The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. By the 1960s, it was one of Athens’ most upscale neighbourhoods. The good news is that property owners no longer have to obtain a permit for minor repairs or upgrades. The harsh economic climate has seen some positive change and exciting developments in food, art and culture, providing a much more rounded urban experience and making it one of the most exciting cities in Europe right now. We help our customers sell and buy property in Athens without the hassle. 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. There are currently many vacant units there and the rent is cheap. Investors are guaranteed a rental yield of 8% per annum. However, since the victory of the Syriza party in January 2015, the protest movement has started to calm down. 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. 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%. 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. You can contact Katerina directly via her website. 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. Once you have found a place you love, your attorney or you as the buyer can negotiate the final price. Common use funds are handled by one of the owners, referred to as the “Diaxiristi” or an appointed management company in many cases. A logistics hub with a total area of 4,500 sq. Of the total area of 7,000 sq.m. Repair works can be completed within three months. Have you been considering investment property? 5Market professionals are able to assist buyers and sellers with all of their real estate needs. The walls of many buildings in Exarcheia are covered with graffiti that often contain political slogans, and politically active students, the intellectual elite and dissidents gather in the local bars. This is one more reason why it’s a good idea for buyers to consider appointing an architect-engineer before purchasing property, as they can potentially help quantify in advance, the cost and time involved to renovate a place. Decisions on how funds are distributed and used are made in the owners general assembly meetings. Enjoy the past exhibition “These are what we fought for… Ant…. I will conduct a legal check to verify if all built structures comply with lawful building permits. How can an investor profit from real estate in Athens? Our company has extensive knowledge of the Athens area market and specializes in investment and student rental properties. Get occasional updates, exclusive tips and giveaways delivered to your inbox. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities. Get expert advice and opinions on Athens realty, as well as the latest real estate … 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. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. Do they need to be physically present the entire time? 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. One important factor owners must have in mind is that short-term or holiday rental income must be declared as if one were renting to a long-term tenant. I usually come in when the client has decided on or has narrowed down options of properties they are interested in. Apartments and buildings for renovation start from €900/m² and reach €2,000–3,000/m² for renovated residential property, according to Spitogatos.gr. The leasable area can be increased by constructing additional storage premises of 2,500 – 3,000 sq. This application is made to the Ministry of National Defence and involves a submission of documents. 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. She is now based in Athens and is a licensed architect. The report mentions that investors believe that not only residential but office-related properties will see a … The building’s expected resale value at the end of 2019 is €1 million to €1.2 million. Search for the top real estate investments in Athens, Tennessee. Katerina Sirouni was born and raised in Chicago, Illinois. The daily rate, according to AirDNA (a service processing Airbnb data) is about €55. Last Name. 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. Generally speaking, more people will invest in real estate. This is where I step in on behalf of my clients. Foreign tourists heading to Greek resorts usually spend a few days in Athens to see the sights. The innovative and entrepreneurial team, which is headquartered in Chicago, IL, has developed strategic partnerships throughout the Midwest and East Coast. Kerameikos is located a 15-minute walk from the Acropolis and is near Ermou Street, the city’s main shopping belt. The next important step potential buyers must keep in mind, is to make sure that the property they are buying is lawful. The time needed to negotiate the purchase deal and conclude the actual property transfer differs for every transaction. 1815 Cedar Shoals Dr, Athens, GA 30605. Besides the actual hard cost of materials, there is of course worker’s wages and contractor fees. Greece has traditionally been a nation of land or home owners who proudly passed on the property deeds to the next generation through death or marriage. 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. Photograph: Why Athens. 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. . Katerina, as an architect-engineer and property consultant, how can you assist overseas buyers in the purchasing process? Residential, Investment and Commercial Real E Home. 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. By continuing to use this website, you consent to the use of cookies. If you need cabinets for your next flip project call Cabinet Express Online @ 256-298-7878. Links to third-party websites do not constitute an endorsement or recommendation of products and services. 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. 