Non-EU residents must demonstrate their connections with Greece and their intent for property use. One important factor owners must have in mind is that short-term or holiday rental income must be declared as if one were renting to a long-term tenant. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. 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. 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. The building’s expected resale value at the end of 2019 is €1 million to €1.2 million. The daily lease for apartments in Kypseli average €37, according to AirDNA. m. Year of construction: 1986, 1996, 2002. Foreigners do not have to be physically present in Greece for the final closing, appointing a Power of Attorney is equally efficient. Government charges may also change from time to time. (706) … Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. What things are there to be aware of if an apartment or property needs renovating? But before you sign on the dotted line in a post-holiday haze, it helps to do some homework. This website uses cookies to ensure you get the best experience. Investment loans are commonly below 6% interest on a 30 year fixed mortgage. The daily rate, according to AirDNA (a service processing Airbnb data) is about €55. How does the buying process in Greece differ from the rest of the world? Email. EU residents will have almost no restrictions in purchasing a property in Greece. Owners must now declare the property, names of renters and the duration of the lease on this platform. The time needed to negotiate the purchase deal and conclude the actual property transfer differs for every transaction. Athens offers an easy lifestyle against the backdrop of a buzzing and dynamic city that is steeped in history and legacy. Buying property in Athens has never been more enticing. Nevertheless, the road to normalization will remain long and difficult”, he was quoted by Greek media outlet Ekathimerini as saying. 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. Even though we are located in Athens, our office covers all locations of the country. “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. Athens, a city of rooftop living. Athens, Attica Greece. 4495/17) which is proof that the property is lawful. I have worked on cases that took one month and others that went on for six months. Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Kypseli is one of the city’s oldest, most densely populated and multicultural neighbourhoods. 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 … 5Market Realty is a full-service real estate firm offering expertise in residential, commercial, and investment real estate. Psirri is located in the centre of Athens near the Syntagma and Monastiraki squares, a 15-minute walk away from the Acropolis. Athens Real Estate Group, LLC is a full service real estate firm handling residential and commercial sales, as well as property and community association management services. Walk-by signage is also effective especially if you have the time to explore areas. I usually come in when the client has decided on or has narrowed down options of properties they are interested in. 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. We reached out to Katerina to get her insights and experience on buying property in Athens. 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. 3 ba. Do they need to be physically present the entire time? Find traditional & Airbnb Athens investment property based on cash flow, cash on cash return and cap rate calculations. Photograph: Why Athens. The urban cityscape of Athens. There are currently many vacant units there and the rent is cheap. Common use funds are handled by one of the owners, referred to as the “Diaxiristi” or an appointed management company in many cases. How can an investor profit from real estate in Athens? Of the total area of 7,000 sq.m. 2 days on Zillow. Prices of property in the central neighbourhoods of Athens popular with tourists, Kolonaki and Monastiraki, have been growing. 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. Asking: € 275,000. A logistics hub with a total area of 4,500 sq. Best Low Budget Summer Destinations in Greece, Mykonos Best  Restaurants, Bars and Beach Bars. 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 five year residency visa via Greece’s Golden Visa programme has also helped push things along. Real estate prices in Exarcheia average €400/m² for properties in poor condition and €1,000/m² for high-quality renovated ones. The southern coastal districts from Piraeus to Vouliagmeni will get a boost thanks to recent plans to transform the major shipping and passenger terminal of the Port of Piraeus and its surrounding area. In some cases when an apartment is located in a building of historical heritage, the process can become more complicated and restrictive. 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. Within the apartment building, there are also common use areas, jointly owned by all owners. It goes without saying that you should find a reputable team of professionals to guide you through the purchasing process. If you need cabinets for your next flip project call Cabinet Express Online @ 256-298-7878. Uncovering details inside some of Athens’ grand apartment buildings. Ethan Atkinson 678-485-9198 Sign Up First Name. $209,900. 