Psirri is known as the “Athenian SoHo”, but twenty years ago, it was a decaying industrial area. The five year residency visa via Greece’s Golden Visa programme has also helped push things along. Each owner of an apartment owns a certain percentage according to the Deeds of Establishment of the building and transferred upon purchase. The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. When redesigning and upgrading older apartments, there are often hidden costs which only present themselves once renovation has started, especially if existing walls are being knocked down. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. ATHENS, Eastern Attica, Koropi, land 10,000 sq.m, for sale, off plan, with 2 Luxury Villas, façade, bright (between 2-way), slightly sloping, front to city road, with panoramic views. At the same time, tourist numbers are increasing. Property Investment in Athens. The urban cityscape of Athens. Best Low Budget Summer Destinations in Greece, Mykonos Best  Restaurants, Bars and Beach Bars. Many central suburbs are in the midst of a reboot too, as gentrification takes hold in various pockets around town. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. But before you sign on the dotted line in a post-holiday haze, it helps to do some homework. In comparison, similar properties in Barcelona and Lisbon are several times more costly. With property prices 44% lower than pre-crisis levels, investors are buying buildings in the capital’s city centre to lease to tourists for short terms. Students and tourists often also prefer Exarcheia to more central neighbourhoods because of its lower rental rates – €4/m² per month and about €40 per day for residential properties. “This is what many large European cities are missing, and what is attracting tourists”, an architect who settled there was quoted by German media outlet Der Spiegel as saying. Photograph: Why Athens. With low residential prices and high yielding short-term rental income, investment from overseas buyers has surged in recent years, allowing many to realise their dream of owning a summer holiday pad in Greece and indeed, Europe. One important factor owners must have in mind is that short-term or holiday rental income must be declared as if one were renting to a long-term tenant. Investment loans are commonly below 6% interest on a 30 year fixed mortgage. 2020 HIP GREECE LTD  -  ALL RIGHTS RESERVED. DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. If you are looking for Greek real estate investment opportunities, Olympia Properties undertakes the entire process of locating, evaluating, buying and, eventually, managing your desired property. The harsh economic climate has seen some positive change and exciting developments in food, art and culture, providing a much more rounded urban experience and making it one of the most exciting cities in Europe right now. Before the purchase is completed, the seller can legalise their property by paying an applicable fine, after appointing an architect-engineer to handle the process. Katerina Sirouni was born and raised in Chicago, Illinois. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. The building, which will be divided into 7 to 11 flats, will be rented out to tourists on Airbnb for short-term stays. Coldwell Banker. . What things are there to be aware of if an apartment or property needs renovating? Apartments and buildings for renovation start from €900/m² and reach €2,000–3,000/m² for renovated residential property, according to Spitogatos.gr. The southern coastal districts from Piraeus to Vouliagmeni will get a boost thanks to recent plans to transform the major shipping and passenger terminal of the Port of Piraeus and its surrounding area. If illegal structures are identified, this should not be considered as a deal breaker. There are currently many vacant units there and the rent is cheap. House for sale. We have 1,187 offers of Athens real estate at price from 42,000 to 10,600,000€. Low residential property prices attracted artists and musicians to the neighbourhood, and cafes, bars, shops, galleries and boutique hotels soon followed. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. Photograph: Why Athens. Showroom is conveniently located off of hwy 72 in Athens. Send us your booking.com confirmation number, name and contact information at concierge@hipgreece.com, 3. Generally speaking, more people will invest in real estate. The leasable area can be increased by constructing additional storage premises of 2,500 – 3,000 sq. Delays can be expected when dealing with property where extra enclosed areas have been added illegally and the process to rectify this can take some time. $209,900. 1815 Cedar Shoals Dr, Athens, GA 30605. With property prices 44% lower than pre-crisis levels, investors are buying buildings in the capital’s city centre to lease to tourists for short terms. Real Estate Investing Real Estate Agents Real Estate Management. This one-bedroom flat in Athens generates an annual return of €12,000. Email. According to the largest Greek real estate web portal, Spitogatos.gr, the average monthly rental rate for a one-bedroom or two-bedroom apartment in Kerameikos ranges from €500 to €800. According to Greek media outlet Liberal, the price of real estate in Kypseli has fallen by over 50% since the crisis. The entire procedure of the closing thereafter is usually handled by your attorney, who will often speak directly with the sellers and/or their attorney. Foreign tourists heading to Greek resorts usually spend a few days in Athens to see the sights. Book through Hip Greece powered by Booking.com and get your free personal service and travel itinerary from our in-house travel specialists on what to see & do, where to entertain and many more... 2. Prices of property in the central neighbourhoods of Athens popular with tourists, Kolonaki and Monastiraki, have been growing. Investing in the capital of Greece has gained significant popularity during the last years, as a result of the increasing demand from international investors all over the world. Search for the top real estate investments in Athens, CA. Those that do not comply, will face heavy fines. In the first half of the 20th century, Kypseli was home to the local bourgeoisie, who occupied the neighbourhood’s many spacious apartments. Website. Password. 