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. It’s a city blessed by the gods with its crystal blue coastline, magical sunsets and mountainous landscape. DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. The neighbourhood is located between two metro lines, and the Acropolis is 40 minutes minutes away by overground transport. How does the buying process in Greece differ from the rest of the world? Athens, a city of rooftop living. ksirouni.com. For the “X”, “Y” and “beyond” generations, you could not only secure your future, you have the opportunity to amass huge fortunes by getting started now as a real estate investor. Exarcheia is a bustling neighbourhood with busy nightlife, co-op cafes, restaurants, bookshops and theatres. Apartment for sale in Athens (Pedion Areos)Athens (Pedion Areos), Apartment of 103 sqm, 4th floor, entrance hall, 2 reception rooms, 2 bedrooms, utility room, 1 bathroom, WC, kitchen, storage room, bright filled with natural light, exceptional park and mount Lycabettus view. Search for the top real estate investments in Athens, AK. I have worked on cases that took one month and others that went on for six months. Greece’s exemplary handling of the crisis has created a positive image in international media and the wave of real estate investors will come. If illegal structures are identified, this should not be considered as a deal breaker. 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. The €617 million development by the prominent Greek shipping family, was the largest donation made to the city so far. We will get back to you to plan and design your personal travel itinerary, Need help or information on villas, hotels, chartering or other premium services  contact. The residency permit may be renewed every 5 years provided the applicant still owns the property. In October 2017, the media reported a Chinese investor to have bought over 100 apartments in Exarcheia in a single transaction. 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. One can buy cheap real estate, make repairs, and lease or sell at a higher price. The daily lease for apartments in Kypseli average €37, according to AirDNA. “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. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. 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. Real Estate Investing Real Estate Agents Real Estate Management. 3 ba. The best neighbourhoods in which to invest are those located within walking distance of the Acropolis. We focus on neighborhoods that show opportunity for both immediate and long-term growth. Psirri is known as the “Athenian SoHo”, but twenty years ago, it was a decaying industrial area. Psirri is located in the centre of Athens near the Syntagma and Monastiraki squares, a 15-minute walk away from the Acropolis. 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. 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. 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. This website uses cookies to ensure you get the best experience. In the first half of the 20th century, Kypseli was home to the local bourgeoisie, who occupied the neighbourhood’s many spacious apartments. According to Greek media outlet Liberal, the price of real estate in Kypseli has fallen by over 50% since the crisis. The outlook for 2018 remains positive. Nevertheless, the road to normalization will remain long and difficult”, he was quoted by Greek media outlet Ekathimerini as saying. The average Airbnb rental rate for apartments in Psirri is €40 per night. 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. Buying property in Athens has never been more enticing. 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 … Olympia Properties is a real estate agency offering top-notch, tailor-made services for property investment in Greece. Delays can be expected when dealing with property where extra enclosed areas have been added illegally and the process to rectify this can take some time. 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. Those that do not comply, will face heavy fines. 4 bds. Until recently, Exarcheia had a reputation of being a neighbourhood for protests and demonstrations, where clashes between locals and the police frequently occurred. House for sale. Password. The southern coastal districts from Piraeus to Vouliagmeni will get a boost thanks to recent plans to transform the major shipping and passenger terminal of the Port of Piraeus and its surrounding area. Central Athens is built around the Acropolis. Email. Cabinet Express Online. Cafes and restaurants in the neighbourhood are typically full, even in the middle of the workday. Once negotiations have been concluded, the owner gathers all tax, legal and technical documents that are required. 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. Save this home. For baby boomers like me it is an opportunity to secure your retirement income through rental property. The most common methods are through real estate agents and less often privately. It is located north of Athens’ historical centre near Pedion tou Areos, one of the city’s largest parks. Greece is now perceived as not only a beautiful country with a good climate but also as a safe destination with a serious government. Government charges may also change from time to time. Apartment buildings are made up of separately owned units, often referred to as condominiums by many foreigners. When selling Greek land or buildings, all owners are required to provide a Legal Technical Certificate (Law No. According to Spitogatos.gr, local rundown property sells at a symbolic €250/m², renovated apartments average €500/m², and many one-bedroom apartments cost just €6,000–7,000. Within the apartment building, there are also common use areas, jointly owned by all owners. The city’s three metro lines intersect at the Monastiraki, Syntagma and Thiseio stations located nearby. Athens, Attica Greece. As the area continues to gentrify, more buildings are being renovated and its former warehouses are being converted into commercial facilities. 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. Each owner of an apartment owns a certain percentage according to the Deeds of Establishment of the building and transferred upon purchase. She regularly writes (in English) for various publications. Photograph: Why Athens. 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. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. Investing in Athens Real Estate. A harder, but more profitable, strategy is to participate in a redevelopment project. What are the general steps to securing a property? Where do people commonly find properties advertised for sale in Athens? 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. Real estate prices in Exarcheia average €400/m² for properties in poor condition and €1,000/m² for high-quality renovated ones. Ethan Atkinson 678-485-9198 Sign Up First Name. 4495/17) which is proof that the property is lawful. Property Investment in Athens. The total cost of the project, including renovation, is €1.3 million. 