This is where I step in on behalf of my clients. Foreigners do not have to be physically present in Greece for the final closing, appointing a Power of Attorney is equally efficient. Photograph: Why Athens, Buying Property in Athens – things to know about investing in the capital, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Pinterest (Opens in new window). According to the Huffington Post, the neighbourhood is now attracting young entrepreneurs who are opening barbershops and ice cream stands, leveraging on the fame of Exarcheia. Of the total area of 7,000 sq.m. I usually come in when the client has decided on or has narrowed down options of properties they are interested in. Investing in Athens Real Estate. When purchasing existing property, it’s also wise to have an architect and engineer conduct an inspection to make sure your property is structurally sound and complies with relevant laws and regulations. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities. In October 2017, the media reported a Chinese investor to have bought over 100 apartments in Exarcheia in a single transaction. According to the largest Greek real estate web portal, Spitogatos.gr, the average monthly rental rate for a one-bedroom or two-bedroom apartment in Kerameikos ranges from €500 to €800. Owners must now declare the property, names of renters and the duration of the lease on this platform. Search for the top real estate investments in Athens, CA. is an international real estate platform with a network of 700 partners worldwide and a catalogue of more than 80,000 listings in 54 countries. The owner of the building and his/her family members also qualifies for a Greek residence permit for the entire period of the property ownership. 5Market Realty is a full-service real estate firm offering expertise in residential, commercial, and investment real estate. Buying property in Greece can be a different experience for foreigners compared to what they are used to back home where it is more common to work directly and solely through real estate agents. The company publishes daily news, high quality analysis on foreign realty, expert advice, and notes on laws and procedures related to buying and leasing properties abroad so that readers can make their property decisions with confidence. She is now based in Athens and is a licensed architect. In most cases, buyers will work directly with local agents who have signed an agreement with the sellers to showcase the property and not agent to agent. This website uses cookies to ensure you get the best experience. Apartments and buildings for renovation start from €900/m² and reach €2,000–3,000/m² for renovated residential property, according to Spitogatos.gr. I will conduct a legal check to verify if all built structures comply with lawful building permits. It is located northeast of the historical city centre, a 30-minute walk from the Acropolis and a 10-minute walk from the Omonoia metro station. Email. . The average Airbnb rental rate for apartments in Psirri is €40 per night. Photograph: Why Athens. At the same time, tourist numbers are increasing. m storage premises and 500 sq. Investors are guaranteed a rental yield of 8% per annum. A common issue in many older apartment buildings in Athens, is central heating, which is usually not connected due to the high running costs. As a result, according to the Bank of Greece, the decline in property prices has already stopped quarter-on-quarter – property prices in Athens remained stable between Q2 and Q4 2017. The building’s expected resale value at the end of 2019 is €1 million to €1.2 million. How does the buying process in Greece differ from the rest of the world? The sea and its southern coastline of Blue-Flag beaches are easily reached from the centre, as are the many hills you can climb to admire its beautiful landscape from above. The next important step potential buyers must keep in mind, is to make sure that the property they are buying is lawful. From commercial units in other cities of Greece, to large hotel units in tourist locations, and from office buildings in Athens to exclusive second homes on the Greek Islands, we can offer professional advice for all of your real estate … Best Places for Real Estate Investment In Greece Over the most recent couple of years, it has turned out to be clear that the Greek market is gradually however consistently recouping. Architect-engineer and property consultant, Katerina Sirouni has assisted many overseas buyers through the myriad of paperwork and overcoming language barriers to purchasing real estate in Athens and all around Greece. With property prices 44% lower than pre-crisis levels, investors are buying buildings in the capital’s city centre to lease to tourists for short terms. However, since the victory of the Syriza party in January 2015, the protest movement has started to calm down. Uncovering details inside some of Athens’ grand apartment buildings. ATHENS, Eastern Attica, Koropi, land 10,000 sq.m, for sale, off plan, with 2 Luxury Villas, façade, bright (between 2-way), slightly sloping, front to city road, with panoramic views. Tranio is redeveloping a residential unit in the district – a building with 12 apartments on Athinas Street – and is seeking investors. This application is made to the Ministry of National Defence and involves a submission of documents. Showroom is conveniently located off of hwy 72 in Athens. House for sale. Once you have found a place you love, your attorney or you as the buyer can negotiate the final price. Kerameikos is popular with young and creative people. total investment €5,800,000. Since the 1990s, the area began has seen an influx of migrants from Albania, Romania, Bulgaria, Ukraine, Moldova, Russia and other countries. 