Investment trends in Athens real estate in 2025

Athens has become a magnet for investors, with property prices averaging €2,580 per m² in 2025, up 7.6% year on year. Nearly 40% of deals involve foreign buyers, many linked to the Golden Visa programme.

Prices differ by district: Pangrati averages €2,900 per m², Kolonaki €4,000, the Riviera up to €5,000, and Glyfada around €4,250. The range caters to both mid-market and premium investors.

Rental yields run at 6—9% in central areas and up to 10% in some cases. Demand is strong, with homes selling in about 58 days. Projects like the €8 billion Ellinikon and €370 million Faliro Bay redevelopment promise to lift values further.

Forecasts point to 4—6% annual growth until 2026, driven by stable demand and new infrastructure. Buyers should account for legal checks, taxes, and renovation costs, though Greece’s digital system makes remote purchases straightforward.

Property in Athens is still much cheaper than in most other big European cities, but prices are steadily going up. The buying process has also become easier thanks to new digital systems that make property deals faster and clearer.

1. Golden Visa gateway

Athens continues to shine as a prime destination for those seeking residency by investment. The Greek Golden Visa, while evolving with the times, still offers a straightforward path to living in Europe.

The programme not only provides residency for you and your family — including same-sex couples since February 2024 — but also allows visa-free travel throughout the Schengen Area. It offers access to Greece’s public healthcare and education systems, making it a well-rounded and appealing option.

The €800,000 option offers a turnkey investment with higher yields and lower risk. Properties in the capital region are in high demand, with strong capital growth, excellent rental potential, top-tier infrastructure, and lifestyle amenities. This makes it ideal for investors seeking long-term value, easy resale, or personal use.

The €250,000 route suits cost-conscious investors comfortable with renovation. Though more hands-on, it offers capital gain potential through value-added improvements and appeals to younger buyers, developers, or those involved in urban regeneration with local project support.

It’s also important to note that properties acquired through the Golden Visa are for long-term residency and cannot be used for short-term rentals on platforms like Airbnb.

2. Rent powerhouse

Athens is not just a passing tourist stop; it is a vibrant city attracting long-term residents, from retirees looking for a relaxed lifestyle to students pursuing higher education.

Unlike short-term tourist rentals, which have seen some recent regulations, the tenants provide a stable and consistent income stream for property owners.

The city’s rich history, pleasant climate, and growing economy make it an appealing choice for individuals and families planning to settle down for extended periods. This continuous demand for rental properties means that investing in residential real estate in Athens can offer attractive rental yields, particularly for well-located apartments near universities, transport hubs, and renovated central areas.

3. Smart value

When comparing property prices in Athens to those in other major European capitals, the city stands out as a particularly savvy investment.

Despite steady growth in recent years, property values in Athens remain significantly more affordable than in cities such as Paris, London, Berlin or Madrid. This creates a valuable opportunity for investors to secure high-quality assets at a more accessible price.

For example, the average cost per square metre in central Athens is notably lower than in many Western European cities. This relative affordability, coupled with the city’s improving economic outlook and growing international interest, points to strong potential for future capital growth.

4. Massive urban development projects

Athens is undergoing a remarkable transformation, with large-scale urban development programmes actively reshaping the city and enhancing its overall appeal.

Leading the way is The Ellinikon, Europe’s largest urban regeneration project. This ambitious development is turning the site of the former Athens International Airport into a vast smart city, complete with state-of-the-art housing, expansive green spaces, retail districts, business hubs and leisure facilities.

This multi-billion-euro initiative goes far beyond simply constructing new buildings. It aims to create a modern, sustainable urban environment that integrates smoothly with Athens’ historic character.

Plans include Europe’s largest coastal park, a new marina, and distinct residential areas such as “Little Athens.” Together, these developments reflect a strong commitment to upgrading the city’s infrastructure while attracting further investment and new residents.

5. Tax perks for property buyers

Purchasing property in Greece involves various taxes and additional fees. Buyers are required to pay a property transfer tax of 3.09%, which replaces VAT on eligible purchases.

The 24% VAT on new-build properties is currently suspended until the end of 2025[1]. Other expenses include notary fees, land registry fees for recording the new ownership, and estate agent commissions.

Selling property typically incurs capital gains tax. However, this tax has been suspended until December 31st, 2026[2].

At Immigrant Invest, we prepared district-level scorecards for Athens, built on verified and up-to-date market data. Each figure is traceable to independent real estate statistics, ensuring a reliable foundation for analysis.

