High quality housing at affordable prices now available at several of the capital’s western suburbs
Areas west of Athens are emerging as a decent alternative for those who want to acquire new quality properties at reasonable prices. The profile of many of those areas – including Peristeri, Aegaleo and Menidi, best described as the capital’s western suburbs – is gradually improving although many people still don’t think highly of the neighborhoods. Yet many potential property buyers are now willing to «go West,» mainly due to the barely affordable prices of houses in other areas of Athens that are more popular. In the western suburbs one can find a much bigger house than in the north, east, or south of Athens with the same price. The transport infrastructure there is also improving, a trend which is enriching the areas. Aegaleo: Demand in Aegaleo remains stable, but will soon rise thanks to the state’s intervention in the Elaionas area and the future opening of a metro station, which will bring Aegaleo within less than 10 minutes from the city center. The area’s most expensive spots are at Lioumi and Ierapolis, where newly-built flats can reach -2,050 per square meter and older ones come up to -1,600 per square meter. The eastern part of Aegaleo, close to Kifissos Avenue, is cheaper due to more traffic, noise and the many manufacturing plants based there. Ilion: The area of Ilion, formerly known as Nea Liossia, has recently seen considerable development, as many construction companies have made investments there. People from neighboring areas such as Peristeri or Petroupolis are looking into Ilion, particularly due to its lower prices. In the northern part of Ilion one can find the most expensive houses, near the border with Petroupolis, which only recently entered town planning. Flats there can reach -2,200 per square meter if they are new. If they were built between 15 and 20 years ago, they sell at about -1,800/sq. m. at the most. Menidi: The housing market in Menidi is seeing demand growing steadily, as this is one of the least expensive areas in the capital. Local estate agents suggest that the imposition of value-added tax has not really affected the market. Given the housing needs, there is significant construction activity in the area, while construction firms are constantly searching for new plots. Panorama, Boskiza and Lathea are the most popular spots, reaching -2,000/sq. m., or just -1,400/sq. m. for older houses. Demand seems to be centered on 80 to 85 sq. m. houses that are up to 20 years old. Peristeri: Great construction activity in Peristeri over the last couple of years temporarily led the market to oversupply phenomena, as many builders chose this emerging area because of the Aghios Antonios metro station and the line’s extension further inside Peristeri. Most property buyers there come from within Peristeri or the areas nearby. The most popular flats are the 75 to 80 sq. m. ones, followed by the 60-65 sq. m. flats due to their low prices. Kipoupolis remains the most expensive part of Peristeri, offering many quality constructions and more open space than other parts of the area, so prices range from -2,200 to -2,400/sq. m. Petroupolis: The most expensive area among the western suburbs is Petroupolis, where a newly-built house can reach a rate of -2,700/sq. m. Demand has remained stable and the balance between supply and demand continues thanks to the good value-for-money ratio particularly for houses with a view on the foot of Mount Parnitha. Just like in Aegaleo, the cheapest part of the area is close to Kifissos Avenue. Virtually all of the demand (90 percent) comes from within Petroupolis or Peristeri, focusing on 75-85 sq. m. apartments, with older houses remaining popular at a rate of -1,500–1,800/ sq. m.
