Southern Suburbs vs. Central Athens: Where Foreigners and Greeks Invest

• 23 December, 24

Foreign buyers in Attica are opting for larger and more expensive homes compared to local Greek purchasers, according to a study by Spitogatos.gr presented by its CEO, Dimitris Melachrinos, during a recent MORE Group event. The study reveals that foreign buyers search for homes with an average asking price of €231,625, exceeding the €216,688 sought by Greeks. However, Greeks are willing to pay 10% more than foreigners for properties in central Athens.

Conversely, in the affluent southern suburbs, foreigners demonstrate a preference for pricier homes, targeting properties averaging €380,000 and 110 square meters, compared to €280,000 and 92 square meters sought by Greeks. Many of these purchases are for investment purposes, reflecting the region’s appeal to international investors.

A similar trend is evident in the rental market. Foreigners search for rental properties with an average monthly cost of €787, compared to €668 for Greek renters. Areas with the highest rental demand include Athens, Kallithea, Halandri, Glyfada, Nea Smyrni, Piraeus, Maroussi, Zografou, Palaio Faliro, and Ilioupoli. Notably, Ilioupoli has gained popularity for its affordability and proximity to the Elliniko redevelopment project.

The housing market in Piraeus is experiencing a surge in demand, attributed to foreign Golden Visa investors and local interest driven by the metro extension. Piraeus has become the fifth most popular area for homebuyers, rising from seventh place in 2022. Central Athens and Glyfada remain the top choices, with the northern and southern suburbs continuing to dominate the list of preferred areas for purchasing homes.

These trends underscore the evolving dynamics of the Attica real estate market, shaped by both domestic and international preferences. Factors such as metro expansions, the Golden Visa program, and investment opportunities are driving growth, particularly in areas offering a balance of accessibility, lifestyle appeal, and investment potential.

Source: Ekathimerini