Methodology

Sale prices: average asking values per square metre in each district.
Rental levels: average asking rents per square metre per month.
Gross yield: calculated as 12 × monthly rent ÷ sale price.
Composite investor score (0–100): combines yield (50%), price accessibility (30%), and rental strength (20%).
Coverage ratio: indicates the completeness of the data set for each district.

Key findings

Entry points range from accessible neighbourhoods such as Peristeri to premium coastal districts such as Vouliagmeni.

Rental demand is concentrated in central and coastal areas including Kolonaki, Marousi, and Glyfada, where rents per square metre are among the highest.

Gross yields reach around 5% in districts with moderate prices and stable demand, while luxury areas record lower yields in the range of 3.8—4.2%.

Implications

The district scorecard table compares Athens neighbourhoods on a common scale of average asking prices, rents, gross yields, composite investor scores and coverage ratios.

Higher yields and higher overall scores indicate stronger income potential, while lower entry prices improve affordability but may point to less established demand. Premium districts stand out for high purchase costs and lower yields, yet they retain their appeal as long-term value and prestige locations.

All figures are derived from independent market data provided by Indomio and the Spitogatos Property Index Q2 2025[3].

At Immigrant Invest, we analysed the Athens property market with a focus on the thresholds relevant for the Golden Visa. Our approach combined verified data sources with a structured framework of budget scenarios and risk assessment. 

We consider that investors must clearly distinguish between the different entry points, as each carries distinct conditions, opportunities, and limitations.

Budget scenarios

€250,000: special projects

Applies only to restoration of listed historic properties or conversion of commercial into residential units. Within Athens these opportunities are scarce, often involving small apartments in older buildings requiring full renovation. Yields are highly project-specific and cannot be generalised.

€400,000: outside Athens

This level does not apply to Athens but is included for contrast. In Thessaloniki or regional cities, €400,000 allows acquisition of modern apartments of at least 120 m², typically generating 4—5% gross yields. For Athens investors, this scenario serves only as a comparative benchmark.

€800,000: Athens market

This is the effective minimum for Golden Visa eligibility in Athens, with the additional requirement of at least 120 m² per property. It opens access to premium districts:

1. Kolonaki: prime central apartments at €6,000+/m² with yields around 3.8—4.0%.
2. Makrygianni: mid-premium locations at ~€3,800—4,000/m² with yields ~4.2%.
3. Glyfada, Voula, Vouliagmeni: coastal luxury ranging from €5,000—7,300/m² with yields of 3.8—4.0%.

According to the Bank of Greece, dwelling prices in Athens rose by 5.47% year-on-year in Q1 2025, while nationwide urban property prices increased by 6.19%. In 2024, the overall market grew by 8.6% nominally and 5.44% in real terms[4].

The table highlights the structural distinction between entry thresholds. Only the €800,000 scenario opens the Athens market under current rules. Affordable entry points remain restricted to special projects or non-Athens regions. Premium districts in Athens offer stability and prestige, though yields are modest compared to regional markets.

The Athens market combines moderate yields with strong capital preservation. Key risks are regulatory and macroeconomic in nature, while rental and market risks can be mitigated by careful district selection.

ELSTAT statistics on building permits show that new supply is expanding gradually, but not at a pace that would immediately offset demand. This supports stable price appreciation, although pockets of oversupply could appear in specific submarkets[5].

Immigrant Invest considers the €800,000 scenario as the true gateway to Athens real estate within the Golden Visa framework. While special €250k projects or €400k opportunities outside Athens may appear attractive, they are either highly limited or geographically restricted. For investors prioritising both residency and asset quality, premium districts of Athens remain the benchmark.

The Greek capital continues to attract both domestic buyers and international investors, driven by tourism, steady demand for rentals, and ongoing urban development projects. These factors shape a dynamic market where values differ sharply across districts.

Average property prices per type and area

As of August 2025, the average residential sale price in Athens stands at approximately €2,580 per square metre. This figure provides a general benchmark for the city’s housing market.

However, prices vary significantly depending on the neighbourhood. Central areas such as Koukaki and Pangrati often exceed €2,900 per square metre, reflecting their popularity and accessibility.

Prestigious districts like Kolonaki command even higher rates. In these sought-after neighbourhoods, prime properties may reach €4,000 per square metre or more.

On the Athenian Riviera, prices can climb as high as €5,000 per square metre. This coastal area is especially attractive due to its luxury developments and seaside location[6].

How property prices change in Athens year by year

The Athens property market has experienced robust growth, with prices increasing by 7.6% year-on-year as of Q1 2025. This solid performance continues a trend of steady recovery following the post-crisis period.