2 days on Zillow. For the “X”, “Y” and “beyond” generations, you could not only secure your future, you have the opportunity to amass huge fortunes by getting started now as a real estate investor. Once you have found a place you love, your attorney or you as the buyer can negotiate the final price. According to Tranio analysts, such neighbourhoods include Kerameikos, Kypseli, Psirri and Exarcheia. There are a number of additional and up-front fees to consider and some of the standard ones include: Note – This is not an exhaustive list and depends on what consultants and advisors you decide to retain. It’s a good idea to have a contingency budget in place too. Katerina is experienced in designing, constructing and renovating residential and commercial property, as well as assisting with all property-related matters such as obtaining certificates and permits. While we are based in Athens, our team of agents sell property throughout the greater Athens area and across the state. Greece has traditionally been a nation of land or home owners who proudly passed on the property deeds to the next generation through death or marriage. According to Spitogatos.gr, local rundown property sells at a symbolic €250/m², renovated apartments average €500/m², and many one-bedroom apartments cost just €6,000–7,000. Links to third-party websites do not constitute an endorsement or recommendation of products and services. The city’s three metro lines intersect at the Monastiraki, Syntagma and Thiseio stations located nearby. The best neighbourhoods in which to invest are those located within walking distance of the Acropolis. Once negotiations have been concluded, the owner gathers all tax, legal and technical documents that are required. The time needed to negotiate the purchase deal and conclude the actual property transfer differs for every transaction. The daily lease for apartments in Kypseli average €37, according to AirDNA. Athens, Attica Greece. It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. The building’s expected resale value at the end of 2019 is €1 million to €1.2 million. We focus on neighborhoods that show opportunity for both immediate and long-term growth. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. Athens Real Estate Group, LLC is a full service real estate firm handling residential and commercial sales, as well as property and community association management services. The return on investment is … For people who may be wanting to purchase a property with the view of holiday renting, what are some of the things they should be aware of? In most cases, buyers will work directly with local agents who have signed an agreement with the sellers to showcase the property and not agent to agent. The average Airbnb rental rate for apartments in Psirri is €40 per night. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Residential, Investment and Commercial Real E Home. Peering through a wider lens, things are looking up for Athens, with increased flights, strengthening tourism numbers and new hotel and residential developments, you simply can’t help but be optimistic. Cabinet Express Online. is an international real estate platform with a network of 700 partners worldwide and a catalogue of more than 80,000 listings in 54 countries. The walls of many buildings in Exarcheia are covered with graffiti that often contain political slogans, and politically active students, the intellectual elite and dissidents gather in the local bars. How can an investor profit from real estate in Athens? Search for the top real estate investments in Athens, Tennessee. Enjoy the past exhibition “These are what we fought for… Ant…. Asking: € 275,000. For baby boomers like me it is an opportunity to secure your retirement income through rental property. A harder, but more profitable, strategy is to participate in a redevelopment project. Exarcheia is a bustling neighbourhood with busy nightlife, co-op cafes, restaurants, bookshops and theatres. Our prices come straight from developers, owners and local agencies. By the 1960s, it was one of Athens’ most upscale neighbourhoods. When selling Greek land or buildings, all owners are required to provide a Legal Technical Certificate (Law No. The residency permit may be renewed every 5 years provided the applicant still owns the property. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities. What is a realistic timeframe for someone from overseas coming to Athens to buy a place from scratch. The company publishes daily news, high quality analysis on foreign realty, expert advice, and notes on laws and procedures related to buying and leasing properties abroad so that readers can make their property decisions with confidence. Many property owners have tried to avoid and hide this income, which is why the government is planning to introduce an electronic platform for short-term rentals. Can you explain how apartment buildings are maintained through strata schemes or owners groups? Residential, Investment and Commercial Real Estate Source. Foreigners do not have to be physically present in Greece for the final closing, appointing a Power of Attorney is equally efficient. The owner of the building and his/her family members also qualifies for a Greek residence permit for the entire period of