The current trend among Israeli real estate investors points to a growing search for investment opportunities outside the country. Among the leading destinations is Athens, the capital of Greece, which is attracting significant attention due to its competitive prices compared to other major European cities, and its strategic location close to Israel.
The current timing for investing in the Greek market is considered optimal, given that the country is still in the process of recovering from the severe financial crisis of 2008, which led to a dramatic drop in real estate prices across the country, particularly in apartment prices in Athens.
The Athens metropolitan area, which covers a vast area and is home to approximately 5 million residents, serves as the cultural, political, and economic nerve center of Greece and accounts for about one-third of the country’s gross domestic product. This thriving city, which impressively blends a modern atmosphere with a rich historical heritage, attracts millions of visitors and tourists every year.
Despite the steady rise in apartment prices in Athens in recent years, the Athens real estate market continues to offer interesting investment opportunities. Compared to other major European cities, the Athens market has not yet reached its full potential.
One reason for this is that the local mortgage market is only just beginning to recover, which has so far limited financing for real estate transactions. When financing is unavailable, investors are forced to provide 100% of the equity, which naturally caps price increases. However, once the financing market opens up and access to mortgages becomes more widespread, demand is expected to rise—and so will prices.
Combined with its high accessibility from Israel, this makes the market particularly attractive to Israeli investors seeking profitable investment opportunities overseas.
The positive momentum in the local real estate market is reflected in a steady rise in demand, both for home purchases and for rentals of varying durations. The significant increase in the number of building permits and new construction starts in recent years indicates a major development boom in the sector.
The Greek government’s “Golden Visa” program serves as a significant growth engine for the market, offering the opportunity to obtain permanent residency to investors willing to invest €400,000 or €800,000, depending on the region of the country selected. This program has succeeded in attracting an impressive number of international investors to Athens and Greece as a whole, including a significant community of Israeli investors who have recognized the economic potential inherent in the country’s developing real estate market.
The tax treaty between Israel and Greece, along with Greece’s low tax policy as of 2025, significantly influences Israeli real estate investments in the country. The treaty prevents double taxation and allows investors to receive an exemption from paying tax in Israel on profits from the sale of properties in Greece. In addition, Greece offers various tax benefits to attract foreign investors, including a VAT exemption on property purchases and a capital gains tax exemption for foreign investors who own up to three properties, as of 2025.
Residential real estate prices in the city vary widely, especially when comparing apartment prices in Athens in new developmentsand renovated buildings to those in pre-owned apartments.
The estimated price range for pre-owned apartments is between €1,500 and €3,500 per square meter.
New apartments in a renovated building, on the other hand, range from approximately 3,500 to 7,500 euros per square meter
New apartments, especially those in luxury developments or urban renewal projects, are considered more expensive than pre-owned apartments due to their modern design, state-of-the-art amenities, and new infrastructure.
The differences between neighborhoods are also very significant—upscale areas such as Kolonaki and Plaka have significantly higher prices than outlying neighborhoods. A thorough understanding of each area’s characteristics is critical to a successful investment, with estimated average annual returns on long-term rentals ranging from 4% to 6%, depending on location and property type.
Apartment prices in the Athens real estate market are influenced by several key factors, such as geographic location, apartment size, condition (whether the property is new, renovated, or pre-owned), and the character of the neighborhood.
The latest 2024 survey indicates an average price per square meter in Athens for residential real estate (both new and existing) of €2,500 per square meter in the city, according to properstar.com. When considering a standard 70-square-meter apartment, the total cost ranges from approximately €107,000 in more affordable areas to €231,000 in upscale neighborhoods.
In upscale neighborhoods such as Kolonaki-Lykabettos and Vouliagmeni, the estimated price per square meter soars to €7,000 and sometimes even higher, with a typical apartment in these areas priced at €500,000 or more, on average.
In contrast, in developing areas and on the outskirts of the city, apartment prices in Athens are moderate and range from approximately €1,500 to €2,000 per square meter, allowing for the purchase of an apartment in the range of approximately €105,000 to €140,000.
