The residency permit may be renewed every 5 years provided the applicant still owns the property. Kerameikos is located a 15-minute walk from the Acropolis and is near Ermou Street, the city’s main shopping belt. 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. If you need cabinets for your next flip project call Cabinet Express Online @ 256-298-7878. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. It is located north of Athens’ historical centre near Pedion tou Areos, one of the city’s largest parks. We focus on neighborhoods that show opportunity for both immediate and long-term growth. Athens, a city of rooftop living. Real estate in Psirri is more expensive than in Kypseli. It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. Apartments and buildings for renovation start from €900/m² and reach €2,000–3,000/m² for renovated residential property, according to Spitogatos.gr. 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. We have 1,187 offers of Athens real estate at price from 42,000 to 10,600,000€. According to Greek media outlet Liberal, the price of real estate in Kypseli has fallen by over 50% since the crisis. The city’s three metro lines intersect at the Monastiraki, Syntagma and Thiseio stations located nearby. Search for the top real estate investments in Athens, Tennessee. 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. Uncovering details inside some of Athens’ grand apartment buildings. Wishing everyone Kalo Mina, safety & warmth for the month ahead from the Temple of Athena Nike overlooking greater #Athens https://t.co/56bnEGX4Op #Greece #ttot #traveltips #travel #travelblogger, RT @PenelopPa: Visiting Athens National Archaeological Museum during covid-19. 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). Of the total area of 7,000 sq.m. 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. 5Market Realty is a full-service real estate firm offering expertise in residential, commercial, and investment real estate. The report mentions that investors believe that not only residential but office-related properties will see a … Get occasional updates, exclusive tips and giveaways delivered to your inbox. Even though we are located in Athens, our office covers all locations of the country. DISCLAIMER: The information provided is general and should therefore NOT be considered as advice or consultation to act upon. Real estate prices in Exarcheia average €400/m² for properties in poor condition and €1,000/m² for high-quality renovated ones. 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 most common methods are through real estate agents and less often privately. The cost of purchasing and renovating the building is €750,000, which makes the price per square metre close to the cost price. lease expire 2030. A harder, but more profitable, strategy is to participate in a redevelopment project. Government charges may also change from time to time. What are the general steps to securing a property? Athens, Attica Greece. Kypseli is one of the city’s oldest, most densely populated and multicultural neighbourhoods. 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. 2020 HIP GREECE LTD  -  ALL RIGHTS RESERVED. The newly built Stavros Niarchos Foundation Cultural Center has been the most ambitious cultural and architectural project to date. “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. The innovative and entrepreneurial team, which is headquartered in Chicago, IL, has developed strategic partnerships throughout the Midwest and East Coast. While we are based in Athens, our team of agents sell property throughout the greater Athens area and across the state. Since the 1990s, the area began has seen an influx of migrants from Albania, Romania, Bulgaria, Ukraine, Moldova, Russia and other countries. 5Market professionals are able to assist buyers and sellers with all of their real estate needs. An investor’s net annual return from the lease, after expenses and taxes, is estimated at 7% per annum. 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! 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. The average Airbnb rental rate for apartments in Psirri is €40 per night. The daily lease for apartments in Kypseli average €37, according to AirDNA. Investments will be made by purchasing the project company's bonds, which allows for tax optimisation. Investors are guaranteed a rental yield of 8% per annum. 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. Athens Real Estate Group, LLC. The total cost of the project, including renovation, is €1.3 million. Coldwell Banker. An example of an illegal structure could be an enclosed veranda that was built without a permit. Search for the top real estate investments in Athens, CA. 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. 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. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. As the area continues to gentrify, more buildings are being renovated and its former warehouses are being converted into commercial facilities. Buying property in Athens has never been more enticing. Median Property Sale Price: $157,200, N/A Aribnb and 4.59 Traditional Cash on Cash Return. Enterprise Greece estimates one billion euros have been invested in the overall real estate market in Greece, since the programme began in 2013. Within the apartment building, there are also common use areas, jointly owned by all owners. Enjoy the past exhibition “These are what we fought for… Ant…. Owners will usually need to arrange for their own independent heating system in compliance with the Deeds of Establishment. But before you sign on the dotted line in a post-holiday haze, it helps to do some homework. I will conduct a legal check to verify if all built structures comply with lawful building permits. The €617 million development by the prominent Greek shipping family, was the largest donation made to the city so far. As a rule, most individuals are not “risk takers”; they prefer a “safe option” when it comes to investments. Property Investment in Athens. 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. 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. Founded in 2012 as an independent real estate investment firm, Athens Investments actively seeks to acquire undervalued and distressed properties. Showroom is conveniently located off of hwy 72 in Athens. I always suggest clients walk or drive around neighbourhoods they are interested in during the day and also in the evening. 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. Many people know that investing in rental property is a good way to diversify their portfolio, but very few actually act on that knowledge. Repair works can be completed within three months. 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. What things are there to be aware of if an apartment or property needs renovating? total investment €5,800,000. The urban cityscape of Athens. One can buy cheap real estate, make repairs, and lease or sell at a higher price. 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. 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. This is where I step in on behalf of my clients. 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. 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. EU residents will have almost no restrictions in purchasing a property in Greece. 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. How can an investor profit from real estate in Athens? She is now based in Athens and is a licensed architect. Low residential property prices attracted artists and musicians to the neighbourhood, and cafes, bars, shops, galleries and boutique hotels soon followed. Tranio is redeveloping a residential unit in the district – a building with 12 apartments on Athinas Street – and is seeking investors. 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. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. ksirouni.com. 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 … When selling Greek land or buildings, all owners are required to provide a Legal Technical Certificate (Law No. Generally speaking, more people will invest in 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. The good news is that property owners no longer have to obtain a permit for minor repairs or upgrades. $209,900. 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. 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. In October 2017, the media reported a Chinese investor to have bought over 100 apartments in Exarcheia in a single transaction. “Finally, there is light at the end of the tunnel. According to Deutsche Bank CEO John Cryan, the worst is over for Greece. Save this home. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. 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. By continuing to use this website, you consent to the use of cookies. m offices. 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. Katerina Sirouni was born and raised in Chicago, Illinois. Email. The leasable area can be increased by constructing additional storage premises of 2,500 – 3,000 sq. 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. At the same time, tourist numbers are increasing. However, since the victory of the Syriza party in January 2015, the protest movement has started to calm down. Website. Psirri is known as the “Athenian SoHo”, but twenty years ago, it was a decaying industrial area. Photo: Why Athens. Last Name. Greece is now perceived as not only a beautiful country with a good climate but also as a safe destination with a serious government. The daily rate, according to AirDNA (a service processing Airbnb data) is about €55. Residential, Investment and Commercial Real E Home. Do they need to be physically present the entire time? More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. 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%. Photograph: Why Athens. 4495/17) which is proof that the property is lawful. A common issue in many older apartment buildings in Athens, is central heating, which is usually not connected due to the high running costs. Exarcheia is a bustling neighbourhood with busy nightlife, co-op cafes, restaurants, bookshops and theatres. Most of them, according to the Athens Social Atlas, are characterised by a high level of education and financial activity. 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. They have cabinets for any project and every budget! Real Estate Investing Real Estate Agents Real Estate Management. 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. Investing in Athens Real Estate. The return on investment is … 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. 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. The neighbourhood is home to the National Archaeological Museum, one of the largest museums in the world dedicated to the Greek culture. Have you been considering investment property? 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. Those that do not comply, will face heavy fines. m storage premises and 500 sq. 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