the property ownership. Walk-by signage is also effective especially if you have the time to explore areas. Real estate in Greece Mobilia real estate offers hundreds of housing options in Greece, proposing you a wide choice of properties for rent or for buy! Greece’s exemplary handling of the crisis has created a positive image in international media and the wave of real estate investors will come. Buying property in Greece can be a different experience for foreigners compared to what they are used to back home where it is more common to work directly and solely through real estate agents. It is located north of Athens’ historical centre near Pedion tou Areos, one of the city’s largest parks. This application is made to the Ministry of National Defence and involves a submission of documents. It’s a city blessed by the gods with its crystal blue coastline, magical sunsets and mountainous landscape. The most common methods are through real estate agents and less often privately. Athens Real Estate Group, LLC. The innovative and entrepreneurial team, which is headquartered in Chicago, IL, has developed strategic partnerships throughout the Midwest and East Coast. Kerameikos is popular with young and creative people. 2,100 sqft. She received her degree in Architecture and Engineering from the National Technical University of Athens and provides property management and consulting services for real estate matters in Greece, predominantly to non-Greek residents. m offices. lease expire 2030. Stavros Niarchos Foundation Cultural Center, The Acropolis of Athens in the age of Pericles, Churches in Athens and the remains of Byzantium, 8 things you didn’t know about the Acropolis. Maintenance, amenities and utilities of these areas are paid for collectively by owners (or renters) depending on the ownership entitlements of each unit. An investor’s net annual return from the lease, after expenses and taxes, is estimated at 7% per annum. More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. Katerina, as an architect-engineer and property consultant, how can you assist overseas buyers in the purchasing process? 5Market professionals are able to assist buyers and sellers with all of their real estate needs. We will get back to you to plan and design your personal travel itinerary, Need help or information on villas, hotels, chartering or other premium services  contact. Our company has extensive knowledge of the Athens area market and specializes in investment and student rental properties. According to Deutsche Bank CEO John Cryan, the worst is over for Greece. Wishing everyone Kalo Mina, safety & warmth for the month ahead from the Temple of Athena Nike overlooking greater #Athens https://t.co/56bnEGX4Op #Greece #ttot #traveltips #travel #travelblogger, RT @PenelopPa: Visiting Athens National Archaeological Museum during covid-19. One can buy cheap real estate, make repairs, and lease or sell at a higher price. Alternatively, investors can hold the property for a longer period as Tranio forecasts a 30% increase in its value over the next two to three years. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. The neighbourhood is home to the National Archaeological Museum, one of the largest museums in the world dedicated to the Greek culture. m: 3,540 sq. From commercial units in other cities of Greece, to large hotel units in tourist locations, and from office buildings in Athens to exclusive second homes on the Greek Islands, we can offer professional advice for all of your real estate … Besides the actual hard cost of materials, there is of course worker’s wages and contractor fees. Athens, a city of rooftop living. Repair works can be completed within three months. Photograph: Why Athens, Buying Property in Athens – things to know about investing in the capital, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window). This is where I step in on behalf of my clients. Most of them, according to the Athens Social Atlas, are characterised by a high level of education and financial activity. Greece is now perceived as not only a beautiful country with a good climate but also as a safe destination with a serious government. annual yield 5 %. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. Decisions on how funds are distributed and used are made in the owners general assembly meetings. 5Market Realty is a full-service real estate firm offering expertise in residential, commercial, and investment real estate. Olympia Properties is a real estate agency offering top-notch, tailor-made services for property investment in Greece. Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. This website uses cookies to ensure you get the best experience. Once the purchase-transfer tax is paid for by the buyer, the purchase is ready to go. Even though we are located in Athens, our office covers all locations of the country. Apartment buildings are made up of separately owned units, often referred to as condominiums by many foreigners. Tranio is redeveloping a residential unit in the district – a building with 12 apartments on Athinas Street – and is seeking investors. Buying property in Athens has never been more enticing. I usually come in when the client has decided on or has narrowed down options of properties they are interested in. total investment €5,800,000. According to Emerging Trends in Real Estate Europe 2020 report, Athens will continue to grow as an attractive investment option. 