Foreign investors such as Russians, Chinese, Israelis invest in entire apartment buildings in Athens.
Russians, Israelis, Lebanese and Chinese are pointing the way in Greek real estate, now are investing in apartment buildings, taking advantage of still low real estate prices and Airbnb fashion.
These are mostly 40year-old apartment buildings located in central areas like Kipseli, Patisia, Exarchia and Ampelokipi.
These apartment buildings are transformed in boutique lodges with investors taking advantage of market opportunities by converting a 30- or 40-year-old apartment building that costs less than equivalent buildings in foreign cities with a similar tourist interest to an investment product which can be sold in a few years to an institutional investor, or investors either for obtaining the Golden Visa or looking for a profitable monthly return .
The demand for entire old apartment buildings, of ten or fifteen apartments, is particularly high, with market players pointing out that all neighborhoods within a few kilometers of the capital’s historic triangle have fallen into investor radar.
Their goal, is to rent to tourists and then, after two or three years, resell the buildings to an investor.
The characteristics that make these neighborhoods attractive for short-term leasing are:
-the sale prices are lower than the historic center,
-they are equally favored by tourists as they remain within walking distance of its tourist attractions, eg Acropolis etc.,
-the rents are lower
-they are served by public transport.
Kypseli is one of the areas that has risen recently, says Dimitris Biniaris, president of the Greek Real Estate Federation, with home prices doubling. From 400 euros per square meter to the apartments sold three years ago, prices have now jumped to 800 and 1,000 euros per square meter. But they remain low, and that is one of the main reasons Kypseli, and in particular the area around Fokionos Negri Square, is evolving into a new Airbnb neighborhood.