Neighborhood | Key Features | Average price per square meter (estimated, in euros) |
Exarchia | Located in the heart of Athens, it is known for its unique, youthful, and vibrant atmosphere. "The Florentin of Athens" | 3,300 |
Kypseli | A vast and diverse neighborhood with over 65,000 residents. It is considered one of the leading real estate investment destinations in Athens and offers high return potential, given its central location, Quality of life, proximity to the Athens University of Economics and Business. | 1,900 |
Kolonaki | 'Rothschild Boulevard' by The capital of Greece. Located at the foot of the famous Mount Lycabettus, it is considered one of the in Athens, with designer boulevards featuring luxury brands, Michelin-starred restaurants, museums, and galleries. | 4,500 |
Glyfada – Glyfada | "The Athens Riviera" is considered prestigious and highly sought-after thanks to the combination of quality of life and proximity to some of the most beautiful and sought-after beaches in Athens. | 5,200 |
Patisia | A quiet neighborhood in northwest Athens, close to the university, whose population consists mainly of families and students looking for an apartment near their place of study. It is a developing neighborhood, so real estate prices are still low and attractive, and the potential is high. | 1,500 |
Neos Kosmos | From the neighborhood a blue-collar neighborhood with many garages and commercial buildings, the neighborhood has seen renewed growth with the opening of art spaces, restaurants, and theaters and bars among its old buildings. | 2,900 |
Year | Average price per square meter (estimated, in euros) | Year-over-year change (percent) |
2018 | 1,200 | – |
2019 | 1,300 | +8.3% |
2020 | 1,350 | +3.8% |
2021 | 1,400 | +3.7% |
2022 | 2,033 | +45.2% |
2023 | 2,233 | +9.8% |
2024 | 2,492 | +11.6% |
Apartment prices in Athens are influenced by a wide range of factors, some of which relate to the apartment itself, and others to economic conditions and government policy. To make an informed investment decision, it is important to examine all of these factors and compare different neighborhoods in the city before buying an apartment in Athens.
When deciding to invest in an apartment in Athens, price is a significant consideration. Such a decision is a major step that requires careful preparation and planning. To ensure a successful investment, it is important to understand the dynamics of the Athenian real estate market and be familiar with the factors that influence apartment prices. In this article, we’ll share useful tips to help you navigate the process of finding and purchasing your apartment.
When looking for an apartment in Athens, prices vary depending on location. Location is one of the most significant factors affecting a property’s value and investment potential. Choose an apartment in a strategic location, close to the city center, tourist attractions, or areas with high rental demand, such as universities or business districts. Proximity to public transportation stations, such as the metro, will add significant value to the property. Neighborhoods like Kolonaki, Pagrati, and Glyfada are considered popular choices among investors. It is important to assess the neighborhood’s level of development and the socioeconomic status of its residents, as these factors influence demand and prices.
When evaluating the right area to buy in, it’s not necessary to invest solely in the most developed and expensive neighborhoods—it’s both possible and advisable to identify up-and-coming trends in neighborhoods with strategic locations and future urban development plans that haven’t yet reached their full potential. Experienced companies that know the local market can help you with such “forward-looking initiatives.”
Buying a property in Athens requires flexibility and patience. The purchasing process can be complex and involve numerous coordination efforts with real estate agents and property owners. Be prepared for meeting times to change, and allow yourself enough time between appointments. Additionally, building a professional network can give you access to off-market properties and provide you with a competitive advantage.
Before signing the contract, it is important to conduct a thorough inspection of the property. Check the technical condition of the apartment and the building, including any necessary renovations. Please note that in Athens, apartment square footage is calculated based on the exterior perimeter of the walls, and balconies are not included in the calculation. Additionally, it is important to conduct due diligence to ensure there are no liens or encumbrances on the property.
Before making a purchase, compare prices across different neighborhoods and assess the property’s potential for returns. Check the annual maintenance costs. Don’t forget to consider the option of renting the property on a short-term basis to tourists in areas where regulations allow it, as this can be a significant source of income.
Buying an apartment in Athens can be a profitable investment, but it requires thorough preparation and in-depth research. By choosing the right location, understanding the local market, being flexible, and carefully inspecting the property, you can ensure that your investment is a success.
A thorough understanding of Athens’ various neighborhoods is essential to the success of your investment. Each neighborhood offers unique characteristics, and only through in-depth research can you assess the potential of a specific property. Visit the different neighborhoods, get a feel for the surroundings, infrastructure, and local population. Working with local experts, such as real estate agents or Israeli companies specializing in Athens and Greece, can provide you with valuable information not available online and point you toward profitable investment opportunities.