Several factors, including strong foreign investment, an improving economy, and limited housing supply drive the rise.

The ongoing growth makes Athens increasingly attractive to both domestic and international buyers. While a 7.6% annual rise is healthy, some districts — especially those in the southern suburbs that benefit from large-scale projects –– have recorded even higher gains. These standout areas highlight the market’s dynamic nature, with certain hotspots outperforming the broader average.

Share of foreign investors in property transactions in Athens

Foreign investors are playing a key role in the Athenian property boom, accounting for nearly 40% of transactions in the first quarter of 2025. This significant share underscores Athens’ appeal as an international investment destination.

A major factor driving this overseas interest is the Greece Golden Visa programme, which grants residency to non-EU nationals who invest in Greek property.

The high proportion of foreign buyers reflects considerable confidence in the Greek market. Many are drawn to Athens not only for the potential of capital growth, but also for rental yield opportunities.

Investment properties may be let on a long-term basis and can yield returns of up to 10% per annum.

How fast the properties are sold and what it means for buyers and sellers

Properties in Athens are selling at a relatively brisk pace, with the average time on the market now at 58 days. This decline points to a more competitive and fast-moving market.

A shorter time on market typically signals strong demand and limited supply, with sought-after properties being snapped up swiftly by motivated buyers.

For sellers, as Elena Kozyreva points out, this quick turnaround is an encouraging sign that well-priced, well-presented homes are likely to attract interest and sell promptly. For buyers, it highlights the importance of being prepared and decisive, as appealing properties may not remain available for long.

The graph shows Greece’s housing price index from 2007 to Q1 2025 (2007 = 100). After peaking at 101.7 in 2008, the index fell to 59 in 2017 during the debt crisis. Since then, it has steadily recovered, surpassing its pre-crisis peak to reach 105.1 in early 2025[7].

Continued interest from international buyers, urban regeneration programmes, and a relatively stable economic climate in Greece are expected to support this upward trend.

Large-scale infrastructure projects — including the Ellinikon development and the expansion of the Athens Metro — are likely to boost property values in surrounding areas.

Athens is entering a new development cycle where landmark projects are reshaping both its skyline and investment profile. From large-scale coastal transformations to boutique urban redevelopments, these initiatives highlight how the city is redefining itself for residents, businesses, and global investors.

Ellinikon: Europe’s most ambitious regeneration project

The Ellinikon is the centrepiece of the city’s transformation[8]. Built on the grounds of the former Athens airport, it’s one of Europe’s largest urban regeneration programmes, with an $8 billion investment behind it.

Key features include:

1. One of the world’s largest coastal parks, adding a kilometre-long public beach and nearly doubling the city’s green space.
2. 9,000 residential units, including Greece’s first eco-friendly residential skyscraper, the Riviera Tower, which has already reached the 12th floor.
3. Retail, leisure, and business zones, including Greece’s largest mall, the Riviera Galleria, luxury hotels, and state-of-the-art office space.
4. Green infrastructure, with EV charging stations, rainwater systems, and over 20 kilometres of cycling and walking paths.

The real estate impact is hard to overstate: nearby areas like Glyfada could see prices double or even triple as a result of Ellinikon’s ripple effect.

Faliro Bay: the Riviera’s rising star

Beyond Ellinikon, the Faliro Bay redevelopment is another flagship project reshaping Athens’ coastline. With a €370 million investment, it will introduce new marinas, sports facilities, open-air cinemas, and the Aenaon Metropolitan Park, scheduled to open in 2028[9].

Smaller-scale but high-impact projects 

There are also projects that are changing the landscape of urban living in Athens. These include:

• UrbanCity 44 near Omonia Square brings together stylish flats, shops, cafés, co-working spaces, and gyms;
• Blue Lagoon in Loutraki offers boutique apartments near the sea, with luxury extras like rooftop pools.

At our company, we’ve carefully analysed the Athenian property market to help investors understand where the real opportunities lie. Athens is not a one-size-fits-all city — different neighbourhoods offer different benefits depending on your goals.

Southern suburbs and Athenian Riviera: for luxury and long-term growth

We see the southern coastal areas — Glyfada, Vouliagmeni, Elliniko, and Voula — as prime locations for high-end investment. These are some of the most prestigious neighbourhoods in Athens, and interest has surged due to The Ellinikon mega-project, as well as their appeal to both tourists and Golden Visa applicants.

Median price in Glyfada: €4,250 per square metre.

Why it matters: These areas combine seaside living with top-tier infrastructure, and demand remains strong. For buyers focused on luxury or long-term capital growth, this is where the spotlight is.