2 days on Zillow. Kerameikos is located a 15-minute walk from the Acropolis and is near Ermou Street, the city’s main shopping belt. For baby boomers like me it is an opportunity to secure your retirement income through rental property. Property Investment in Athens. The €617 million development by the prominent Greek shipping family, was the largest donation made to the city so far. Prices there are currently lower than in the city centre, and tourists are actively renting accommodation thanks to the convenient transportation and cheap rent there. Our prices come straight from developers, owners and local agencies. Most of them, according to the Athens Social Atlas, are characterised by a high level of education and financial activity. annual yield 5 %. Ethan Atkinson 678-485-9198 Sign Up First Name. Peering through a wider lens, things are looking up for Athens, with increased flights, strengthening tourism numbers and new hotel and residential developments, you simply can’t help but be optimistic. Olympia Properties is a real estate agency offering top-notch, tailor-made services for property investment in Greece. But before you sign on the dotted line in a post-holiday haze, it helps to do some homework. Cabinet Express Online. Common use funds are handled by one of the owners, referred to as the “Diaxiristi” or an appointed management company in many cases. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. Stavros Niarchos Foundation Cultural Center, The Acropolis of Athens in the age of Pericles, Churches in Athens and the remains of Byzantium, 8 things you didn’t know about the Acropolis. The residency permit may be renewed every 5 years provided the applicant still owns the property. Low residential property prices attracted artists and musicians to the neighbourhood, and cafes, bars, shops, galleries and boutique hotels soon followed. Book through Hip Greece powered by Booking.com and get your free personal service and travel itinerary from our in-house travel specialists on what to see & do, where to entertain and many more... 2. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. According to Tranio analysts, such neighbourhoods include Kerameikos, Kypseli, Psirri and Exarcheia. ksirouni.com. With low residential prices and high yielding short-term rental income, investment from overseas buyers has surged in recent years, allowing many to realise their dream of owning a summer holiday pad in Greece and indeed, Europe. The leasable area can be increased by constructing additional storage premises of 2,500 – 3,000 sq. Can you explain how apartment buildings are maintained through strata schemes or owners groups? “This is what many large European cities are missing, and what is attracting tourists”, an architect who settled there was quoted by German media outlet Der Spiegel as saying. There are currently many vacant units there and the rent is cheap. A logistics hub with a total area of 4,500 sq. She received her degree in Architecture and Engineering from the National Technical University of Athens and provides property management and consulting services for real estate matters in Greece, predominantly to non-Greek residents. In particular, during the most recent year speculation prospects were altogether helped, as the economy has come back to development, and house costs have been expanded from 1 to 4%. According to Deutsche Bank CEO John Cryan, the worst is over for Greece. Katerina is experienced in designing, constructing and renovating residential and commercial property, as well as assisting with all property-related matters such as obtaining certificates and permits. Links to third-party websites do not constitute an endorsement or recommendation of products and services. Many property owners have tried to avoid and hide this income, which is why the government is planning to introduce an electronic platform for short-term rentals. Athens, a city of rooftop living. I have worked on cases that took one month and others that went on for six months. If you need cabinets for your next flip project call Cabinet Express Online @ 256-298-7878. Investing in the capital of Greece has gained significant popularity during the last years, as a result of the increasing demand from international investors all over the world. Generally speaking, more people will invest in real estate. The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. Get expert advice and opinions on Athens realty, as well as the latest real estate … The urban cityscape of Athens. Once negotiations have been concluded, the owner gathers all tax, legal and technical documents that are required. 