Buying Property in Athens, Greece: Your Ultimate Guide to Apartments and Real Estate for Sale

Buying Property in Athens

Are you dreaming of buying property in Athens? Buying property in Athens might turn that dream into reality. With its rich history, vibrant culture, and promising real estate market, Athens, the capital of Greece, offers a unique opportunity for both savvy investors and those seeking a new place to call home. This comprehensive guide will delve deep into everything you need to know about purchasing apartments, villas, and other properties for sale in this enchanting city. We’ve covered you, from understanding market trends to navigating legal requirements.

Why Buy Property in Athens, Greece?

Athens is a city where ancient history meets modern living. The allure of the Acropolis towering over the city, the charming cafes lining the streets, and the bustling nightlife make it an attractive destination for many. But beyond its cultural riches, why should you consider buying property in Athens?

Firstly, the cost of living in Athens is relatively low compared to other European capitals, making it an ideal place for investment and relocation. The city’s property prices are competitive, offering excellent value for money. Whether you’re interested in a cozy apartment in the city center or a luxurious villa along the coastline, Athens provides diverse options.

Moreover, the Greek real estate market has shown significant resilience and growth in recent years. Real estate investments have surged, with the market becoming an attractive investment hub due to favorable economic conditions and government incentives.

Importantly, Greece’s Golden Visa Program offers non-EU citizens a pathway to residency through property investment. This visa program has enticed many international buyers, adding to the dynamism of the Athens real estate scene.

Understanding the Athens Real Estate Market

The Athens real estate market is as diverse as the city itself. Post-2023, the market has steadily recovered, with property values appreciating steadily. This growth includes increased foreign investment, tourism, and governmental policies promoting real estate development.

Property prices vary widely depending on the location, type, and condition. Due to demand and proximity to amenities, prices can be higher in prime areas like Kolonaki and Glyfada. These areas are known for their upscale properties, including luxury apartments and villas, often featuring stunning views of the Aegean Sea.

Conversely, neighborhoods in the center of Athens offer more affordable options, making them ideal for first-time buyers or those seeking investment properties with good rental yields. The city’s expansion and development projects have also opened up new areas for investment, providing a wide range of investment opportunities.

What Types of Properties are Available in Athens?

Athens boasts a rich tapestry of property types to suit various tastes and investment goals. Here’s what you can expect:

Apartments: Apartments are abundant, especially in the city center and suburbs, ranging from modern high-rises to charming units in neoclassical buildings.
Villas: Luxury villas like Glyfada and Kolonaki in upscale neighborhoods offer privacy and premium amenities.
Maisonettes: These multi-level homes blend apartment and house living, often featuring private entrances and outdoor spaces.
Residential Buildings: For investors, purchasing an entire building can be lucrative, especially if it is converted into rental units or boutique hotels.
Properties Near the Coastline: Areas along the Athens Riviera offer properties with sea views, access to beaches, and a resort-like lifestyle.

The type of property you choose will depend on your objectives—a primary residence, holiday home, or an investment yielding rental income.

Best Areas to Buy Property in Athens City Center

The city center of Athens is a mosaic of neighborhoods, each with its unique charm and investment potential. Here are some of the best areas to consider:

Kolonaki

Kolonaki is an upscale district known for its elegance and sophistication. It is home to luxury boutiques, art galleries, and fine dining. Properties here are often high-end, including spacious apartments and penthouses with views of the city and Acropolis.

Plaka and Monastiraki

These historic neighborhoods are located at the foot of the Acropolis, featuring neoclassical architecture and cobblestone streets. Investing here means owning a piece of history with properties always in demand for residents and tourists.

Exarcheia

A bohemian neighborhood popular among artists and students, Exarcheia offers more affordable properties. It’s ideal for investing in up-and-coming areas with a vibrant nightlife and cultural scene.

Glyfada

Often called the “Hellenic Hamptons,” Glyfada is part of the Athens Riviera. It boasts luxury villas, high-end shopping, and proximity to the beach. Properties here are perfect for those seeking a blend of city and seaside living.

Kifisia

Nestled in the verdant northern suburbs of Athens, Kifisia stands out as one of the most affluent and desirable neighborhoods in the capital of Greece. This area is renowned for its elegant neoclassical architecture, tree-lined avenues, and serene parks, offering a peaceful retreat from the bustle of the city center. Kifisia seamlessly blends luxury and comfort, making it an ideal location for those looking to buy property in Athens.

