Renovating an old apartment in central Athens: Costs and investment prospects

Why is it worth renovating an old apartment in central Athens?

Purchasing an old apartment in central Athens can be an exceptionally compelling choice for those seeking a home with character, as well as for investors looking to capitalize on real estate market opportunities. Older residences in Kolonaki, Pangrati, Kypseli, and Koukaki often stand out for their unique architectural features, such as soaring ceilings, solid wood floors, and expansive layouts. A meticulously designed renovation can highlight these elements, seamlessly blending timeless aesthetics with the comforts of a contemporary home.

Concurrently, upgrading an older apartment can boost its commercial value and create new avenues for yield generation, whether through long-term leasing or future resale. The location, the condition of the property, and the quality of the renovation are the decisive factors in determining its investment potential.

How much does it cost to renovate an old apartment?

The cost of renovating an old apartment in Athens depends on a multitude of factors, including the surface area, the age of the building, the condition of the existing installations, and the quality of the chosen materials.

The scope of the interventions plays an equally critical role, as a partial refresh differs vastly from a complete gut renovation. Based on indicative market estimates for 2026, renovation costs per square meter can be structured as follows:

• Partial Renovation (300–500 €/sq.m.): A partial renovation primarily involves aesthetic updates, such as painting, floor resurfacing, and localized work in the kitchen or bathroom.

• Complete Renovation (700–1,000 €/sq.m.): A complete renovation entails extensive works, including the total replacement of electrical and plumbing systems, spatial reconfiguration, and the upgrading of core infrastructure.

• Premium Renovation (1,000–1,300 €/sq.m. and above): A premium, high-end renovation involves the selection of luxury materials, bespoke architectural solutions, and cutting-edge smart home automation systems.

Beyond the scope of the work, establishing a realistic budget is paramount. This budget must account not only for the immediate needs of the property but also for unforeseen requirements that may emerge during the renovation process. Particularly in older apartments, a timely, professional assessment of the property's condition and the careful planning of interventions are essential for effectively controlling costs and guaranteeing the high quality of the final result.

The biggest challenges in renovating an old apartment

Renovating an old apartment in central Athens requires meticulous planning, as technical and structural idiosyncrasies may lie hidden behind a property's initial appearance. From the state of the electrical and plumbing networks to architectural and urban planning restrictions, every parameter must be evaluated early on to ensure the work is executed safely and the quality of the final outcome is uncompromised.

Outdated electrical and plumbing installations

Many apartments in central Athens were built during the 1950s, 60s, and 70s, when household needs and technical specifications were vastly different. In properties that have not undergone extensive modernization, the electrical and plumbing systems may require complete replacement to meet contemporary safety and functionality standards. Upgrading these networks is a fundamental investment in the long-term quality and reliability of the residence.

Wear and tear and structural idiosyncrasies

Older Athenian properties frequently exhibit structural characteristics specific to their era of construction. Potential wall and ceiling deterioration, dampness issues, aging wooden window frames, and inadequate thermal insulation are just a few of the issues that may arise during renovation.

Furthermore, in many apartments that have undergone piecemeal alterations over the decades, further investigation into their structural integrity may be required. A comprehensive technical inspection by a qualified civil engineer is therefore indispensable for properly planning any interventions.

Architectural and urban planning restrictions

From interwar apartment buildings in Kolonaki to the neoclassical structures of Plaka and the historic center, Athens's older building stock is characterized by diverse architectural influences and construction techniques. Renovating such properties demands immense care, both to preserve their authentic features and to comply with current urban planning regulations. In the case of listed buildings or properties located in protected conservation areas, additional approvals may be required, which must be factored into the very earliest stages of planning.

Interventions that increase the value of an old apartment

Renovating an old apartment does not necessarily mean entirely gutting and reconfiguring it. In many instances, preserving authentic architectural elements, paired with targeted modernization efforts, can highlight the residence's unique character and drive up its commercial value.

Particularly in the older properties of central Athens, architectural identity is often a major selling point. In these cases, selecting the right upgrades requires a finely tuned balance between aesthetics, functionality, and investment foresight.

Energy upgrading of the residence

Replacing old window frames, improving thermal insulation, and installing modern heating and cooling systems can substantially upgrade an apartment's energy efficiency.

These interventions are exceptionally important in older Athenian apartment blocks, many of which were constructed long before modern thermal insulation standards were established.

Kitchen and bathroom renovation

The kitchen and bathroom are among the spaces that most heavily influence the overall impression of a home. Choosing premium materials, state-of-the-art appliances, and highly functional layouts can revitalize their aesthetic and meet the high expectations of today's buyers, all without compromising the property's innate character.

Highlighting authentic architectural elements

Solid wood floors, intricate marble details, original interior doors, and ornate ceiling moldings are hallmark features found in many older Athenian apartments. Their meticulous restoration can imbue the residence with a timeless elegance, proudly maintaining its connection to the building's architectural history.

Redesigning the interior layout

The layouts of older apartments frequently reflect the living habits of a bygone era, featuring segregated reception areas, smaller enclosed kitchens, and long, sprawling corridors. Where structural constraints allow, reconfiguring the interior spaces can dramatically improve flow, maximize natural light, and enhance overall functionality, creating a home perfectly tailored to modern living.

The investment value of a renovated apartment in Athens

Renovating an old apartment in central Athens can generate significant capital appreciation, unlocking a property's hidden potential and elevating its position in the market.

In neighborhoods boasting a strong architectural identity and enduring residential appeal, a thoughtfully executed upgrade can transform an aging property into a highly desirable, contemporary living space with immense investment interest. However, the true value of such an investment is not determined solely by the aesthetic transformation or the total cost of the works.

The ratio between the initial purchase price, the total renovation cost, and the estimated resale value is the ultimate benchmark for evaluating potential returns. In this context, several key factors can influence the commercial value of a renovated apartment:

• Location: Proximity to major points of interest, transport links, and premium commercial infrastructure, as well as the unique character of the specific neighborhood, heavily dictate the property's value.

• Architectural features: High ceilings, abundant natural light, an optimal layout, and the preservation of authentic period details can bestow a highly distinct identity upon a renovated home.

• Quality of interventions: The selection of high-end materials, comprehensive energy upgrades, and cutting-edge architectural design can significantly boost the property's appeal to prospective buyers.

• Market conditions: The current demand for turnkey renovated homes, the pricing of comparable properties, and the specific micro-trends of each neighborhood directly impact resale prospects.

Maximizing potential capital appreciation, therefore, requires a highly balanced investment approach, where every single intervention is planned with a dual focus: elevating the quality of the residence and securing its future commercial viability. An accurate property valuation and a profound understanding of the local market are invaluable assets for making informed, lucrative investment decisions.

In the real estate market of central Athens, the true value of a residence is not always apparent in its current condition. An old apartment may harbor significant untapped potential, which can only be unlocked through precise evaluation and deep local market expertise. With its global know-how and specialized presence in the Greek market, Engel & Völkers Greece provides bespoke guidance in the search and evaluation of properties, helping you make informed decisions with a clear, long-term investment perspective.