As investors, you arere constantly on the lookout for the next big opportunity. Whether you are seasoned professionals or newcomers to the property market, you understand the importance of location. A prime location in a growing city can mean a significant return on investment. Today, we are going to explore Athens, Greece , acity tha is quickly becoming a hotspot for realestate investments.
Known for its rich history and breathtaking views, Athens is living unprecedented growth in its real estate market. Despite economic hard days in recent years, the city’s property market has shown resilience and is now presenting ideal opportunities for investors.
With this in mind, let’s delve into the areas in Athens that hold high growth potential.
Athens Real Estate market growth
Before pinpointing the specific areas in Athens for real estate investments, let’s explore the overall growth of the city’s property market.
Over the past year, Athens has seen a steady increase in property prices. Economic recovery coupled with the city’s timeless allure has led to a surge in demand for homes. As prices continue to rise, so does the potential for a substantial return on investment.
The median price for properties in Athens has risen by an impressive percentage, reinforcing the city standing as a promising investment prospect. Investors are encouraged to act quickly to capitalize on this upward trend. Rental properties are particularly lucrative, with the average rental price also seeing a significant increase.
High-potential areas in Athens
Identifying the high-potential areas in a city is key to a successful real estate investment. In Athens, there are several neighborhoods that stand out for their growth potential.
The first one is Kypseli. This central district has seen a surge in popularity over the past year.
Property prices here are rising rapidly, but still remain below the city average, making it an ideal time to invest.
Next is Exarcheia. With its vibrant cultural scene and close proximity to the city center,
Exarcheia is a magnet for young professionals and artists. The shortage of available properties and high demand make it a fertile ground for investment.
Comparing Athens to Other Cities
When considering an investment, it is vital to compare your prospect with other markets. Let’stake a look at how Athens stacks up against a city like Tbilisi, Georgia with a similarly booming real estate market.
While both cities offer thriving rental markets, Athens edges out Tbilisi when it comes to median property prices. This indicates a higher potential for return on investment in the Greek capital. Furthermore, Athens boasts a significantly higher year-on-year property price growth rate, signaling a rapidly increasing demand.
Investing in Athens: what to expect
So, what can you expect when making a real estate investment in Athens? First off, it is worth noting that investing in a foreign city comes with its own set of challenges. You’ll need to explore the local laws and regulations, which can be complex.
However, the potential rewards in Athens outweigh these challenges. The city’s property market is driven by both local and international demand, resulting in a steady growth that shows no signs of slowing down. Rental properties, in particular, are a safe bet, with Athens thriving tourism industry ensuring a steady stream of potential tenants.
A year in Athens real estate
Looking back at the past year in Athens’ real estate market, it is clear that the city is on an upward trajectory. With property prices and rental rates steadily increasing, the potential for a high return on investment is obvious.
Despite the challenges posed by the global pandemic, Athens’ real estate market has remained resilient. This resilience, along with the city’s unique appeal and thriving tourism industry, make it a hotbed for real estate investment now and in the future.
In conclusion, the real estate market in Athens is ripe with opportunities. Be it Kypseli’s potential for rapid growth or Exarcheia’s shortage of available properties generating high demand, Athens offers a variety of avenues for savvy investors. Just remember, the key to a successful investment lies in thorough research and staying ahead of the market trends.
Greek Golden Visa and its impact on real estate market
It is crucial to consider the influence of the Golden Visa program in Greece when discussing the real estate market’s growth in Athens.
In an effort to attract foreign investment, the Greek government introduced the Golden Visa program in 2013. Essentially, it offers a residency permit in exchange for a real estate investment of at least €250,000. This program has fueled the demand for properties in Athens from non-EU investors, particularly from China, Russia, and the Middle East. Since August 23 the program jumped to 500 000€ for Athens center, some of the most demanded suburbs and Islands and remain at 250 000€ for the others areas.
The program has undoubtedly contributed to the increase in Athens’ real estate prices. It has also led to a surge in the demand for rental properties, as some investors choose to rent out their Golden Visa properties for additional income.
With Athens’ thriving tourism industry, these rental properties hardly stay vacant, ensuring a steady stream of rental income.
The Golden Visa program also accentuates the high demand for properties in popular neighborhoods as Kypseli and Exarcheia. By investing in these high-growth potential areas,
Golden Visa applicants not only secure a residency permit but also stand a good chance of seeing significant returns on their investment.
Speaking about investment returns, a comparison of Athens to the national average reveals that the city is outperforming in terms of property price growth. This further emphasizes Athens’ appeal to estate investors, both domestic and international.
The future of Athens’ Real Estate market
When it comes to real estate investment, it is not just about the present. Astute investors also keep an eye on the long term. So, what does the future hold for Athens’ real estate market?
First, population growth is a point to consider. Athens’ population is steadily increasing, meaning more people needing homes in the coming years. This population growth, coupled with the city’s allure to tourists and Golden Visa applicants, suggests that demand for properties will continue to rise.
Secondly, the average days on market for properties in Athens is decreasing, a clear indication of high demand. This trend is expected to continue, making it a seller’s market. For investors, this could mean quicker returns on investments.
Finally, the future appears bright for rental properties in Athens. With the city’s tourism industry showing no signs of slowing down and the continued popularity of the Golden Visa program, rental property owners can expect sustained high demand and rental income.
In conclusion, Athens’ real estate market presents a wealth of investment opportunities. From its population growth to its Golden Visa program, and from its rental market to its comparison to the national average, the city promises strong returns for both short term and long term investors. The key to success, as always, lies in conducting thorough research, understanding the local market conditions, and staying ahead of the trends.