Athens Calling: Why Europe’s Savvy Investors are Buying Apartments in Greece’s Capital

Right now, it seems every discerning international investor has their sights set on Athens, and for compelling reasons. The search for an apartment for sale in Athens, Greece, is not merely a passing trend; it’s a calculated, strategic move. Investors are recognising that this is a city that flawlessly marries its ancient soul with a powerful modern investment case.

Simply put, Athens offers a rare opportunity to acquire prime real estate in a major European capital for a fraction of what you would expect to pay elsewhere.

Why Athens Is Europe’s Next Prime Property Market

Athens is staging a formidable comeback on the Luxury European property stage. For astute buyers and seasoned agents, the city presents an irresistible mix of historic gravitas and dynamic economic growth. This is about more than just purchasing a flat; it’s about securing a foothold in a world-class capital that delivers an exceptional lifestyle without the eye-watering price tag.

Value is the definitive advantage here. A recent analysis reveals the average price per square metre in Athens is hovering around €2,240. Compare that to Paris, where you’re looking at €10,210, or even Lisbon at roughly €5,480. This significant price delta, combined with an outstanding quality of life, makes Athens a magnet for international investors seeking both capital appreciation and an unrivalled place to be. For a more granular view, check the cost of living in Athens on Compare My Move.

Key Investment Drivers

It isn’t a single factor making Athens so attractive right now—it’s a perfect storm of positive market forces. These drivers are laying a solid foundation for long-term capital growth and robust rental returns.

• Economic Resilience: Greece’s economy is experiencing a significant resurgence. Strong GDP growth forecasts and soaring investor confidence are fuelling the market.
• Urban Regeneration: Major infrastructure projects and sophisticated urban renewal schemes are transforming entire districts, elevating their appeal and value.
• Tourism Powerhouse: Athens is a perennial fixture on global travel hotlists. This ensures a constant, reliable demand for both short-term holiday lets and long-term rentals.
• Golden Visa Programme: This residency-by-investment scheme remains a powerful draw, offering non-EU investors a valuable gateway to Europe.

“Athens represents a unique convergence of value and lifestyle,” notes Nick Marr, founder of EuropeanProperty.com. “Investors are not just buying an apartment; they are buying into a city with an unparalleled cultural legacy and a very bright economic future. We’re seeing unprecedented interest from our high-net-worth clients.”

Consider this guide your strategic roadmap to navigating this exciting market. We will walk you through key market trends, analyse the most promising neighbourhoods, and demystify the legal process of acquisition. Our objective is to demonstrate precisely why an apartment in Athens is a timely, intelligent addition to any global property portfolio.

Ready to explore opportunities? Discover properties across the country on our Luxury Greece Property page.

Understanding the Athens Property Market

Before engaging with the Athens property market, it’s crucial to look beyond the surface-level excitement and gain a genuine understanding of its drivers. This is not a city merely bouncing back; Athens is in the midst of a sustained growth cycle, powered by a healthy economy and a consistent inflow of international buyers.

For anyone searching for an apartment for sale in Athens, Greece, the data tells a compelling story. In the first quarter of this year alone, residential property values jumped by 7.6% compared to the previous year. Prices per square metre are now sitting between €2,480 and €2,944, with all indicators suggesting a continued upward trajectory.

To gain a clearer picture of the on-the-ground reality, let’s break down the key figures.

Athens Property Market Snapshot

This table provides a concise, at-a-glance summary of the essential metrics currently shaping the Athens apartment market.

These figures paint a picture of a dynamic market where both capital growth and strong rental yields are very much on the table for savvy investors.

Core Market Drivers

So, what is fuelling this consistent upward trend? It is a combination of powerful factors working in concert to create a market that is both resilient and rich with opportunity.

• Persistent International Demand: Foreign investors are not a minor segment of the market; they constitute around 40% of all buyers. This global interest provides a strong safety net, keeping the market buoyant even when local economic conditions might fluctuate.
• The Golden Visa Programme: Greece’s residency-by-investment scheme is a significant draw. Even with recent modifications, it transforms a property purchase into a pathway for global mobility, attracting high-net-worth individuals from across the globe.
• Transformative Urban Regeneration: Athens is undergoing a major facelift. Landmark projects like The Ellinikon are completely revitalising entire neighbourhoods, which does more than improve aesthetics—it drives property values and rental demand skyward.

In a market moving as fast as Athens, understanding how to properly value a property is paramount. It is the difference between identifying a genuine opportunity and overpaying, a critical distinction for your bottom line.