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. Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. Many people know that investing in rental property is a good way to diversify their portfolio, but very few actually act on that knowledge. If you are looking for Greek real estate investment opportunities, Olympia Properties undertakes the entire process of locating, evaluating, buying and, eventually, managing your desired property. The neighbourhood is home to the National Archaeological Museum, one of the largest museums in the world dedicated to the Greek culture. Since the 1990s, the area began has seen an influx of migrants from Albania, Romania, Bulgaria, Ukraine, Moldova, Russia and other countries. You’ll need a lawyer to protect your rights and represent you in contract negotiations and a notary when you are in the final stages of closing and transferring the property. But as the realities of the Greek economic crisis set in, high unemployment and the collapse of the real estate market quickly followed, leaving many to inherit debts and taxes they couldn’t service and properties they couldn’t maintain. 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. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. “Finally, there is light at the end of the tunnel. At the same time, tourist numbers are increasing. 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. Walk-by signage is also effective especially if you have the time to explore areas. Students and tourists often also prefer Exarcheia to more central neighbourhoods because of its lower rental rates – €4/m² per month and about €40 per day for residential properties. What is a realistic timeframe for someone from overseas coming to Athens to buy a place from scratch. 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. Investments will be made by purchasing the project company's bonds, which allows for tax optimisation. Showroom is conveniently located off of hwy 72 in Athens. 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. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. 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. m: 3,540 sq. There are a number of additional and up-front fees to consider and some of the standard ones include: Note – This is not an exhaustive list and depends on what consultants and advisors you decide to retain. Best Low Budget Summer Destinations in Greece, Mykonos Best  Restaurants, Bars and Beach Bars. Website. Send us your booking.com confirmation number, name and contact information at concierge@hipgreece.com, 3. A common issue in many older apartment buildings in Athens, is central heating, which is usually not connected due to the high running costs. 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. Residential, Investment and Commercial Real Estate Source. An example of an illegal structure could be an enclosed veranda that was built without a permit. According to Deutsche Bank CEO John Cryan, the worst is over for Greece. Take Tranio’s ongoing project – the redevelopment of the building with a total floor area of 500 m² located in the city centre, within a two-minute walk from the metro station and a 30-minute walk from the Acropolis – as an example. In comparison, similar properties in Barcelona and Lisbon are several times more costly. What things are there to be aware of if an apartment or property needs renovating? Median Property Sale Price: $157,200, N/A Aribnb and 4.59 Traditional Cash on Cash Return. This one-bedroom flat in Athens generates an annual return of €12,000. It’s a good idea to have a contingency budget in place too. Only then, does the buyer obtain full ownership rights. Athens Real Estate Group, LLC. Vitruvius Investments, located in the center of Athens (Syntagma), is dynamically active in the field of Real Estate (Investment-Development-Management), undertaking projects throughout Greece in direct or indirect cooperation with multinational companies and hedge funds, as well as with individuals. The five year residency visa via Greece’s Golden Visa programme has also helped push things along. Search for the top real estate investments in Athens, CA. m. Year of construction: 1986, 1996, 2002. The cost of purchasing and renovating the building is €750,000, which makes the price per square metre close to the cost price. It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. EU residents will have almost no restrictions in purchasing a property in Greece. Foreigners do not have to be physically present in Greece for the final closing, appointing a Power of Attorney is equally efficient. Real estate in Greece Mobilia real estate offers hundreds of housing options in Greece, proposing you a wide choice of properties for rent or for buy! 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. More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. Asking: € 275,000. Coldwell Banker. I always suggest clients walk or drive around neighbourhoods they are interested in during the day and also in the evening. 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. m storage premises and 500 sq. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. The building, which will be divided into 7 to 11 flats, will be rented out to tourists on Airbnb for short-term stays. total investment €5,800,000. lease expire 2030. (706) … In 2017, Athens airport handled 14.4 million international passengers – 12% more than a year before. Owners must now declare the property, names of renters and the duration of the lease on this platform. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Most of them, according to the Athens Social Atlas, are characterised by a high level of education and financial activity. Prices of property in the central neighbourhoods of Athens popular with tourists, Kolonaki and Monastiraki, have been growing. For people who may be wanting to purchase a property with the view of holiday renting, what are some of the things they should be aware of? Owners will usually need to arrange for their own independent heating system in compliance with the Deeds of Establishment. As a rule, most individuals are not “risk takers”; they prefer a “safe option” when it comes to investments. 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. Uncovering details inside some of Athens’ grand apartment buildings. Once the purchase-transfer tax is paid for by the buyer, the purchase is ready to go. 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