Engel & Völkers Licence Partner Sintra > Blog > Athens, Greece: Strong interest in the second home market

Athens, Greece: Strong interest in the second home market

Athens is one of the largest and oldest named cities in the world. Greece’s capital is known for its rich cultural and historical legacy of the Ancient Greek times, which has shaped the city’s character to this date. The real estate market here attracts many buyers by offering great valuable investment opportunities. In the last couple of months several national as well as international clients have approached Engel & Völkers Greece: “We observe a strong interest in the second home market both in the Greek Islands and along the coastline of Athens. In times of corona, clients are particularly looking for stable and secure investment opportunities in the form of real estate,” explains Georg Petras, CEO of Engel & Völkers Greece.

- This mansion in Elliniko, along the Athenian Riviera, is currently on sale for 12.5 million euros. It offers nine bedrooms and 16 bathrooms, as well as a swimming pool, a jacuzzi, a sauna and a gym. (Caption: Engel & Völkers Greece)

Demand for second homes in downtown Athens and along the Riviera are rising

In the centre of Athens, specifically the areas that surround the Acropolis such as Kolonaki, the most prestigious neighbourhood, Koukaki, Mets and Anaktora, are increasing in popularity. Prices in these districts have not encountered any significant changes in the last two years and vary greatly depending on the location and whether the property offers a view on the Acropolis and Mount Lycabettus. Other important factors that clients are looking for are the floor level, the quality of construction and the current condition of the building. In the period from March to August 2020, prices for houses in the centre of Athens have sold for up to 8 million euros, whereas apartments have reached a maximum of 16.700 euros per square metre.

Another sought after area for real estate buyers is along the Athenian Riviera. In recent years, new real estate developments have been very popular amongst premium customers, which is why some of the most requested luxurious apartments and villas in Greece are now located along this coast. Clients here are interested in properties that offer exclusivity and desirable privacy, in areas such as Glyfada, Alimos, Vouliagmeni, Elliniko and Piraeus. Here, the highest-priced property currently on sale through Engel & Völkers Athens is a first class 12.5-million-euro mansion located in Elliniko. Exclusive freehold apartments have reached top prices per square metre of up to 18,400 euros.  “Right now, the offer and demand in the Greek premium segment are the same. A large proportion of vacation home buyers come from Central Europe – 45 percent of them from Germany, followed by 15 percent from Switzerland and 10 percent from Austria. Americans are also represented to a small extent,” says Georg Petras.

Greek islands are becoming increasingly sought after

The Greek islands continue to gain in attractiveness as a jet-set destination by international tourists from all over the world, as well as property buyers and investors. Islands like Mykonos, Paros, Rhodes and Santorini are always ranked top in the clients’ preference as they offer great investment opportunities. Prospective investors are currently taking advantage of the market’s positive momentum and are seizing the chance to buy holiday homes. Due to this increased interest, in July 2020, Engel & Völkers Greece has bought and fully taken over the licences of the shops in Rhodes City and Lindos on the island of Rhodes, which have respectively been opened in 2010 and 2017. In Spring 2021 Engel & Völkers is planning to open a shop on Mykonos.

Outlook: Expansion in the Greek market

Greece offers a large selection of properties for prospective buyers from all market segments, whether on the Greek islands or in the attractive areas of Athens and the Riviera. The attractiveness of the location remains high despite the corona pandemic. “It is too early to confirm the impact COVID-19 will have on property prices. We will see the results in the last two quarters of this year and the first quarter of 2021. However, we are confident that purchases and investments on the islands and along the Athenian Riviera will increase in the next few months, as customers prefer a stable investment and a safe haven when buying a property,” summarizes Georg Petras.

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