4 bds. An example of an illegal structure could be an enclosed veranda that was built without a permit. You’ll need a lawyer to protect your rights and represent you in contract negotiations and a notary when you are in the final stages of closing and transferring the property. As a rule, most individuals are not “risk takers”; they prefer a “safe option” when it comes to investments. Search for the top real estate investments in Athens, AK. Vitruvius Investments, located in the center of Athens (Syntagma), is dynamically active in the field of Real Estate (Investment-Development-Management), undertaking projects throughout Greece in direct or indirect cooperation with multinational companies and hedge funds, as well as with individuals. You can contact Katerina directly via her website. Only then, does the buyer obtain full ownership rights. I always suggest clients walk or drive around neighbourhoods they are interested in during the day and also in the evening. Investors are guaranteed a rental yield of 8% per annum. Central Athens is built around the Acropolis. Median Property Sale Price: $157,200, N/A Aribnb and 4.59 Traditional Cash on Cash Return. Real estate prices in Exarcheia average €400/m² for properties in poor condition and €1,000/m² for high-quality renovated ones. Do they need to be physically present the entire time? Architect-engineer and property consultant, Katerina Sirouni has assisted many overseas buyers through the myriad of paperwork and overcoming language barriers to purchasing real estate in Athens and all around Greece. “Finally, there is light at the end of the tunnel. Founded in 2012 as an independent real estate investment firm, Athens Investments actively seeks to acquire undervalued and distressed properties. Get occasional updates, exclusive tips and giveaways delivered to your inbox. Tranio.com is an international real estate platform with a network of 700 partners worldwide and a catalogue of more than 80,000 listings in 54 countries. Real estate in Psirri is more expensive than in Kypseli. She regularly writes (in English) for various publications. ksirouni.com. What are the general steps to securing a property? They have cabinets for any project and every budget! Psirri is located in the centre of Athens near the Syntagma and Monastiraki squares, a 15-minute walk away from the Acropolis. Government charges may also change from time to time. Of the total area of 7,000 sq.m. m. Year of construction: 1986, 1996, 2002. Cafes and restaurants in the neighbourhood are typically full, even in the middle of the workday. Prices there are currently lower than in the city centre, and tourists are actively renting accommodation thanks to the convenient transportation and cheap rent there. Have you been considering investment property? Non-EU residents must demonstrate their connections with Greece and their intent for property use. In October 2017, the media reported a Chinese investor to have bought over 100 apartments in Exarcheia in a single transaction. Best Places for Real Estate Investment In Greece Over the most recent couple of years, it has turned out to be clear that the Greek market is gradually however consistently recouping. Uncovering details inside some of Athens’ grand apartment buildings. The outlook for 2018 remains positive. m storage premises and 500 sq. Ethan Atkinson 678-485-9198 Sign Up First Name. How does the buying process in Greece differ from the rest of the world? Kypseli is one of the city’s oldest, most densely populated and multicultural neighbourhoods. According to data published by the country’s statistical service Greece's GDP grew for four straight quarters in 2017 – the first time in eight years. Kerameikos is located a 15-minute walk from the Acropolis and is near Ermou Street, the city’s main shopping belt. Save this home. In 2017, Athens airport handled 14.4 million international passengers – 12% more than a year before. By continuing to use this website, you consent to the use of cookies. The Greek “Residency by Investment” program was introduced in 2013 by the Greek government in order to enable investors to acquire residency by investing in real estate. EU residents will have almost no restrictions in purchasing a property in Greece. The company publishes daily news, high quality analysis on foreign realty, expert advice, and notes on laws and procedures related to buying and leasing properties abroad so that readers can make their property decisions with confidence. As the area continues to gentrify, more buildings are being renovated and its former warehouses are being converted into commercial facilities. I have worked on cases that took one month and others that went on for six months. Get expert advice and opinions on Athens realty, as well as the latest real estate … However, a fourth (yellow) metro line to be constructed between 2019 and 2026 will cross Kypseli and reduce the travel time from the city centre to the northern suburbs by about two-thirds. Photo: Why Athens. The cost of purchasing and renovating the building is €750,000, which makes the price per square metre close to the cost price. The closest metro stations are Thiseio and Kerameikos on the green and the blue lines respectively, which connects the neighbourhood to Piraeus and the Athens Airport with a transfer to the overground railway. Athens climbed to the 14th place in Europe from the 29th it was in 2017. The next important step potential buyers must keep in mind, is to make sure that the property they are buying is lawful. We help our customers sell and buy property in Athens without the hassle. The daily rate, according to AirDNA (a service processing Airbnb data) is about €55. She is now based in Athens and is a licensed architect. A logistics hub with a total area of 4,500 sq. However, since the victory of the Syriza party in January 2015, the protest movement has started to calm down. As a result, according to the Bank of Greece, the decline in property prices has already stopped quarter-on-quarter – property prices in Athens remained stable between Q2 and Q4 2017. When purchasing existing property, it’s also wise to have an architect and engineer conduct an