The Greek real estate market continues to grow, setting new records year after year. This time, the spotlight is on luxury homes in Athens. According to a recent study by Greece Sotheby’s International Realty, the demand for luxury properties increased by 67% in the first half of 2024 compared to the same period last year. Research by the British real estate consulting company revealed a very high growth rate in prices: 3.5% for the purchase of luxury mansions and 4.6% for renting elite properties.
Savills claims that the primary reason for the price growth is foreign investors seeking the Greek "Golden Visa," as was the case in 2023. However, this year, there has also been an increase in activity from Greek buyers themselves. So, if you haven’t yet made a profitable investment in Greek real estate, now is the time. Here’s a brief overview of the best areas in Athens for investment, leading the demand for real estate in Greece.
Βούλα - Voula
This southern chic suburb of Athens on the coast of the Saronic Gulf is located 16 kilometers from the city center and 20 kilometers from the Eleftherios Venizelos International Airport. The advantages of this coastal area are obvious: proximity to picturesque, pristine beaches, luxurious promenades, the Athenian Riviera, upscale hotels, trendy restaurants, and bars.
Currently, the population of this area is about 29,000 people, but judging by the demand for real estate, it is expected to grow significantly soon. The price increase in Voula compared to the summer of 2023 was 12.5%. The area still offers a wide range of investment opportunities: apartments, townhouses, houses, villas, and even land plots.
Γλυφάδα - Glyfada
Neighboring Voula, Glyfada is another southern district of Athens—a green, quiet, and safe place where families with children prefer to live. However, fans of trendy venues will also find entertainment here: cafes, restaurants, and night bars. Glyfada is a promising area with expensive and modern new buildings. However, there is also interesting real estate from the 1990s and 2000s.
As a reference, for €500,000, you can buy an 80-square-meter apartment here with two bedrooms, one bathroom, a storage room, and a parking space in a building from the 2010s. The southern Athens hotels also offer attractive investment options. Investors can lease hotels and tourist residences long-term or purchase timeshares. All these properties take part in the Greek government program "Golden Visa for Investment".
If you want to know more about real estate investment in Greece or Greek Golden Visa program, don’t miss these guides:
Or just watch the video:
Investing in real estate in Greece: get a residence permit and make income renting it out
Κηφισιά - Kifisia
Our TOP list also includes a northern district of the capital. Instead of beaches and marinas, this elite suburb has another undeniable advantage—proximity to the mountains. Kifisia is located in the greenest area of Athens and delights its residents with lush vegetation and ideal, clean, cool air. This area is chosen by many affluent Greeks and celebrities for their homes. As a result, the atmosphere here is truly elegant and upscale.
Kifisia also offers all the necessary infrastructure, fine dining restaurants, international designer boutiques, theaters, art galleries, luxurious villas and mansions in neoclassical style. The international airport is just 20 minutes away.
Ελληνικόν - Ellinikon
An incredibly ambitious district-project with the concept of a "15-Minute City" Ellinikon promises that residents will be able to reach the beach, shop, office, school, park, and theater in less than a quarter of an hour. Ellinikon is expected to be completed in 2026. However, 170 apartments have already been sold in the 200-meter Marina Tower, which will soon become the country’s tallest building.
Overall, the Lamda Development consortium plans to create about 10,000 luxury homes and apartments with beach views, the Mandarin Oriental hotel, one of the largest shopping centers in Southeast Europe, a mega-yacht marina, the Hard Rock casino, an ultra-modern sports complex, a private school, cultural and entertainment centers, an extensive beach, and a green area covering 2 million square meters, which will become the largest coastal park in Europe.
Κέντρο της Αθήνας - Athens City Center
A location that is always in demand, both among renters and investors, regardless of the season. Owning property in the historic center near the Acropolis sounds like a dream, but it is absolutely achievable. While some investors hesitate about investing in buildings constructed in the 1960s and 1980s, others are already profiting from renting out their properties. Yes, some properties may require renovation work, and predicting their future resale success is challenging. However, this area is filled with tourists year-round, so investment properties are quickly sold, and apartments rented to tourists never stay vacant for even a day.
This year, the price increase for real estate in the Acropolis area reached 18.4%. Overall, in the center of Athens, you can buy a resale property at prices starting from €3,500 per square meter, and a new build for €7,000.
Experts at Migronis are ready to consult and help you choose the best investment property. Book a consultation using the form below.
