Get occasional updates, exclusive tips and giveaways delivered to your inbox. Search for the top real estate investments in Athens, AK. 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. The best neighbourhoods in which to invest are those located within walking distance of the Acropolis. Investors are guaranteed a rental yield of 8% per annum. The time needed to negotiate the purchase deal and conclude the actual property transfer differs for every transaction. What is a realistic timeframe for someone from overseas coming to Athens to buy a place from scratch. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. By the 1960s, it was one of Athens’ most upscale neighbourhoods. The daily rate, according to AirDNA (a service processing Airbnb data) is about €55. Real Estate Investing Real Estate Agents Real Estate Management. A logistics hub with a total area of 4,500 sq. The neighbourhood is home to the National Archaeological Museum, one of the largest museums in the world dedicated to the Greek culture. 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. 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. Until recently, Exarcheia had a reputation of being a neighbourhood for protests and demonstrations, where clashes between locals and the police frequently occurred. Website. Where do people commonly find properties advertised for sale in Athens? The neighbourhood is located between two metro lines, and the Acropolis is 40 minutes minutes away by overground transport. “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. 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. 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. 4495/17) which is proof that the property is lawful. 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. Since the 1990s, the area began has seen an influx of migrants from Albania, Romania, Bulgaria, Ukraine, Moldova, Russia and other countries. Uncovering details inside some of Athens’ grand apartment buildings. What are the general steps to securing a property? (706) … 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 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. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. Kerameikos is located a 15-minute walk from the Acropolis and is near Ermou Street, the city’s main shopping belt. While we are based in Athens, our team of agents sell property throughout the greater Athens area and across the state. 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. Nevertheless, the road to normalization will remain long and difficult”, he was quoted by Greek media outlet Ekathimerini as saying. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. By continuing to use this website, you consent to the use of cookies. 2 days on Zillow. 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. It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. m: 3,540 sq. She is now based in Athens and is a licensed architect. It’s a good idea to have a contingency budget in place too. total investment €5,800,000. 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. $209,900. 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. How does the buying process in Greece differ from the rest of the world? Greece’s exemplary handling of the crisis has created a positive image in international media and the wave of real estate investors will come. Do they need to be physically present the entire time? m offices. The city’s three metro lines intersect at the Monastiraki, Syntagma and Thiseio stations located nearby. 4 bds. Coldwell Banker. For baby boomers like me it is an opportunity to secure your retirement income through rental property. According to Greek media outlet Liberal, the price of real estate in Kypseli has fallen by over 50% since the crisis. Real estate prices in Exarcheia average €400/m² for properties in poor condition and €1,000/m² for high-quality renovated ones. Kerameikos is popular with young and creative people. 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. Median Property Sale Price: $157,200, N/A Aribnb and 4.59 Traditional Cash on Cash Return. How can an investor profit from real estate in Athens? Buying property in Athens has never been more enticing. Once the purchase-transfer tax is paid for by the buyer, the purchase is ready to go. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. 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. Katerina Sirouni was born and raised in Chicago, Illinois. Owners must now declare the property, names of renters and the duration of the lease on this platform. It is located north of Athens’ historical centre near Pedion tou Areos, one of the city’s largest parks. As the area continues to gentrify, more buildings are being renovated and its former warehouses are being converted into commercial facilities. This application is made to the Ministry of National Defence and involves a submission of documents. Enjoy the past exhibition “These are what we fought for… Ant…. She regularly writes (in English) for various publications. An example of an illegal structure could be an enclosed veranda that was built without a permit. 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. Many central suburbs are in the midst of a reboot too, as gentrification takes hold in various pockets around town. 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. Within the apartment building, there are also common use areas, jointly owned by all owners. When selling Greek land or buildings, all owners are required to provide a Legal Technical Certificate (Law No. Email. Maintenance, amenities and utilities of these areas are paid for collectively by owners (or renters) depending on the ownership entitlements of each unit. Property Investment in Athens. According to Tranio analysts, such neighbourhoods include Kerameikos, Kypseli, Psirri and Exarcheia. The report mentions that investors believe that not only residential but office-related properties will see a … 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. We help our customers sell and buy property in Athens without the hassle. DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. . 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. 2020 HIP GREECE LTD  -  ALL RIGHTS RESERVED. Decisions on how funds are distributed and used are made in the owners general assembly meetings. Have you been considering investment property? In October 2017, the media reported a Chinese investor to have bought over 100 apartments in Exarcheia in a single transaction. Photograph: Why Athens. Common use funds are handled by one of the owners, referred to as the “Diaxiristi” or an appointed management company in many cases. Can you explain how apartment buildings are maintained through strata schemes or owners groups? According to Emerging Trends in Real Estate Europe 2020 report, Athens will continue to grow as an attractive investment option. 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%. In 2017, Athens airport handled 14.4 million international passengers – 12% more than a year before. House for sale. Password. 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. Kypseli is one of the city’s oldest, most densely populated and multicultural neighbourhoods. Low residential property prices attracted artists and musicians to the neighbourhood, and cafes, bars, shops, galleries and boutique hotels soon followed. Send us your booking.com confirmation number, name and contact information at concierge@hipgreece.com, 3. Athens climbed to the 14th place in Europe from the 29th it was in 2017. lease expire 2030. Generally speaking, more people will invest in real estate. 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. Residential, Investment and Commercial Real Estate Source. 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