Sometimes it’s better to hire an experienced company to handle all the checks for you. It is important to understand that buying an apartment in Athens is a complex process, and there are many aspects to consider along the way (legal and planning checks, analysis of the area, prices, renovations, etc.). For those who do not want to fly to Athens every month and deal with this time-consuming process, it is advisable to contact an experienced and reputable company.
When examining the Greek real estate market, the question arises: How do apartment prices in Athens compare to those in other cities in Greece?
The short-term rental market in Athens has undergone a significant regulatory overhaul in recent years. Following a period of unchecked growth that strained infrastructure and led to a shortage of residential housing, Greek authorities began imposing strict regulations on the sector in 2020.
Current licensing requirements include registration with the Tax Authority’s AADE registry, obtaining a tourist license based on a physical inspection of the property, and preparing extensive documentation: title deeds, architectural plans, safety certificates, and energy performance certificates. The main restriction is a limit of up to 90 rental days per year in central areas, while in Athens, a one-year freeze on the registration of new apartments in sought-after areas was imposed in 2024.
Starting in October 2025, additional strict regulations will take effect: mandatory civil liability insurance, a full set of fire safety equipment (fire extinguishers, smoke detectors), a pest control certificate, a first aid kit, and certification from a licensed electrician. A new restriction limits each owner to a maximum of two properties for short-term rentals, with the 90-day-per-year limit remaining in effect.
Contrary to initial concerns, the strict regulations did not harm tourism but actually boosted it. In 2024, nearly 8 million tourists visited Athens—a new record for the city.
Regulation has helped create a more professional and high-quality market: restrictions in central areas have led to an improvement in the quality of accommodations, better service, and increased safety for tourists. The “apartment hotel” model has become popular—entire buildings managed as a single unit, offering the benefits of centralized management, compliance with regulatory standards, and a consistent hospitality experience. Leading developers such as Palmo market vacation apartments located in these types of buildings, enabling income from short-term rentals alongside the ability to vacation in the apartment.
As for recommendations for investors interested in renting out their apartments on a short-term basis, it is important for potential investors to know that despite regulatory challenges, demand remains high and the market is becoming more professional. Licensing and compliance costs for the new regulations range from €2,000 to €5,000 per property, depending on size and location. The licensing process takes 3–6 months and involves multiple inspections. Estimated annual returns range from 6% to 10% for investors operating in compliance with the regulations.
It is essential to work with professional advisors who are well-versed in the latest regulations, to ensure full compliance with requirements before investing, and to set aside additional funds for ongoing regulatory compliance costs.
No, apartment prices in Athens have not fallen but have risen gradually in recent years. Despite the steady rise in apartment prices in Athens in recent years, the market continues to offer interesting investment opportunities. The market is still in the process of recovering from the 2008 financial crisis, which puts it in a relatively good position compared to other markets in Europe.
Yes, prices are expected to rise further. Once the financing market opens up and access to mortgages becomes more widespread, demand is expected to increase—and so will prices. Currently, with financing unavailable, investors are forced to provide 100% equity, which places a natural cap on price increases. Once the financing market opens up, prices are expected to rise.
The difference is significant. Resale apartments range from €1,500 to €3,500 per square meter, while new apartments in renovated buildings range from €3,500 to €7,500 per square meter. New apartments are considered more expensive due to their modern design, state-of-the-art amenities, and new infrastructure.
In developing areas, apartment prices in Athens are more moderate, ranging from €1,500 to €2,000 per square meter, making it possible to purchase an apartment for between €105,000 and €140,000. In contrast, in upscale neighborhoods such as Kolonaki-Lycabettus, prices reach €7,000 per square meter and higher.
When considering a standard 70-square-meter apartment, the total cost ranges from €107,000 in more affordable areas to €231,000 in upscale neighborhoods. The average price per square meter in Athens for residential real estate (both new and existing) is €2,500 per square meter in the city.
Yes, but subject to full compliance with the new regulations. Estimated annual returns range from 6% to 10% for investors who comply with the regulations, compared to 4% to 6% for long-term rentals. It is important to take into account restrictions of up to 90 rental days per year in central areas, licensing costs and requirements to pass various inspections.
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The information presented in this article, including price comparisons, market research, estimated returns, and future projections, is intended for general informational purposes only and does not constitute professional advice, financial advice, investment advice, real estate advice, or a substitute for personalized advice provided by a qualified professional. The data presented, including future projections or estimated returns, is based on various sources of information, including estimates and simulations, and does not guarantee actual results.
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