As the capital and an important cultural and historical center, Athens attracts a huge number of tourists and expats. It offers various real estate investment opportunities, from small apartments in the city center to apartments in elite areas in the north and south.
The real estate market in Athens in 2024 showed significant growth, supported by many factors, including an increase in housing prices and rental rates, active renovation in the city and tourist demand. We tell you why we believe in Athens as a promising investment destination.
Economic recovery in Greece
Let’s start the discussion of Athens by mentioning Greece’s recovery from the economic crisis. The country has gone through difficult times, but now it is becoming attractive to investors again.
Two years ago, Greece emerged from the increased economic control of creditors, which it had been under since the 2008 debt crisis. During this time, the country’s economy has shrunk by 25%. In 2010, the Greek authorities turned to the European Union for economic assistance due to the risk of default. The Bloc provided the country with three aid packages in 2012 and 2015.
Greece is not only reaching a new level of development, but also showing significant economic growth.:
- In 2024, The Economist magazine ranked Greece as the third most successful economy.
- GDP growth was +2.4% in 2024.
- The Greek passport is among the top 5 strongest according to Henley & Partners. With it, you can travel to 189 countries without a visa.
- Domestic demand, investments and the restoration of the tourist flow are the factors supporting the Greek economy.
- In 2019, Greece issued 10-year bonds for the first time since 2010. The demand for securities exceeded 11.8 billion euros. In March 2021, 30-year bonds were issued.
Real estate in Athens is one of the most affordable in the EU, despite rising prices
According to the Central Bank of Greece, the fall in property prices slowed in 2017, and in subsequent years, the real estate market grew despite the pandemic.
According to the Central Bank, the price increase in 2022 was 11.9%, and in 2023 they increased by another 13.8%.
In 2024, the growth rate is decreasing. The Central Bank of Greece has published a report for the 3rd quarter of 2024. The annual rate of change in apartment prices across the country was 7.8%. The pace of change varies in the regions. In Athens, it is 7.7%.
The main factors of price growth are the demand of foreign investors, the restoration of tourism, as well as domestic demand due to the economic recovery.
The cost of real estate depends on the type of property and the region, but in general, Greece is still one of the most affordable countries within the European Union.
For comparison, the cost per square meter in the center of Athens, according to the largest cost—of—living platform Numbeo, is 2,400-5,000 euros, in Madrid – 5,300-8,000 euros, in Lisbon – 4,500-9,800 euros. The only locations in Europe where prices are lower are Bucharest (1,632 euros per m2), Sofia (1,650 euros per m2) and Podgorica in Montenegro (1,763 euros per m2).
The Golden Visa is still in demand among investors
To a large extent, the growth is also fueled by the Golden Visa program.
Greece is one of the few EU countries where you can get a residence permit for real estate investments starting from 250 thousand euros. In Portugal, the option of investing in real estate was excluded, and in The Spanish authorities announced the closure of the program in 2025. At the same time, in both countries the threshold is 500 thousand euros.
In 2024, the requirements for participation in the program have become stricter. The main change is that the investment threshold has increased to 800,000 euros in Athens and other popular areas.
Despite this, there remains an exception in the amount of 250 thousand euros for renovation and conversion of commercial real estate into residential. In the capital, for this amount, you can also purchase real estate with a residence permit, if it meets certain criteria.
You can read more about the new changes and the reasons for the update here.
Greece’s “Golden Visa” differs from other residence permit options:
- The residence permit can be renewed every 5 years.
- Designed for the whole family.
- The right to legally stay in Greece for an unlimited amount of time. You don’t even have to come to the country.
- The opportunity to use the services of European banks for personal and business purposes.
- The right to legally stay in the territory of the Schengen countries for up to 90 days within 6 months without becoming a tax resident.
- Access to education and medical services in Greece.
- Income of up to 4-6% per year in euros if the property is rented out.
- The right to obtain citizenship after 7 years of permanent residence in Greece.
It is expected that thanks to the “golden visa” in 2025, Greece will retain one of the leading positions among European countries in terms of demand for real estate among Russians as one of the most affordable options on the international market.