New Builds vs Established Properties

One key trend to monitor is the growing divergence between brand-new apartments and older, established buildings. While the entire market is rising, new constructions are fetching a notable premium. Buyers are willing to pay more for contemporary design, energy efficiency, and the latest amenities.

That said, do not dismiss older properties. A beautifully renovated apartment in a historic building in a prime location like Plaka or Kolonaki possesses a unique charm that new builds cannot replicate. These properties attract a specific calibre of buyer seeking character and prestige. Ultimately, the choice between new and old depends on your investment strategy: do you want the high rental yields of a modern flat or the long-term, blue-chip value of a historic gem?

Analysing Market Liquidity

A healthy market is one you can enter and exit with ease. Fortunately, Athens is demonstrating strong liquidity, with ample transaction volumes and a steady flow of enquiries from both local and international buyers. Any well-priced, high-quality apartment for sale in Athens, Greece, simply does not remain on the market for long.

This liquidity is a crucial safety net, providing confidence that your capital will not be tied up if you decide to divest. To truly sharpen your skills and ensure you are making astute decisions, it’s worthwhile learning how to value an apartment building using a structured methodology. This knowledge puts you in a powerful position to assess opportunities accurately and negotiate with confidence.

Prime Athens Neighbourhoods for Investment

Selecting the right neighbourhood in Athens isn’t about identifying a single “best” area. It is about aligning a specific location with your personal investment objectives.

Are you targeting steady, long-term capital growth? High rental yields? Or is an unbeatable lifestyle your primary motivation? Athens has a district to match. The key is to dig deeper than the postcard views and understand the unique investment thesis of each prime location.

For the discerning buyer, securing the perfect apartment for sale in Athens, Greece, begins here. Let’s analyse the city’s most strategic districts, each offering a distinct opportunity for the international investor.

Kolonaki and Plaka: The Blue-Chip Core

For ultra-high-net-worth buyers, Kolonaki and Plaka represent the absolute gold standard of Athenian real estate. These are not locations for a quick rental flip; they are for securing a legacy asset in the city’s most prestigious and historic postcodes.

Kolonaki, perched on the slopes of Lycabettus Hill, is the traditional heart of Athenian high society. Imagine designer boutiques, exclusive fine-dining establishments, and elegant neoclassical buildings. An apartment here is not just property; it is a statement—a blue-chip asset that weathers market storms with ease.

Plaka, nestled directly beneath the Acropolis, offers a different yet equally prestigious character. Its winding, labyrinthine streets, historic townhouses, and breathtaking Acropolis views create a living experience steeped in millennia of history. Properties here are incredibly rare and fiercely sought-after, commanding significant premiums for their scarcity and unmatched cultural value.

“Investing in Kolonaki or Plaka is akin to buying property in Mayfair or the 6th arrondissement,” says Nick Marr, founder of EuropeanProperty.com. “It’s a long-term strategy focused on capital preservation and prestige. These are assets that are passed down through generations.”

Koukaki and Pangrati: The Yield and Lifestyle Hubs

For investors seeking that perfect equilibrium of capital growth and strong rental income, Koukaki and Pangrati are the undeniable hotspots. These central neighbourhoods pulse with an authentic, vibrant Athenian lifestyle that attracts a dynamic mix of young professionals, creatives, and expatriates.

Koukaki, just south of the Acropolis, has burgeoned into one of Athens’ trendiest districts. With its cool cafés, pedestrianised streets, and walking distance to major archaeological sites, it is a magnet for both long-term tenants and short-stay tourists. Demand for a modern, well-finished apartment for sale in Athens, Greece, in this area is relentless, ensuring excellent occupancy rates.

Pangrati, adjacent to the National Garden and the Panathenaic Stadium, feels slightly more residential but possesses just as much energy. It is known for its artistic vibe, neighbourhood bakeries, and bustling squares. Pangrati strikes a perfect blend of central convenience and local character, making it an ideal choice for investors seeking reliable rental yields from a property that also promises significant lifestyle appeal. You will find everything from classic mid-century apartment blocks to newly renovated penthouses here.

Investment Profile Comparison

The Athens Riviera: The Apex of Coastal Luxury

For those who refuse to compromise on the ultimate Mediterranean lifestyle, the Athens Riviera is the definitive answer. This glamorous stretch of coastline, encompassing suburbs like Glyfada, Voula, and Vouliagmeni, is where urban energy meets seaside serenity. It is a market defined by pure luxury and exclusivity.

