developments
Athens is ready to embark on Europe’s largest urban rehabilitation project. The Hellinikon Project consists of five-star hotels, a shopping complex, luxury residential buildings, and a yacht marina. This project is predicted to have a significant positive impact on Greece’s economy while also raising real estate prices. As a result, if you plan to buy a home in Athens, you will most likely benefit from high rental yields.
What Should You Think About Before Purchasing Real Estate in Athens?
Now that you’ve decided to invest in Athens real estate, consider the following aspects to assist you to make an educated selection.
Athens features a variety of neighborhoods, each with its own set of advantages. Comparing the neighborhoods may be tough if you’ve never been to Athens and are unfamiliar with the city. This is why, before making a decision, we recommend that you conduct a thorough neighborhood search. Check out the area in the evening to see if it’s quiet or if it’s crowded. Check to see if there are any parks or cafes in the area. It’s also a good idea to look into your transit options.
Keep in mind that there will be maintenance costs when acquiring a home. It might not be too pricey if it’s just aesthetic maintenance. Make sure you know the age of the property so you can estimate current and future costs. When buying in a historic city like Athens, this is very vital.
Getting Professional Assistance
We suggest that you hire a competent team to help you with your purchase. They’ll walk you through the steps, represent you in meetings, and stand for your rights. To ensure that the property conforms to regulations, it’s also a good idea to hire architects and engineers.
Athens’ Most Popular Neighborhoods
The most popular neighborhoods in Athens are listed below. Before you buy a house, make sure you look into all of them.
Kolonaki is a high-end hangout spot surrounded by upscale cafes and eateries. It’s close to Syntagma Square and the Hellenic Parliament. The area is home to offices, law companies, and foreign consulates in addition to restaurants and stores. It’s a posh district populated by the city’s wealthiest citizens.
One of Athens’ oldest neighborhoods is Plaka. It is located beneath the Acropolis, Greece’s most famous landmark. It’s a neighborhood with its own distinct personality and layout. You’ll find beautiful architecture, tourist shops, and many Greek taverns.
Monastiraki is a neighborhood to the west of the well-known Syntagma Square. It’s a gorgeous area that’s easy to get to on foot from Syntagma Square. It’s a favorite hangout for both locals and expats, thanks to its tiny alleys and charming stores. There are numerous local eateries in Monastiraki where you may sample delicious Greek cuisine.
Many two-story Neoclassical houses can be seen in Piraeus, which is one of the city’s oldest neighborhoods. It is well-known for its port, from which you may take a ferry to the Greek Islands. Everything you need is within walking distance in this neighborhood. There are numerous shops, restaurants, cafes, and pubs to choose from. Piraeus is situated 10 km southwest of central Athens center and can be reached by metro.
Rental Return on Investment in Athens Properties
The gross rental yields on properties in the center of Athens are good, at around 4.2 percent for 120 m2 apartments. Rental returns for smaller units, on the other hand, are 5.7 percent.
The average gross rental yield for smaller flats in Athens’ high-end neighborhoods, such as Kolonaki, is 6.3 percent.
Check out our post on Buying Property in Greece for more information.
Notary Services in Athens
The property acquisition in Athens must be performed in the presence of a notary public. Fees of 0.65-1 percent + 23 percent VAT are required to use notary services in Athens. In Syntagma, there are numerous notary offices.
Greece is a friendly country, which is why it is so popular with expats. Athens is a great blend of old-world charm and new-world attractiveness. The city has made it simpler for foreign investment, and here is all you need to know about buying a home in Athens. Please do not hesitate to contact us with any questions you may have about real estate investment in Greece.