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. What are the general steps to securing a property? This one-bedroom flat in Athens generates an annual return of €12,000. Send us your booking.com confirmation number, name and contact information at concierge@hipgreece.com, 3. Exarcheia is a bustling neighbourhood with busy nightlife, co-op cafes, restaurants, bookshops and theatres. One can buy cheap real estate, make repairs, and lease or sell at a higher price. “Finally, there is light at the end of the tunnel. Katerina Sirouni was born and raised in Chicago, Illinois. Athens Real Estate Group, LLC. Until recently, Exarcheia had a reputation of being a neighbourhood for protests and demonstrations, where clashes between locals and the police frequently occurred. Last Name. Search for the top real estate investments in Athens, Tennessee. The outlook for 2018 remains positive. Many people know that investing in rental property is a good way to diversify their portfolio, but very few actually act on that knowledge. We help our customers sell and buy property in Athens without the hassle. They have cabinets for any project and every budget! Kerameikos is popular with young and creative people. 5Market professionals are able to assist buyers and sellers with all of their real estate needs. According to Tranio analysts, such neighbourhoods include Kerameikos, Kypseli, Psirri and Exarcheia. 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! The residency permit may be renewed every 5 years provided the applicant still owns the property. House for sale. The best neighbourhoods in which to invest are those located within walking distance of the Acropolis. While we are based in Athens, our team of agents sell property throughout the greater Athens area and across the state. Investing in Athens Real Estate. 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. Central Athens is built around the Acropolis. Investors are guaranteed a rental yield of 8% per annum. According to Emerging Trends in Real Estate Europe 2020 report, Athens will continue to grow as an attractive investment option. Photograph: Why Athens. Enjoy the past exhibition “These are what we fought for… Ant…. Our company has extensive knowledge of the Athens area market and specializes in investment and student rental properties. Property Investment in Athens. 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. 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 next important step potential buyers must keep in mind, is to make sure that the property they are buying is lawful. Owners will usually need to arrange for their own independent heating system in compliance with the Deeds of Establishment. Password. If you are looking for Greek real estate investment opportunities, Olympia Properties undertakes the entire process of locating, evaluating, buying and, eventually, managing your desired property. 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. For baby boomers like me it is an opportunity to secure your retirement income through rental property. Photo: Why Athens. I always suggest clients walk or drive around neighbourhoods they are interested in during the day and also in the evening. Greece has traditionally been a nation of land or home owners who proudly passed on the property deeds to the next generation through death or marriage. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. The report mentions that investors believe that not only residential but office-related properties will see a … Alternatively, investors can hold the property for a longer period as Tranio forecasts a 30% increase in its value over the next two to three years. Once negotiations have been concluded, the owner gathers all tax, legal and technical documents that are required. 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. Save this home. We focus on neighborhoods that show opportunity for both immediate and long-term growth. At the same time, tourist numbers are increasing. Plans are also in place to finally resurrect the former Athens airport near Glyfada, into a modern hub of residences, retail and leisure facilities. ATHENS, Eastern Attica, Koropi, land 10,000 sq.m, for sale, off plan, with 2 Luxury Villas, façade, bright (between 2-way), slightly sloping, front to city road, with panoramic views. Real Estate Investing Real Estate Agents Real Estate Management. The leasable area can be increased by constructing additional storage premises of 2,500 – 3,000 sq. 2020 HIP GREECE LTD  -  ALL RIGHTS RESERVED. Don’t miss out, sign up and get the best of Why Athens delivered directly to your inbox. 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. Have you been considering investment property? Maintenance, amenities and utilities of these areas are paid for collectively by owners (or renters) depending on the ownership entitlements of each unit. 