Glyfada is the Riviera’s cosmopolitan heart—a bustling hub of high-end shopping, exclusive beach clubs, and seaside restaurants. It attracts a sophisticated international crowd seeking a vibrant, resort-style atmosphere all year round. An apartment here provides more than a home; it’s a complete lifestyle.

Heading further down the coast, Voula and Vouliagmeni offer a more tranquil and exclusive setting. These areas are synonymous with incredible sea views, private marinas, and opulent villas. The focus shifts to space, privacy, and nature, with many properties boasting exceptional design and immaculate surroundings. Well-designed gardens and outdoor spaces are prized, reflecting the indoor-outdoor lifestyle; you can find inspiration in our guide to luxury landscaping and gardens.

Buying an apartment on the Athens Riviera represents the very pinnacle of the Greek property market. It is an investment in a lifestyle that rivals the French or Italian Rivieras, but with the distinct advantage of being adjacent to a major European capital.

Navigating the Greek Property Purchase Process

So, you are ready to acquire an apartment in Athens? Excellent. Understanding the mechanics of the transaction is key to proceeding with confidence. The good news is that the Greek property buying process is surprisingly transparent and structured, designed to protect all parties involved. For an international buyer, it is a relatively straightforward path, provided you assemble the right professional team from day one.

The entire process hinges on robust legal and administrative preparation. Get this right, and you will ensure a secure transaction and a smooth handover. It all begins with building your team.

Assembling Your Professional Team

First and foremost: engage a reputable, independent lawyer who specialises in Greek real estate law. This is non-negotiable. Your lawyer is your advocate, conducting all necessary legal checks and ensuring your interests are protected at every stage. They work for you and only you—entirely separate from the seller’s legal representation.

Alongside your lawyer, a well-connected real estate agent is your key to the market. They will have privileged access to the best properties and the expertise to handle negotiations effectively. This duo—lawyer and agent—is the foundation for a successful acquisition.

Essential Preliminary Steps

Before even considering making an offer, there are two administrative tasks every foreign buyer must complete:

• Obtain a Greek Tax Number (AFM): This is mandatory for any significant financial transaction in Greece, especially buying property. Your lawyer can typically arrange this on your behalf with a power of attorney, which simplifies the process considerably.
• Open a Greek Bank Account: All funds for the purchase, including taxes and fees, must be channelled through a Greek bank account. This creates a clear paper trail and is also required to demonstrate the origin of the funds.

Once these two items are in place, you are ready to proceed with finding and securing your new property.

The Transaction Roadmap

The buying journey follows a clear, logical path. This infographic provides a valuable overview of the checks you should be conducting before you even table an offer.

As you can see, an intelligent purchase is about completing due diligence long before any contracts are signed. Once you have found a property you wish to acquire and these initial checks are complete, the formal legal process commences.

Here is the step-by-step journey from making an offer to receiving the keys:

1. Submitting an Offer and Signing a Reservation Agreement: Your offer is accepted. You will now sign a simple reservation agreement and pay a small deposit to take the property off the market.
2. Comprehensive Due Diligence: This is where your lawyer truly demonstrates their value. They will scrutinise the Land Registry records to confirm the seller’s ownership and check for any encumbrances like mortgages, liens, or legal claims. Concurrently, an engineer will conduct a technical survey to ensure all building permits are in order and the property complies with regulations.
3. Signing the Preliminary Agreement (Protokolo): Consider this the dress rehearsal for the final contract. It is a legally binding agreement that locks in all transaction details: the final price, payment schedule, and the completion date. A deposit, typically 10% of the purchase price, is paid at this stage.
4. Final Deed of Sale (Symbolaio): This is the main event. All parties meet at a Public Notary’s office to sign the final contract. You will pay the remaining balance and the property transfer tax. The Notary then registers the deed at the Land Registry, and you are officially a property owner in Athens.

Understanding the Associated Costs

It is vital to budget for closing costs, not just the purchase price. These additional fees are standard in Greece and must be factored in from the outset.

Key Insight: As a rule of thumb, budget for total transaction costs of around 7% to 10% of the property’s purchase price. Knowing this upfront eliminates any unwelcome financial surprises down the line.

Here is a concise breakdown of what you will be paying for:

• Property Transfer Tax: This is set at a very competitive 3.09% of the property value stated in the final contract.
• Lawyer’s Fee: Expect to pay approximately 1% to 1.5% of the purchase price, plus VAT. This covers all legal work, from due diligence to contract review.
• Notary’s Fee: This is typically around 1% of the property value, plus VAT, for preparing and certifying the final deed.
• Land Registry Fee: A small fee of circa 0.75% is required to register the property title in your name.

