Tuesday Jan 27, 2015 Search
Weather | Athens
15o C
9o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Prices for luxury properties falling

By Nikos Roussanoglou

The prices of the most expensive properties in the Greek capital, which perhaps could once only be topped by those of Monaco, Moscow and central London, have returned to levels not seen since 2004.

The sumptuous residences on the Dionysiou Areopagitou walkway at the foot of the Acropolis and on Irodou Attikou, where the Presidential Palace is, may have lost part of their value but this is appreciably less than the average 40-50 percent being observed in the broader market, according to realtor Pantelis Moysiadis.

The same appears to be the case at Lemos, a part of the southern seaside suburb of Vouliagmeni, where rates are somewhat lower (6,000-10,000 euros/square meter).

Nearer the city center, in the plush suburbs of Filothei and Palaio Psychico, prices have fallen significantly in the last two years, receding to 5,000-6,000 euros/sq.m., from 8,000-9,000 euros. If a property on Dionysiou Areopagitou was sold today it could fetch 15,000-20,000 euros/sq.m., depending on the level and the view.

Due to its exclusive character, the low frequency with which its properties come onto the market and the category of buyers that may be interested in them, prices in this particular street are very sticky, especially as regards penthouses. They are 20 properties in all, most of them listed, whose prices multiplied six or seven times when it was pedestrianized, says Moysiadis. The apartments are generally large, ranging between 250 and 350 sq.m. By contrast, Irodou Attikou is dominated by detached residences -- most of them built between 1935 and 1955 -- and is not pedestrianized. The remaining features are basically the same as those of Dionysiou Areopagitou. Due to the lack of new properties, few have been sold on either street over the last 10 years.

In the last recorded sale (2010) on Dionysiou Areopagitou, the new owner paid nearly 8 million euros (or 22,000/sq.m.) for 360 sq.m. On Irodou Attikou Street, prices start at 10,000 euros/sq.m. and rise up to 25,000 euros/sq.m.

The prices are approximate, depending almost exclusively on the sum the prospective buyer is prepared to offer to entice the owner.

ekathimerini.com , Wednesday May 2, 2012 (23:39)  
Consumer confidence in decline in Q4
Euro slide fuels hope of tourism growth
Quest buys Cardlink from Alpha, Eurobank
SYRIZA calls for all taxes to be paid on time
Greek F-16 crash in southeastern Spain kills 10
A Greek fighter jet crashed into parked aircraft during a NATO training exercise on Monday in southeastern Spain, killing at least 10 people and injuring another 13, Spanish defense authorit...
PASOK heading for party congress, leadership contest
PASOK is due to hold a party congress in March, when the leadership of the party will also be at stake, after a poor showing in the elections. Sources said that PASOK leader and outgoing Dep...
Inside News
BASKETBALL
Basket League favorites survive challenges on the road
PAOK consolidated its position in the top three of the Basket League with a triumph at AGO Rethymnou on Saturday, while Olympiakos and Panathinaikos emerged victorious from their tough away ...
SOCCER
Olympiakos overcomes depleted OFI at Iraklio
Easy though it may seem, Olympiakoss 3-0 win at depleted OFI Crete was rather difficult on Saturday, but was enough to keep the Reds on top on Saturday, as they have maintained their two-po...
Inside Sports
COMMENTARY
SYRIZAs win will test institutions
Greece was at an impasse, with a government that did not believe in what it was doing and an opposition that declared with passionate intensity that whatever the government did was wrong and...
COMMENTARY
The challenge for Tsipras and others
A few years ago, an associate of mine who had met with Alexis Tsipras when the young politician was running for Athens mayor told me how impressed he had been by his confidence. Tsipras was ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Basket League favorites survive challenges on the road
2. Consumer confidence in decline in Q4
3. Euro slide fuels hope of tourism growth
4. Quest buys Cardlink from Alpha, Eurobank
5. SYRIZA calls for all taxes to be paid on time
6. Stock traders none too pleased with election result
more news
Today
This Week
1. SYRIZA heads for historic victory but without majority
2. Greek Elections 2015: The day after | LIVE
3. SYRIZA's win will test institutions
4. Tsipras forges anti-austerity coalition in challenge to EU
5. Finnish PM says ready to discuss bailout extension for Greece
6. Tsipras moves to form anti-austerity government after crushing victory
Today
This Week
1. Greek Elections 2015 | LIVE
2. Greek Elections 2015 | LIVE
3. SYRIZA heads for historic victory but without majority
4. Greeks fork out nearly 5 pct of their incomes on telecom services
5. QE exclusion a de facto Grexit
6. Unsupervised voting
Advertiser Link
SMART WATER Project: Outputs and conclusions of the final conference
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.