Soaring prices in Athens’ most sought-after neighborhoods are pushing buyers and investors toward long-ignored districts seen as the capital’s next growth areas.
By Maria Kaloudi
The shift is being driven by a shortage of new housing and strong demand for older apartments with renovation potential, said Anna Mokakou, a certified real estate appraiser and head of New Life Real Estate.
Mrs. Mokakou said areas once considered overlooked are now attracting attention from buyers priced out of central and upscale parts of the city.
Patisia remains the cheapest entry point to the central market, with an average asking price of 1,714 euros per square meter. Kypseli follows at 2,147 euros, while Sepolia stands at 2,253 euros, according to market data cited by Mrs. Mokakou.
She said Kypseli has shed much of its former reputation as a neglected district and is benefiting from its architecture and proximity to the city center.
In western Athens, Agia Varvara and Kamatero remain among the most affordable areas in the wider Attica region, at 1,575 euros and 1,981 euros per square meter, respectively.
Both have offered relative price stability as the broader market has remained volatile.
Eastern suburbs are also drawing increased interest from buyers looking for long-term value, largely because they have not yet seen the same level of pressure from foreign capital. Analysts say that could change if demand continues to spread beyond Athens’ traditional prime zones.
Greece’s property market remains constrained by deep structural problems, including a homeownership rate of 69.7 percent and a highly fragmented ownership model.
The lack of an organized institutional rental market further limits supply, keeping pressure on prices.
As a result, analysts say today’s affordable neighborhoods are increasingly likely to become tomorrow’s premium addresses.