For any investor, having expert legal advice on property purchases is not merely a good idea; it is an essential component of making a secure and successful investment in the Athens market.

Financing and the Golden Visa Advantage

For an international investor, acquiring an apartment for sale in Athens, Greece, is far more than a simple property purchase; it’s a strategic play with multiple layers of value. Beyond the bricks and mortar, two powerful tools can significantly elevate your investment: intelligent financing and the highly sought-after Greek Golden Visa programme.

Understanding these two elements is vital. They can transform a straightforward property deal into a sophisticated strategy for wealth management and global mobility. The benefits extend far beyond simply obtaining the keys to your new Athens flat.

Securing a Mortgage as a Non-Resident

While many international buyers are cash-positive, utilising a Greek mortgage can be a shrewd way to manage capital, freeing it up for other ventures or enabling the purchase of a higher-value property. Greek banks are certainly open to lending to non-residents, but as one would expect, they are prudent and require meticulous preparation.

You should generally anticipate a Loan-to-Value (LTV) ratio of between 50% and 70%. In simple terms, this means you will need to provide a substantial deposit, typically at least 30% of the property’s price. Banks will place your application under intense scrutiny, so being thoroughly prepared is non-negotiable.

To present a strong application, you will need to organise your paperwork diligently:

• Proof of Stable Income: This means official, verifiable evidence of your earnings from your home country, such as tax returns and payslips, all professionally translated into Greek.
• Credit History: A clean and robust credit report from your country of residence is essential.
• Detailed Financial Profile: You must present a clear picture of your worldwide assets and any outstanding liabilities.

The process is precise, but a well-organised application has a strong chance of securing local finance. For investors considering this route, knowing the intricacies of securing an investment property loan is a key piece of the puzzle, sitting alongside the Golden Visa opportunity.

The Golden Visa: A Strategic Multiplier

The Greek Golden Visa programme is one of Europe’s most popular residency-by-investment schemes, and for good reason. It transforms an apartment purchase from a simple asset into a powerful investment in your lifestyle and freedom. By investing in property, you and your family can gain residency rights in Greece.

This is not just about having a place to live; it grants visa-free travel across the entire Schengen Area. For anyone who values global mobility, this is a genuine game-changer. The programme has significantly fuelled the property market, attracting a wave of high-net-worth investors keen to establish a European base.

“The Golden Visa elevates a property purchase from a simple asset acquisition to a strategic investment in global mobility. It adds an entirely separate, powerful layer of value that savvy investors are quick to recognise.” – Nick Marr, EuropeanProperty.com

Understanding the Investment Thresholds

To manage soaring demand, particularly in the most sought-after locations, the minimum investment for the Golden Visa has recently been adjusted.

• €800,000 Threshold: This new, higher bar applies to the most desirable locations. This includes central Athens, the exclusive northern and southern suburbs (including the Athens Riviera), and world-famous islands like Mykonos and Santorini.
• €400,000 Threshold: For properties in many other areas across Greece, the investment level is lower, offering a more accessible route into the programme.
• €250,000 Threshold (Special Cases): The original, lower threshold still applies in specific circumstances, such as converting a commercial building into a residential one or restoring a listed, historic property.

This tiered system allows you to align your residency ambitions with your property goals. Whether you are eyeing a luxury penthouse in Kolonaki or restoring a neoclassical gem, the Golden Visa is a powerful incentive. It is a significant reason why the global search for an apartment for sale in Athens, Greece, continues to intensify.

Maximising Your Athens Property Investment

Acquiring the keys to a prime Athens apartment is just the first step. The real work—and reward—comes from managing it as the long-term asset it is intended to be. For owners living abroad, this requires a shift in mindset from a one-off purchase to strategic asset management, ensuring your investment does not just sit idle, but truly thrives.

Think like a portfolio manager. Your Athens apartment is not just a holiday retreat; it is a high-performing asset in a major European capital. It needs professional oversight to realise its full potential, whether you are in Athens or thousands of miles away.

Professional Asset Management Is Key

Realistically, for most international investors, handling the day-to-day demands of property management is completely impractical. This is why engaging a reputable, professional management company is not a luxury—it is essential for success. These firms are your boots on the ground, handling the critical tasks that protect and grow your investment.

What do they do?

• Maintenance and Upkeep: They keep the property in pristine condition, addressing repairs swiftly and scheduling routine servicing before minor issues escalate.
• Tenant Sourcing and Vetting: They find and screen high-quality tenants for long-term rentals, which is the secret to a steady, reliable income stream.
• Regulatory Compliance: They navigate the maze of local tenancy laws and regulations, ensuring your rental operation is fully compliant and runs smoothly.

