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Athens center upgrade leads to rising real estate prices

Featured Athens center upgrade leads to rising real estate prices

Further impetus to the values ​​of residential and commercial real estate in the center of Athens is expected by the upcoming urban regeneration interventions launched by the Municipality of Athens and the Ministry of Infrastructure at selected points, but basically in the commercial triangle surrounding the historic city center .

It is the most touristic part of Athens, which today is overwhelmed by short-term rentals, attracting a bevy of investment, either for the purchase and upgrading of housing by individuals or professionals, or for the operation of small hotels.

It is characteristic that in the commercial triangle area there are currently 1,360 active property listings through Airbnb, with an average monthly income of up to 1,630 euros in the high demand season, ie in the summer months.

Even today, one can earn nearly € 700 a month by renting a property in that area through a digital platform (AirDNA data).

Real estate executives believe that upgrading the wider area will further increase the already high prices in the region. According to information from real estate agents, the asking prices in Plaka, Monastiraki and Acropolis are now above 2,000 euros / sq. m., having recorded an increase of about 30% on average compared to a few years ago.

Against this background, the state seems to be returning to the issue of upgrading the center, which is expected to be an important factor in attracting more visitors from abroad to turn the city into a city break for more and more Europeans, thus expanding the tourist season.

A few days ago, the Ministry of Infrastructure proclaimed an architectural competition for the Reformation of the center of Athens. The subject of the competition is the expression of ideas for the redevelopment of the Center of Athens, in the area that is mainly defined by the streets of Stadiou - Pireos - Ermou, that is, the historical center of the city.

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