Realty buys that make sense
The affordable areas of the center of Athens, its western suburbs and Piraeus are the most attractive destinations in Attica for investors who wish to acquire property for income.
The highest yields are found in these areas, since the purchase price is lower compared to other parts of Attica, and at the same time the rent is not as low, thereby offering a greater return on the initial investment. However, even in these areas, sale prices are growing, so that yields are now lower than a few months ago.
According to research by online platform Protio, the areas of Amerikis Square, Attikis Square and Victoria Square occupy the top three spots, based on the returns offered by renting a residence. At Amerikis Square, the average yield reaches 7.2%, as the average house sale price is 1,415 euros per square meter and the average rent reaches €8.4/sq.m. At Attikis Aquare the yield is 7.1% and at Victoria Square 6.9%.
According to Antonis Fiorakis, head of Protio, “from the data of our analysis, it appears that in addition to the center of Athens, there are now also areas of the western suburbs and Piraeus which record high returns. We believe this is due to the operation of the new metro stations, which has had a positive effect on the housing market.”
However, overall in the housing market, the yields on offer are declining. For example, Amerikis Square’s 7.2% yield is down from 7.7% a few months ago. At Attikis Square, the return has fallen from 7.7% last spring.
A few months ago, the first place was occupied by Aigaleo, with a yield of 8.2%. Today, after the opening of a metro station there, the average yield has fallen to 6%, as the average sale price has exceeded €1,900/sq.m.
At the same time, areas such as Nikaia and Patissia, which were in the top three in the previous Protio survey, with returns of 7.9% and 7.8% respectively, have now dropped out of the top 10. The same is expected in Piraeus and Korydallos.