Rent in Athens: rising rates and benefits of long-term rentals
The profitability of long—term rentals may vary depending on the area, but on average in Athens, the market rate is 4%. In central areas, it can reach 6% in small apartments.
Some developers in Athens offer rental management and 3-4.5% guaranteed return programs for 3, 5 and 10 years.
In the 3rd quarter of 2024, rental rates increased by 5-9%, depending on the area.
But despite the rising rates, renting in Athens remains one of the most affordable among European capitals. According to Numbeo, on average, you can rent a two—room apartment in the center of Athens for 600 euros, in the center of Madrid, Lisbon and Paris – for 1300 euros and above.
At the same time, at the moment it is more profitable to rent out real estate for a long-term rather than for a short-term. Due to the shortage of supply and the growth of tourism, the authorities plan to introduce some restrictions and taxes on short-term rentals, and real estate purchased for the golden visa can be rented for a long time or sublet. As a rule, the long-term rental option is more stable, minimizes the risk of empty properties and the cost of frequent searches for new tenants.
The Tranio team has a deep understanding of the Athens market. We are not only engaged in the development and selection of profitable real estate in Greece, but we also provide a service to a management company for long-term rental facilities. We have turnkey solutions for clients, including for residence permits.
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Renovation in the city
In Athens, the old housing stock prevails, and many renovation projects are underway in the city.
In 2024, the government supports renovation programs for infrastructure and outdated buildings. For example, from the beginning of 2025, the state intends to allocate 1 billion euros for subsidizing and interest-free financing of residential real estate repairs. Also, the Ellinikon smart city is being built in the Athenian Riviera.
After the global financial crisis of 2008-2015 investors buy housing at a low price, renovate and rent it out, or sell a ready-made rental business. Renovated apartments are in demand among tenants, including tourists.
In Athens and Piraeus developers are increasingly designing buildings with high energy efficiency of class A, A+ and B.
Energy efficiency certificates for real estate were introduced in Greece five years ago, and now it is impossible to buy or rent a house without them. Such buildings with an eco-friendly concept are characterized by low energy consumption.
Green buildings reduce heating and cooling costs, which significantly saves the budget. Reducing energy consumption minimizes carbon dioxide emissions and helps protect the environment.
For example, in Athens, for heating in an apartment of 70 square meters. meters in a Class A+ building can cost 230 euros per year, in a Class E building — 1575 euros.
Athens vs Moscow: what kind of real estate to invest in?
The Tranio team compared the real estate markets in Athens and Moscow in 2024.
Many choose Moscow for investments because of the price increase in recent years, which has amounted to 102% in rubles over 10 years, according to Rosstat. However, if we convert this increase into euros, it turns out that the value of real estate in Moscow has hardly changed over the same period, and even decreased slightly — by 2%. The investor assumes currency risks. At the same time, the real profitability of Moscow real estate is 3-5% per annum in rubles.
At the same time, prices in Athens have increased by 69% since 2015. And Athens still has a high potential for growth.
It’s safe to say that when we believed in the real estate market in Athens in 2017, we were right. There is still potential for growth, which can bring excellent investment opportunities.
Tranio Expertise: investing and buying real estate in Athens
Tranio company offers clients not only real estate from partners, but also independently builds high-quality facilities for living and investment. Since 2017, our office in Athens has been leading housing construction and redevelopment projects and managing rentals, working with local experts: notaries, lawyers, construction contractors and brokers. We have renovated more than 70 individual apartments and redeveloped 4 apartment buildings.
Our projects demonstrate a high cost increase from the starting price per square meter both during the construction phase and after the building is put into operation. In addition to the investment attractiveness, in some locations, such as Athens, the client can count on a residence permit for the purchase. It should be noted that for the entire period of our work, we have not had any refusals to obtain a residence permit.
In 2024, the Tranio team completed the renovation of apartments in a green elite area in the north of Athens, as well as apartments in Piraeus. In addition, we are finishing the construction of a residential complex with commercial premises in the center of Athens.
Despite the fact that buying apartments in Greece is not available for citizens of the Russian Federation and the Republic of Belarus, it is possible to obtain a passport from a third country, which we can help arrange.
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