Navigating the Buying Process in Greece as a Foreigner

Purchasing property in Greece as a foreigner is a straightforward process, provided you follow the necessary legal steps:

Hire a Real Estate Agent: Engage a reputable real estate agent like Von Poll Greece, known for their expertise in the luxury market.
Consult Your Lawyer: Legal representation is crucial. Your lawyer will handle due diligence contracts and ensure compliance with Greek laws.
Obtain a Tax Registry Number: Also known as AFM, this is required for all financial transactions in Greece.
Notary Services: A notary is essential in Greek property transactions. They prepare the contracts and ensure the legality of the sale.
Power of Attorney: If you cannot be physically present in Greece, you can grant power of attorney to your lawyer to act on your behalf.
Financial Obligations: Be prepared to pay additional costs such as VAT (usually 24% for new properties), property tax, and legal fees, totaling around 1.5 – 2.5% of the sale price.
Building Permits and Certificates: Ensure the property has all the necessary documentation, including the building ID code certificate and energy performance certificates.

The Role of Real Estate Agents in Athens

A seasoned real estate agent is your compass in the Athens property market. They not only help you find the right property but also guide you through the complexities of the buying process.

Von Poll Greece is the country’s leading luxury real estate agency. With a solid international presence and a team of professionals, we specialize in high-end properties and provide personalized services to clients. Our expertise extends beyond just finding properties; we offer insights into market trends, investment advice, and after-sales support.

Choosing Von Poll Greece means partnering with a company that understands the nuances of the Greek real estate market. We can access exclusive listings, including luxury apartments, villas, and investment opportunities that may not be publicly advertised. Our commitment to client satisfaction ensures a seamless and transparent experience from start to finish.

Exploring the Golden Visa Program for Non-EU Buyers

The Golden Visa Program is a significant draw for non-EU investors. You can obtain a five-year renewable residency permit by investing a minimum of 800,000 euros in real estate in Greece. Benefits include:

Residency for Family Members: The permit extends to your spouse and children under 21.
No Minimum Stay Requirement: You are not required to live in Greece to maintain the visa.
Travel Freedom: Enjoy visa-free travel within the Schengen Zone.
Pathway to Citizenship: Continuous residency can lead to eligibility for Greek citizenship.

This visa program provides a gateway to Europe and offers a secure investment in a growing market.

Cost of Living in Athens: What to Expect

Understanding the cost of living is crucial when considering relocation or investment. In Athens, you’ll find that daily expenses are manageable:

Housing Costs: Rental and purchase prices are competitive, especially compared to other European capitals.
Utilities: Electricity, water, and heating costs are moderate.
Groceries and Dining: Fresh produce is abundant and affordable. Dining out ranges from inexpensive tavernas to high-end restaurants.
Transportation: Public transport is efficient and cheap, so owning a car may not be necessary in the city center.
Healthcare and Education: Quality public and private options are available, with costs lower than in many Western countries.

Athens offers a high quality of life without the hefty price tag.

Investment Opportunities: Property Prices and Rental Income

Investors are drawn to Athens for its potential for capital appreciation and rental income. Key points to consider:

Property Prices: Still recovering from the economic crisis, there’s room for growth. Investing now could mean significant returns in the future.
Rental Demand: Tourism and a growing expat community drive demand for both short-term and long-term rentals.
Areas Like Koukaki and Gazi are popular for short-term rental income due to their proximity to attractions and nightlife.
Return on Investment: Depending on the property and location, ROI can be attractive, especially in tourist-heavy areas.

Investing in real estate in Athens can diversify your portfolio and provide a hedge against economic volatility.

Is Buying Property on the Greek Islands a Good Idea?

The Greek islands are renowned for their beauty and are popular among tourists. Investing here has its pros and cons:

Pros

High Rental Yields: Especially during the tourist season.
Unique Properties: Traditional architecture and stunning views.
Lifestyle: Ideal for holiday homes.

Cons

Seasonal Demand: Rental income may fluctuate outside of peak seasons.
Higher Property Prices: Popular islands like Mykonos and Santorini have premium prices.
Limited Availability: Strict regulations on new developments.

While the islands offer excellent opportunities, investing in Athens provides year-round benefits and potentially steadier returns.

Ready to buy property in Athens? Contact us today, and let Von Poll Greece’s expertise lead you to your ideal home. Your dream awaits!