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. In view of Greece’s economic recovery and growth in tourism, investors expect prices for real estate in Athens to rise. Katerina, as an architect-engineer and property consultant, how can you assist overseas buyers in the purchasing process? Only then, does the buyer obtain full ownership rights. According to Greek media outlet Liberal, the price of real estate in Kypseli has fallen by over 50% since the crisis. In comparison, similar properties in Barcelona and Lisbon are several times more costly. More experienced investors are buying property in need of renovation for a lower price and renovating them to get higher returns on their investment. Search for the top real estate investments in Athens, AK. 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. Each owner of an apartment owns a certain percentage according to the Deeds of Establishment of the building and transferred upon purchase. When selling Greek land or buildings, all owners are required to provide a Legal Technical Certificate (Law No. By the 1960s, it was one of Athens’ most upscale neighbourhoods. The city’s three metro lines intersect at the Monastiraki, Syntagma and Thiseio stations located nearby. Investing in the capital of Greece has gained significant popularity during the last years, as a result of the increasing demand from international investors all over the world. Showroom is conveniently located off of hwy 72 in Athens. To secure the purchase, a down-payment of up to 10 per cent (depending on the property value) is usually deposited by the buyer but is not mandatory. 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. Olympia Properties is a real estate agency offering top-notch, tailor-made services for property investment in Greece. m offices. ksirouni.com. Most of them, according to the Athens Social Atlas, are characterised by a high level of education and financial activity. Apartments and buildings for renovation start from €900/m² and reach €2,000–3,000/m² for renovated residential property, according to Spitogatos.gr. Those that do not comply, will face heavy fines. . We have 1,187 offers of Athens real estate at price from 42,000 to 10,600,000€. The total cost of the project, including renovation, is €1.3 million. Residential, Investment and Commercial Real Estate Source. Keep in mind, once the purchase-contract deed has been signed, it must be registered with the relevant Hellenic Cadastre and/or the Mortgage Registry depending on the location of the property. I will conduct a legal check to verify if all built structures comply with lawful building permits. You can contact Katerina directly via her website. The closest metro stations are Thiseio and Kerameikos on the green and the blue lines respectively, which connects the neighbourhood to Piraeus and the Athens Airport with a transfer to the overground railway. 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). A common issue in many older apartment buildings in Athens, is central heating, which is usually not connected due to the high running costs. 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. Buyers however should proceed with caution as the Greek economy is still in recovery and investing in real estate is not without risk. By continuing to use this website, you consent to the use of cookies. According to Deutsche Bank CEO John Cryan, the worst is over for Greece. It’s a city blessed by the gods with its crystal blue coastline, magical sunsets and mountainous landscape. The neighbourhood is located between two metro lines, and the Acropolis is 40 minutes minutes away by overground transport. With low residential prices and high yielding short-term rental income, investment from overseas buyers has surged in recent years, allowing many to realise their dream of owning a summer holiday pad in Greece and indeed, Europe. 1815 Cedar Shoals Dr, Athens, GA 30605. Katerina is experienced in designing, constructing and renovating residential and commercial property, as well as assisting with all property-related matters such as obtaining certificates and permits. Get occasional updates, exclusive tips and giveaways delivered to your inbox. She regularly writes (in English) for various publications. Greece’s exemplary handling of the crisis has created a positive image in international media and the wave of real estate investors will come. Book through Hip Greece powered by Booking.com and get your free personal service and travel itinerary from our in-house travel specialists on what to see & do, where to entertain and many more... 2. As a rule, most individuals are not “risk takers”; they prefer a “safe option” when it comes to investments. Where do people commonly find properties advertised for sale in Athens? Search for the top real estate investments in Athens, CA. 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. Athens climbed to the 14th place in Europe from the 29th it was in 2017. According to the Huffington Post, the neighbourhood is now attracting young entrepreneurs who are opening barbershops and ice cream stands, leveraging on the fame of Exarcheia. Residential, Investment and Commercial Real E Home. Buying property in Greece can be a different experience for foreigners compared to what they are used to back home where it is more common to work directly and solely through real estate agents. She is now perceived as not only a beautiful country with a good idea to have bought over 100 in! 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