Short-term rental investors eye new areas
Foreign buyers of property in Athens who are interested in advertising houses and apartments for short stays via online platforms such as Airbnb and HomeAway are now targeting alternative neighborhoods near the city center.
The reason for that is the soaring property prices in high-demand areas – i.e. those within the historic center of the capital (Koukaki, Plaka, Acropolis and Monastiraki) – with asking prices in Koukaki reaching over 2,000 euros per square meter for apartments more than 30 years old.
The most attractive districts for investing in apartment acquisitions to turn into short-term rentals are Kerameikos, Kypseli, Psyrri and Exarchia. Sale prices in the latter neighborhoods are lower than in the historic center, but being just a short distance from the main sights of Athens they are still very popular with visitors; rental rates there are also lower and the areas feature or are close to metro stations.
Russian investment company Tranio, which has already made such purchases in the Greek market, says that the abovementioned alternative choices have become more attractive because sale prices are below those in the city center and foreign investors will continue to seek out such opportunities in Greece as rates remain considerably below those of rival destinations including Paris, Barcelona, Madrid and Rome.
