The asking prices of a significant percentage of apartments in the center of Athens are now set at northern suburb prices, or even higher. Apartments of 70-90 sq.m. which have been renovated and are located close to popular tourist attractions, in areas such as Pagrati, Ampelokipi and Kypseli, are being asked for in the range of 250,000-300,000 euros, i.e. from 2,500 to 2,900 euros/sq.m., that is, while newer ones are being sold apartments in the northern suburbs, which often come with parking spaces, a fireplace, natural gas heating and other amenities.
Accordingly, in the points of high demand from foreigners, such as Koukaki, Acropolis and Plaka, the asking prices range between 2,900 and 4,600 euros/sq.m., while there are cases of even higher prices. The market notes that this sharp increase in prices in the center is mainly a product of the last six months and is due, to a large extent, to the impending change to the “golden visa” program.
The lack of available properties and high demand for short-term rentals may push prices to a new record. Indicative of how much the housing market in Koukaki, Dapfni, Nea Smyrni has changed, is the fact that before the spread of short-term rentals, 10 years ago, the average asking price did not exceed 1,300-1,500 euros/sq.m. Properties that used to sell for 80,000-100,000 euros are now sold for 300,000-350,000 euros and even higher.
Meanwhile, in the real estate market, an additional 2,500 prospective local buyers are expected for the interest subsidy program for the purchase of properties worth up to 200,000 euros and aged at least 15 years.
This demand, in combination with the maintenance of the supply at a low level, is expected to offer a new, higher “floor” to the sale prices, essentially making it even more difficult for all other interested parties to acquire a home. Besides, even the doubling of the limit for the granting of residence permits to 500,000 euros, does not limit in any way the remaining foreign buyers, or even those who come from third countries and are simply not interested in the residence permit.