Property prices inch higher in parts of Athens

Glyfada, villa for sale

Greece’s strong tourism industry and the ability of home owners to rent their property to visitors through platforms such as AirBnb have helped spike in property prices in central Athens and the areas of the capital, according to brokers.

Leftheris Potamios, vice president of Athens federation of realtors, told daily Kathimerini that in recent months there have been some areas where prices have differentiated from thr broader market and risen.

“In areas like Koukaki, Plaka, and in areas at the foot of the Acropolis, prices have started to even show some small rises, particularly the better properties” he said.

Price drops of 40% to 50% in Greece's real estate market since the in 2008 have made the market appealing amidst growing interest from foreign buyers looking to tap this growth market.

Brokers say that there is also buyer interest in homes in the southern beachside stretch of Athens, such as Glyfada and Vouliagmeni, particularly those with a beach view, due to demand arising from visitors that seek short term stays. Properties located very close to metro subway stations and are close to the city center, such as Ambelokipoi, are also drawing buyers, added Potamios.