Which districts are in high demand?

Demand for housing has exploded in some areas of downtown Athens, such as Psyrri, Thiseio, Monastiraki, Plaka, the Acropolis and the Mets, by the end of the 1990s and during the early 2000s, when the new metro stations emerged.

Nowadays, the prices in the real estate market have skyrocketed, in some cases even exceeding 2,500 euros per square meter, as the demand, due to good returns, remains very high, in contrast to the supply, which is almost non-existent.

Certainly the crisis as a result of the pandemic has put some transactions on hold, but the interest remains high. Thus, those who seek to invest in real estate are looking for areas with growth prospects and apartments at prices that range at the level of 1,000 euros per square meter.

In general, the existence of the metro, according to experts, ensures the demand, whether it is for renting or selling an apartment, regardless of whether the houses are located in the historic center. “Suburbs that have a metro station and are not close to the historic center, where prices have risen significantly, are in demand,” explains a broker.

In these areas, which lack significant supply, one can look for an apartment at prices starting from 900 to 1,000 euros per square meter, depending on the location, the storey and the state of renovation.

“Areas close to the metro not only attract strong buying or rental interest, but, if before degraded, are now regenerated and urbanized. In this context, the Plato Academy would be an investment choice for small and medium-sized investors, while Egaleo attracts demand not only because it has a metro station, but also because of the academic institutions located in the suburbs “, explains Kosmas Theodoridis, head of the Real Estate Agency Polis and vice-president of the Hellenic Realtors Federation.

The extension of the metro to Piraeus with a length of 7.6 km and six new stations, of which three (Agia Varvara, Korydallos and Nikaia) were put into operation a few days ago, forms new neighborhoods.

Today, especially in the district near Iera Odos, Agia Varvara, the prices asked for apartments are, in many cases, below 850 euros per square meter. In Korydallos and Nikaia the requested prices start from 500 euros per sq.m. based on the degree of renovation and the location. As for the other three stations in Maniatika, Piraeus and the Municipal Theater, it is estimated that by 2022 they will be put into operation, with investors already looking for opportunities in these areas, especially in Maniatika, as well as the center of Piraeus, where the two other stations will be located, areas that already attract significant demand.

At the same time, in the suburb where the largest port of the country is located, the neighborhoods adjacent to the former facilities of the Papastratos tobacco industry have been significantly upgraded, due to the utilization of the specific properties by the consortium of the companies Grivalia-Dimand.

Finally, it is noted that recently the concession agreement was signed, between the Municipality of Piraeus and the contractor consortium of Dimand-Prodea and the European Bank for Reconstruction and Development (EBRD), for the upgrade of the Piraeus tower, which is a project of 50 million euros.