4 bds. Greece is now perceived as not only a beautiful country with a good climate but also as a safe destination with a serious government. Before the purchase is completed, the seller can legalise their property by paying an applicable fine, after appointing an architect-engineer to handle the process. Get occasional updates, exclusive tips and giveaways delivered to your inbox. Photo: Why Athens. In the first half of the 20th century, Kypseli was home to the local bourgeoisie, who occupied the neighbourhood’s many spacious apartments. Prices of property in the central neighbourhoods of Athens popular with tourists, Kolonaki and Monastiraki, have been growing. More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. The closest metro stations are Thiseio and Kerameikos on the green and the blue lines respectively, which connects the neighbourhood to Piraeus and the Athens Airport with a transfer to the overground railway. By continuing to use this website, you consent to the use of cookies. m offices. Keep in mind, once the purchase-contract deed has been signed, it must be registered with the relevant Hellenic Cadastre and/or the Mortgage Registry depending on the location of the property. According to data published by the country’s statistical service Greece's GDP grew for four straight quarters in 2017 – the first time in eight years. Within the apartment building, there are also common use areas, jointly owned by all owners. It is located north of Athens’ historical centre near Pedion tou Areos, one of the city’s largest parks. A harder, but more profitable, strategy is to participate in a redevelopment project. The entire procedure of the closing thereafter is usually handled by your attorney, who will often speak directly with the sellers and/or their attorney. Katerina, as an architect-engineer and property consultant, how can you assist overseas buyers in the purchasing process? We focus on neighborhoods that show opportunity for both immediate and long-term growth. The neighbourhood is home to the National Archaeological Museum, one of the largest museums in the world dedicated to the Greek culture. Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. In comparison, similar properties in Barcelona and Lisbon are several times more costly. Cafes and restaurants in the neighbourhood are typically full, even in the middle of the workday. Maintenance, amenities and utilities of these areas are paid for collectively by owners (or renters) depending on the ownership entitlements of each unit. Psirri is known as the “Athenian SoHo”, but twenty years ago, it was a decaying industrial area. However, a fourth (yellow) metro line to be constructed between 2019 and 2026 will cross Kypseli and reduce the travel time from the city centre to the northern suburbs by about two-thirds. When redesigning and upgrading older apartments, there are often hidden costs which only present themselves once renovation has started, especially if existing walls are being knocked down. Athens Real Estate Group, LLC is a full service real estate firm handling residential and commercial sales, as well as property and community association management services. Many central suburbs are in the midst of a reboot too, as gentrification takes hold in various pockets around town. The Greek “Residency by Investment” program was introduced in 2013 by the Greek government in order to enable investors to acquire residency by investing in real estate. Once the purchase-transfer tax is paid for by the buyer, the purchase is ready to go. Many people know that investing in rental property is a good way to diversify their portfolio, but very few actually act on that knowledge. The five year residency visa via Greece’s Golden Visa programme has also helped push things along. Buying property in Athens has never been more enticing. According to Emerging Trends in Real Estate Europe 2020 report, Athens will continue to grow as an attractive investment option. Tranio.com is an international real estate platform with a network of 700 partners worldwide and a catalogue of more than 80,000 listings in 54 countries. Founded in 2012 as an independent real estate investment firm, Athens Investments actively seeks to acquire undervalued and distressed properties. m. Year of construction: 1986, 1996, 2002. To secure the purchase, a down-payment of up to 10 per cent (depending on the property value) is usually deposited by the buyer but is not mandatory. Real Estate Investing Real Estate Agents Real Estate Management. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Athens Real Estate Group, LLC. We have 1,187 offers of Athens real estate at price from 42,000 to 10,600,000€. Alternatively, investors can hold the property for a longer period as Tranio forecasts a 30% increase in its value over the next two to three years. Send us your booking.com confirmation number, name and contact information at concierge@hipgreece.com, 3. Our company has extensive knowledge of the Athens area market and specializes in investment and student rental properties. What are the general steps to securing a property? The neighbourhood has a potential for price growth with the construction of the fourth metro line and infrastructure projects such as Athens 2020, which aims to refurbish the city’s downtown areas and its northwest in particular. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. Athens climbed to the 14th place in Europe from the 29th it was in 2017. 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