Legal Considerations: Taxes, Notary Fees, and Regulations

Being aware of the legal and financial obligations is essential:

Property Tax: Annual taxes depend on the property value.
VAT: Applicable on new properties; resale properties are exempt.
Notary Fees: Typically around 1% of the property’s value.
Legal Fees: Budget for your lawyer’s fees, usually 1-2% of the sale price.
Registry Fees: A small percentage of the fee is to register the property in your name.

Always ensure compliance with local laws to avoid future complications.

The Importance of Due Diligence

Before finalizing any purchase, thorough due diligence is imperative:

Property Inspection: Assess the physical condition to avoid unforeseen expenses.
Title Search: Verify there are no liens or legal issues.
Building Permits: Ensure all building permits are in order.
Consult Professionals: Always work with experienced agents and lawyers like those at Von Poll Greece.

Due diligence safeguards your investment and provides peace of mind.

Summary: Key Takeaways When Buying Property in Athens, Greece

Diverse Property Options: Athens caters to all, from luxury villas to affordable apartments.
Strategic Investment: The city’s growing economy and real estate market offer promising returns.
Golden Visa Program: A pathway for non-EU citizens to gain residency.
Reputable Real Estate Agents: Partner with experts like Von Poll Greece for a seamless experience.
Cost of Living: Affordable and offers a high quality of life.
Legal Compliance: Understand and adhere to all legal requirements to protect your investment.
Due Diligence: Never skip this critical step in the buying process.

By considering these insights and collaborating with professionals, you’ll be well on your way to successfully buying property in Athens and enjoying all the benefits this historic and dynamic city offers.

Frequently Asked Questions About Buying Property in Athens, Greece

Can foreigners buy property in Athens, Greece?

Yes, foreigners, including non-EU citizens, can legally buy property in Athens and throughout Greece. The Greek government encourages foreign investment in real estate, and there are minimal restrictions. However, it’s essential to work with a qualified real estate agent like Von Poll Greece and consult your lawyer to navigate any legal complexities, especially in certain border regions where restrictions may apply.

What financing options are available for purchasing property in Greece?

Financing options for purchasing property in Greece are available to residents and foreigners, though the process may differ. Greek banks offer mortgages, but they typically have strict lending criteria. To secure a mortgage, you will need:

Proof of Income: Documented evidence of stable income or assets.
Credit History: A good credit score may require reports from your home country.
Down Payment: Usually at least 30% of the property’s value.
Legal Documentation: Including tax identification numbers and possibly a power of attorney if you’re not physically present in Greece.

Interest rates in Greece can be higher than in other European countries, and loan terms may vary. It’s advisable to compare offers from multiple banks and consider consulting a financial advisor. Some buyers finance through international banks or leverage assets in their home country. Remember to factor in additional costs like notary and property tax when calculating your budget.

What additional costs should I expect when purchasing property in Athens?

When purchasing property in Athens, expect to incur several additional costs beyond the sale price:

Property Transfer Tax: Approximately 3% of the property’s value.
VAT: Usually 24% for new properties; resale properties may be exempt.
Notary Fees: Around 1.5% of the property’s value.
Legal Fees: Typically 1–2% of the sale price.
Real Estate Agent’s Commission: About 2% of the purchase price.
Property Tax: Annual tax based on the property’s assessed value.
Other Miscellaneous Fees: Including land registry fees and administrative costs.

Budgeting and discussing these expenses with your real estate agent and lawyer is crucial.

Should I be physically present in Greece to buy property?

No, you need not be physically present in Greece to buy property. You can grant a power of attorney to your lawyer or legal representative, who can handle all necessary procedures on your behalf. This includes signing contracts, handling payments, and registering the property. This option is incredibly convenient for international buyers who cannot frequently travel to Greece.

How can I make a sound investment in Athens real estate?

To make a secure and profitable real estate investment in Athens:

Work with Reputable Professionals: Engage experienced real estate agents like Von Poll Greece and qualified lawyers.
Conduct Due Diligence: Conduct thorough checks on the property’s legal status, including title deeds and encumbrances.
Assess the Location: Research areas like Kolonaki, Glyfada, and Kifisia for their investment potential.
Understand Market Trends: Stay informed about the real estate market in Greece, specifically in Athens.
Consider Rental Potential: Evaluate the possibility of generating rental income, especially if the property is in a tourist-friendly area.
Inspect the Property: Always have a professional inspect the property to identify any issues affecting its value.