The Athens metro subway is expanding in coming years and presenting new buying opportunities for real estate investors looking for the next hot area in the Greek capital.
After originally starting in 2000, the underground train network has transformed the city and promises to keep doing so as it spreads, adding value to property and the economy.
Data shows that housing prices in areas benefiting from the metro show sharp gains as accessibility to the neighborhood improves, bringing along with it better living conditions.
Currently the Athens metro consists of two lines: Line 2, or the red line, runs from Elliniko through to Anthoupoli while Line 3 (blue line) runs from Doukissis Plakentias to Dimotiko Theatro in Piraeus.
Authorities have announced the introduction of one more route, Line 4 (yellow line), that will gradually add another 15 stations to the network by 2030. At a second stage, Line 4 will be extended towards Marousi in the north and Petroupoli in the northwest.
Third and fourth construction phases will follow, bringing the total number of stations on Line 4 to 35.
Here we will concentrate on the first construction phases of Line 4 where drilling work has actually started and the schedule is more concrete.
The Transport Ministry is currently conducting environmental studies and launching construction tenders for the remaining phases, which have been roughly outlined. (see below).
Apart from the 2030 delivery for the first part of Line 4, no other dates have been provided by Greek authorities on when the remaining stations will be ready.
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It is worth noting here though that delays are likely. But keep in mind that the metro is very popular with Athenians, there is wide public support for extensions to its network and one more important detail: EU funds are mostly paying for these investments.
Changing real estate in Athens
The city’s expanding transport infrastructure will create many changes for home buyers to take a look at. Market experts say that in some areas where new stations will be built prices have already gone up by some 20%, with sellers already booking profits from the new means of transport to the suburb.
It is difficult, however, to determine whether these price hikes are due to the anticipated new metro stations or are a result of the broader rise in real estate prices. Greek real estate prices are rising, and expected to continue doing so, amidst low supply levels and strong demand for short term rentals stemming from booming tourism.
At GreekGuru.net we have identified 5 areas that will benefit from a new metro station in coming years AND have prices that rank at the lower end of the market, potentially offering a cheap investment option with upside potential.
Please note: Data on selling prices seen below come from indomio.gr and RE/MAX.
So let’s jump into it.
5 parts of Athens with investment potential
An area close to the city where prices have already benefited from the recovery in the market. Currently apartments for sale in the area go for an average selling price of 2,341 euros per sq/m, with the cost of older homes (more than 5 years old) starting from 1,700 euros per sq/m.
Exact location of planned station: At the junction of Ethnikis Antistasseos Avenue with Vass. Alexandrou Avenue, between Imittou and John Kennedy Streets. (Source: Athens Metro SA)
Another area that is close to the city center and definitely worth keeping an eye on. Apartments here cost about 2,242 euros per sq/m in Goudi, a district which provides green spaces and includes the Goudi Olympic Sports complex.
Exact location of planned station: At Eleftherias Square and Lochia Spiliopoulou Street
Ilisia sits behind the Hilton hotel and is close to the Megaro Mousikis station. Prices here currently cost 2,742 euros per sq/m. Market data shows that house prices older than 5 years old may start from 1,600 euros per sq/m.
Exact Location of planned station: Will be positioned at Indou Street and at Aornou and Kyprou Squares in the Municipality of Zografou.
A large densely populated area in northern Athens where prices are at around 2,550 euros per square meter for new houses, with older houses going for 1,880 euros per sq/m. Galatsi is the biggest winner from the new line to be constructed as it will accommodate three of the new stations. (Alsos Veikou, Galatsi, Elikonos)
Exact location of 3 planned stations:
Viekou station: At the junction of Omorfoklissias (Veikou) Avenue with Tralleon Street.
Galatsi station: At the junction of Omorfoklissias (Veikou) Avenue and, more precisely of Aghias Glykerias (the continuation of Omorfoklissias Avenue) Street, with Galatsiou Avenue.
Elikonos station: At the intersection of Aghias Glykerias Street with Parnithos Street, adjacent to Elikonos hill
Located in the city’s east, it is an area which is closely watched by home buyers due to its proximity to the main campus of the University of Athens. Here prices are at around 2,750 euros for new houses, while older apartments at 1,800 euros per sq/m can also be found after a bit of searching.
Exact location of planned station: At Alexandri (Gardenia) Square, at the junction of G. Zografou and C’ Oreinis Taxiarchias Streets with Str. Alexandrou Papagou Avenue.
Next best areas to buy an Athens apartment
Below is a full list of new metro stations to be built on Line 4:
Construction phase A : Alsos Veikou – Goudi (12.8km long, with 15 stations)
Panepistimioupoli (university campus)
More metro lines for Athens
Athens' sprawling train network, however, does not stop there. Plans are already in place for the expansion of Line 4 over four more steps.
Construction phase B: Goudi – Maroussi (9.6km long, with 8 stations)
Construction phase C: Evangelismos – Ano ilioupoli (4.1km long, with 3 stations)
Construction phase D: Alsos Veikou – Petroupoli (7.5km long, with 6 stations)
Construction phase E: Maroussi – National Road (4.4km long, with 3 stations).
Another point to remember is that new stations will also be added to Line 2.
*New Athens metro line to unlock value in real estate and economy.
*We identify 5 out the 15 new stations to be built on Line 4 that offer low prices and strong potential upside.
*New stations scheduled to be ready by 2030 though delays may arise.