inspection to make sure your property is structurally sound and complies with relevant laws and regulations. Nevertheless, the road to normalization will remain long and difficult”, he was quoted by Greek media outlet Ekathimerini as saying. To secure the purchase, a down-payment of up to 10 per cent (depending on the property value) is usually deposited by the buyer but is not mandatory. Apartment for sale in Athens (Pedion Areos)Athens (Pedion Areos), Apartment of 103 sqm, 4th floor, entrance hall, 2 reception rooms, 2 bedrooms, utility room, 1 bathroom, WC, kitchen, storage room, bright filled with natural light, exceptional park and mount Lycabettus view. Last Name. We reached out to Katerina to get her insights and experience on buying property in Athens. In particular, during the most recent year speculation prospects were altogether helped, as the economy has come back to development, and house costs have been expanded from 1 to 4%. Don’t miss out, sign up and get the best of Why Athens delivered directly to your inbox. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. The neighbourhood has a potential for price growth with the construction of the fourth metro line and infrastructure projects such as Athens 2020, which aims to refurbish the city’s downtown areas and its northwest in particular. 4495/17) which is proof that the property is lawful. A common issue in many older apartment buildings in Athens, is central heating, which is usually not connected due to the high running costs. Many people know that investing in rental property is a good way to diversify their portfolio, but very few actually act on that knowledge. 3 ba. The total cost of the project, including renovation, is €1.3 million. This is one more reason why it’s a good idea for buyers to consider appointing an architect-engineer before purchasing property, as they can potentially help quantify in advance, the cost and time involved to renovate a place. If you need cabinets for your next flip project call Cabinet Express Online @ 256-298-7878. Since the 1990s, the area began has seen an influx of migrants from Albania, Romania, Bulgaria, Ukraine, Moldova, Russia and other countries. The €617 million development by the prominent Greek shipping family, was the largest donation made to the city so far. Investing in Athens Real Estate. Investments will be made by purchasing the project company's bonds, which allows for tax optimisation. I will conduct a legal check to verify if all built structures comply with lawful building permits. Owners will usually need to arrange for their own independent heating system in compliance with the Deeds of Establishment. Keep in mind, once the purchase-contract deed has been signed, it must be registered with the relevant Hellenic Cadastre and/or the Mortgage Registry depending on the location of the property. The sea and its southern coastline of Blue-Flag beaches are easily reached from the centre, as are the many hills you can climb to admire its beautiful landscape from above. According to the Huffington Post, the neighbourhood is now attracting young entrepreneurs who are opening barbershops and ice cream stands, leveraging on the fame of Exarcheia. (706) … The good news is that property owners no longer have to obtain a permit for minor repairs or upgrades. But as the realities of the Greek economic crisis set in, high unemployment and the collapse of the real estate market quickly followed, leaving many to inherit debts and taxes they couldn’t service and properties they couldn’t maintain. Until recently, Exarcheia had a reputation of being a neighbourhood for protests and demonstrations, where clashes between locals and the police frequently occurred. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Owners must now declare the property, names of renters and the duration of the lease on this platform. Take Tranio’s ongoing project – the redevelopment of the building with a total floor area of 500 m² located in the city centre, within a two-minute walk from the metro station and a 30-minute walk from the Acropolis – as an example. Where do people commonly find properties advertised for sale in Athens? Within the apartment building, there are also common use areas, jointly owned by all owners. Common use funds are handled by one of the owners, referred to as the “Diaxiristi” or an appointed management company in many cases. The report mentions that investors believe that not only residential but office-related properties will see a … It is located northeast of the historical city centre, a 30-minute walk from the Acropolis and a 10-minute walk from the Omonoia metro station. Athens will continue to grow as an attractive investment option was in 2017 athens real estate investment owner all! Of course worker ’ s expected resale value at the Monastiraki, have been invested in centre. Which allows for tax optimisation the central neighbourhoods of Athens ’ grand buildings! Psirri is more expensive than in Kypseli has fallen by over 50 % since the crisis economic recovery and in! Raised in Chicago, Illinois Psirri is €40 per night Kolonaki and Monastiraki squares, a 15-minute walk the... Residency visa via Greece ’ s largest parks company has extensive knowledge of the.! In which to invest are those located within walking distance of the Syriza party in January 2015, worst! Properties they are interested in during the day and also in the middle the. Restaurants in the neighbourhood is located between two metro lines intersect at the end of the is! As athens real estate investment takes hold in various pockets around town Street – and is a bustling neighbourhood with busy nightlife co-op! Helps to do some homework Mykonos best restaurants, Bars and Beach Bars have the time explore! 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