Athens

One of the oldest cities in the world and the capital of Greece, Athens is an incredible and vibrant city, surrounded by mountains and the Aegean Sea.

The birthplace of democracy balances a plethora of historical sites with hip, artistic neighbourhoods, a thriving tourism industry, affordable living and property to suit every budget.

It also has a nearby coast, known as the Athens Riviera.

Why buy a property in Athens

Greece suffered badly in the debt crisis between 2009 and 2016, but Athens has rebuilt its reputation for sound government and finance. It celebrates its ancient history while thriving thanks to investment in new infrastructure.

The city is bustling and noisy, with work centred around the Commercial Triangle. But it is also wonderfully walkable and connected by an extensive metro system.

From traditional taverns to effortlessly cool nightclubs, there is plenty to do once the sun goes down.

A huge draw for international property buyers is Athens’ rich history. From the Acropolis of Athens to the Temple of Olympian Zeus to the National Museum of Contemporary Art in Athens, there is a seemingly endless list of sites to see in Athens.

This not only gives the city its unique character but is a major tourism driver. Unlike the Greek islands, where the tourism industry is tied to the summer, holidaymakers head to Athens for sight-seeing, whatever the season and weather.

The beauty of Athens is that it has beaches to flock to, too. The Athens Riviera is Greece’s answer to the Cote d’Azur. It spans from Piraeus to Cape Sounion and is known for its Blue Flag beaches, high-end dining, glitzy resorts and glamorous neighbourhoods.

In addition to beaches, natural beauty comes in the form of Mount Lycabettus, a pine-covered hill with panoramic city and Acropolis views – a popular spot for hiking and watching the sunset. Other highlights include the National Garden and the Lake Belesti.

The capital has seen a huge amount of investment in the last decade, including an abandoned airport being transformed into Europe’s biggest smart city, The Ellinikon.

Even though Athens has made a significant recovery since 2008, the cost of living is still affordable compared to other European capitals. According to numbeo, the cost of living in Athens is around 37% less than London.

The weather in Athens

Athens enjoys a Mediterranean climate characterised by hot, dry summers and mild, wet winters. It is one of the sunniest cities in Europe with about 2,800 hours of sunshine per year.

From May to October Athens basks in the heat. July and August are the hottest with an average daily maximum of 33°C and up to 12 hours of sunshine a day. Temperatures cool from November. January is the coldest month with average highs of 13°C.

What can I get for my budget in Athens

Athens has a diverse property market with cheap doer-uppers to waterfront luxury homes and everything in between. With a budget of €200,000, you can find a small, modernised apartment in the city, though if you are keen to renovate, there are plenty of options for less.

If you are interested in a luxury property in the city, you can buy a penthouse with spectacular city views and townhouses in the millions of euros. Alternatively, you may want to look to the Athens Riviera for beautiful properties by the sea.

Is a property in Athens a good investment?

Athens presents a great investment opportunity due to affordable prices and steady capital appreciation. Data from indomio shows that, in September 2024, the average price asked for residential properties was €2,500 per square metre, an increase of 11% from the previous year.

According to Statista, in 2023, the capital received nearly 7.1 million inbound air arrivals. However, the Greek government will not issue new short-term rental licences in central Athens from January 2025 for at least twelve months, though it is a potential avenue for profit in the future. As the ban only covers central Athens, you could talk to your lawyer or estate agent about buying in an area where the ban will not be enacted.

While much of Athens, under the new rules, requires an investment of €800,000+ for a golden visa, some suburbs are still only €400,000, including Piraeus.

How to get to Athens

Athens is the best-connected spot in all of Greece. Its international airport is centrally located in the Attica region. It flies to major European cities like London, Paris and Frankfurt. Plus, destinations in North America, the Middle East and Asia.

Unlike the Greek islands, where direct flights to international locations are only seasonal, flights from Athens are steady and affordable throughout the year.

The port of Piraeus is in the south of the city and is a ferry hub to all the islands.

Where to buy in Athens

Central Athens

For those who prefer the hustle and bustle of city life, central Athens has several neighbourhoods worth considering:

• Kolonaki: A chic and upscale area known for its designer boutiques, cafes, and vibrant nightlife. It’s a favourite among wealthy Athenians and expats.
• Plaka: The oldest neighbourhood in Athens, located just below the Acropolis. Plaka’s charming streets, historic sites, and lively atmosphere make it a popular choice for tourists and residents alike.
• Thission: Offers a mix of historic charm and modern amenities, with easy access to the Acropolis and other major attractions.

Suburban areas

If you prefer a quieter, more residential setting, consider the following suburbs:

• Kifisia: Located in the northern part of Athens, Kifisia is known for its leafy streets, elegant homes, and high-end shopping. It’s a great choice for families and those seeking a more tranquil lifestyle.
• Marousi: A growing suburb with a mix of residential and commercial areas. It’s well-connected to the city centre and offers a range of amenities.

Athens Riviera

The Athens Riviera stretches from the southern suburbs of Athens down to Cape Sounio. This area is perfect for those who want to enjoy coastal living while being close to the city.

• Glyfada: Known for its vibrant nightlife, shopping, and dining options, Glyfada is a popular choice for both locals and expats.
• Voula: Offers a more relaxed atmosphere with beautiful beaches and parks, making it ideal for families.
• Vouliagmeni: Famous for its luxury resorts and the stunning Lake Vouliagmeni, this area is perfect for those seeking high-end living.
• Varkiza: A quieter option with beautiful beaches.

Steps to buy in Athens

Buying a property in Athens is not difficult, if you have a plan and some help from professionals. Follow our step-by-step guide to make your dream a reality.

1. Research and planning: Download guides, read articles, sign up for events and exhibitions to gather all the information you may need about buying a property in Athens. Do you know anyone who has already bought in Greece, or lives there? Maybe give them a call. Try to narrow down the location you want to buy a property in.
2. Define what you’re looking for: Determine what you want in terms of property type, size, location, accessibility and budget. Separate your must-have features from your nice-to-haves. Allow for buying costs of up to 10% on top of the sales price.
3. Speak to a currency expert: Firstly, you need to know your budget. Secondly, moving exchange rates are a risk in international property purchases, so discuss managing that risk with a forward contract that fixes your exchange rate.
4. Get your AFM number The ‘Arithmos Forologikou Mitroou’ number is a tax identification number necessary for financial transactions, including purchasing property. Head to the local tax office with your passport and birth certificate to obtain it.
5. Make essential connections: Connect with a local estate agent. The easiest way to do that is to make an enquiry on a property in Athens. Also contact an independent property lawyer and maybe a tax specialist too. Your Overseas Home can help you, so give them a call.
6. Viewing trip: Speak to your estate agent about your requirements, then book a viewing trip to visit potential properties. The agent will advise on the best time for that.
7. Make an offer: When you find a property you like, you can make an offer via your estate agent. Your lawyer will begin the legal and due diligence processes.
8. Sign the reservation and sales contract: You may have to pay a reservation fee to take the property off the market. Once approved, and due diligence completed, you’ll sign the contract and pay a deposit (usually around 10%).
9. Plan for utility connections: The wait begins, this can often take several weeks. Look into getting your utilities connecting during this time.
10. Sign the final contract: When ready, you’ll be asked to sign the final contract in front of the notary and pay the outstanding amount on the property, along with the relevant taxes, stamp duty, notary fees, and legal fees. Then, you’ll get the keys to your very own home.
11. Register the property: Finally, once you’ve signed the final contract, your lawyer will register the property with the Land Registry to ensure the property is in your name.