Central Athens: for strong yields and quick turnover

We’ve seen consistently strong investor demand in central neighbourhoods such as Koukaki, Pangrati, Neos Kosmos, and Exarchia. These areas are popular with international buyers, especially those looking for short-term rental opportunities.

Koukaki is known for its walkability and proximity to the Acropolis, with high rental demand and liquidity. Pangrati strikes a great balance — more affordable than Koukaki, but with growing appeal to young professionals and foreign investors.

Neos Kosmos is emerging fast, thanks to recent upgrades, while Exarchia has led in price growth. Median price in Koukaki: €2,950 per square metre. Average rental yield in central Athens: 6—9%.

Northern suburbs: for families and professionals

The northern parts of Athens — particularly Agia Paraskevi, Chalandri, Vrilissia, Marousi, Kifisia, Filothei, Ekali, and Pendeli — cater to a different type of buyer. These are areas with more space, greenery, and access to international schools and private medical centres. Marousi, in particular, also serves as a business hub.

Median price in Marousi: €2,800 per square metre. Average rental yield: 4.5—6%.

Emerging areas: for value and future potential

For investors willing to look ahead, we’re seeing exciting growth in several up-and-coming neighbourhoods: Amerikis Square, Korydallos, Egaleo, Peristeri, Agios Dimitrios, and Piraeus.

These areas benefit from infrastructure upgrades and shifting demographics. One standout is Peristeri, where prices have risen by 42.3% since the 2021 metro extension — a clear example of how public transport improvements can directly drive capital appreciation.

Rental yields in Piraeus is up to 6.9%

At our company, Elena Kozyreva notes, we’ve helped many international clients navigate the Athenian property market — and while opportunities are plentiful, there are some common pitfalls to be aware of.

1. Legal complexity

One of the biggest mistakes we see is buyers rushing into a purchase without proper legal checks. In Greece, it’s essential to appoint an independent lawyer before you even start viewing properties.

A qualified local solicitor will confirm who legally owns the property, check for outstanding debts or mortgages, and ensure it complies with building and seismic safety regulations.

2. Hidden costs

Many clients initially underestimate the true cost of buying. Beyond the listed price, several other fees and taxes apply:

• property transfer tax: 3.09%;
• legal and notary fees: 1—2% each (plus VAT);
• land registration: 0.2—0.6%;
• annual property tax, or ENFIA, and municipal taxes;
• ongoing maintenance and common charges.

Our tip: budget with a buffer and get a full breakdown of all expected costs before committing.

3. Property quality

In central Athens, many older properties look appealing on paper but can come with costly issues — outdated plumbing, poor insulation, or even structural problems.

What we advise: always commission a professional property inspection before buying. If it’s a new build, check the developer’s track record and make a bank guarantee to protect stage payments.

1. The Athens real estate market is growing steadily, with average prices at €2,580 per 1 m² and a 7.6% year-on-year rise as of Q1 2025.
2. Foreign buyers drive nearly 40% of deals, largely due to the Greece Golden Visa.
3. Perks include access to the Golden Visa, solid long-term rental yields, competitive prices compared to other capitals, and major developments like The Ellinikon.
4. Athens is being transformed by large-scale developments such as The Ellinikon — Europe’s biggest urban regeneration — and the Faliro Bay upgrade, both boosting infrastructure and property values.
5. Top areas for investment include Glyfada, Vouliagmeni, Koukaki, Pangrati, Marousi, and Kifisia.
6. This content is shared for general information only. It’s not meant to be taken as investment, legal, or tax advice. Decisions about buying property or applying for residence are best made with help from qualified professionals.

1. Source: The breakdown of the Value Added Tax regulations from the Ministry of Economy and Finance of Greece
2. Source: Explanation of taxation rules under the Law 5162/2024 provided by PwC
3. Source: Figures on rent, sales prices, and yields in Athens, Indomio, July 2025; Spitogatos Property Index, Q2 2025
4. Source: Indices of Residential Property Prices: Q1 2025, Bank of Greece
5. Source: Hellenic Statistical Authority, ELSTAT, shows building permits rising, but not fast enough to meet demand
6. Source: Annual residential property prices in Greece rose by approximately 6—7 % in 2024—2025, according to ELSTAT
7. Source: Bank for International Settlements, Real Residential Property Prices for Greece [QGRR628BIS], retrieved from FRED, Federal Reserve Bank of St. Louis, August 27, 2025
8. Source: The details and the current development stage are represented on the official project website
9. Source: Prime Minister Kyriakos Mitsotakis called Faliro Bay an “iconic project”, according to Greek Reporter