An excellent manager acts as your local partner, safeguarding your apartment for sale in Athens, Greece, and ensuring it performs optimally without you ever needing to be directly involved.

Unlocking Robust Rental Yields

One of the greatest advantages of Athens is that it’s a genuine year-round destination, which opens up two distinct rental strategies. You can tailor your approach to the market with precision.

• Short-Term Holiday Lets: The city’s endless stream of tourists creates immense demand for quality short-term rentals, particularly in hotspots like Koukaki and Plaka. This strategy can yield higher nightly rates but certainly requires more hands-on management.
• Long-Term Rentals: Alternatively, you can cater to the city’s growing community of expatriates, digital nomads, and local professionals. This offers a more stable, lower-maintenance income stream.

Many owners I know employ a hybrid model that works brilliantly. They use the apartment for their own holidays and then rent it out for the remainder of the year to generate excellent returns.

Future-Proofing Your Investment

To keep your asset’s value appreciating, you must think ahead. One of the most intelligent moves for long-term growth is integrating smart apartment technology to modernise the property and enhance its appeal to tenants. Simple yet effective upgrades, such as high-end finishes in kitchens and bathrooms, can also make a significant difference. If you’re looking for ideas, exploring some luxury bathroom designs can spark inspiration for renovations that justify premium rental prices.

The data is unequivocal. Recent figures from the Bank of Greece revealed that new apartments (up to 5 years old) saw their value jump by 8.0% annually. That is well ahead of the 6.0% increase for older flats. This clearly highlights the market premium placed on modern, high-quality properties and intelligent renovations.

Finally, do not forget your ongoing responsibilities, such as the annual ENFIA property tax. Factoring this into your financial plan from day one will ensure your investment journey is as smooth as it is profitable. Your Athens apartment is far more than a simple holiday home; it is a powerful foundation for building lasting wealth in one of Europe’s most exciting cities.

Your Top Questions Answered

Acquiring property in another country always raises questions. This is completely normal. Let’s address some of the most common queries we hear from international buyers looking at Athens, so you can move forward with total confidence.

Are There Any Restrictions on Foreigners Buying Property in Greece?

The news on this front is excellent. For most individuals, the process is open and straightforward. If you are an EU or EEA citizen, you face zero restrictions on buying property anywhere in Greece. It is as simple as that.

For non-EU citizens, it is also surprisingly easy to secure an apartment for sale in Athens, Greece. The only potential condition is a requirement for permission from the Ministry of Defence if you are buying in certain border regions or near military installations. However, for prime urban locations like central Athens or the Riviera, this is typically a procedural formality that your lawyer will handle seamlessly.

What Are the Ongoing Costs of Owning an Athens Apartment?

Once you have acquired the property, there are a few annual expenses to factor in. The great advantage is that these are generally much lower than in other major European capitals.

Here is a brief breakdown:

• ENFIA Tax: This is the main annual tax. It’s the Unified Property Ownership Tax. The exact amount is calculated based on the property’s “objective value”—a figure determined by its size, location, and age.
• Communal Charges: In Greece, these are known as kinoxrista. They are modest monthly fees that cover the maintenance and cleaning of the building’s common areas, such as the entrance, stairs, and lift.
• Property Management: If you will not be residing in Athens full-time, engaging a professional manager is a prudent decision. Their fee is an essential cost to ensure your asset is maintained and any rental activity is managed smoothly.

Can a Non-Resident Get a Mortgage in Greece?

Yes, it is definitely possible for non-residents to obtain a mortgage from a Greek bank, but you must be well-prepared. The banks are cautious and will conduct thorough due diligence.

Lenders will almost always require a larger down payment from foreign buyers, typically between 30% and 50% of the property’s value. The key to approval is demonstrating a stable, high income from your home country, with all supporting documents professionally translated and certified.

A solid financial history and a clean credit record are absolutely non-negotiable.

Ready to discover your ideal Athens property? EuropeanProperty.com has curated an exclusive selection of the finest apartments for sale in Athens, Greece.

👉 Explore Athens Property Listings Now

About EuropeanProperty.com

EuropeanProperty.com is Europe’s longest-running luxury real estate platform, online since 1999. It connects luxury real estate agents, developers, and homeowners with high-net-worth buyers and international investors.

Looking for expert mortgage guidance? Get luxury property mortgage advice here:
👉 https://europeanproperty.com/luxury-overseas-mortgages/

Explore more overseas homes for sale at our global partner site:
👉 https://homesgofast.com/overseas-property/