Famed for its extensive cultural offering and prestigious past, Athens offers exceptionally diverse settings and a myriad of lifestyle opportunities highly coveted by NWIs.
With fine dining possibilities, theatres and museums one can also be swimming at a beautiful beach overlooking the sunset, or within half an hour be hiking in one of the traditional mountain resorts. The city has excellent links to all European destinations, as well as to Eastern Europe and the Middle East. Furthermore, the ease private air travel has made accessibility to major hubs more convenient than ever for those wishing to be within easy commute of business and a luxury secondary getaway.
The most sought-after neighborhoods
The centre of Athens, most notably the districts of Anaktora, Kolonaki, Acropolis and the city’s historic center, are now more affordable than ever. The Greek islands have attracted foreign players looking for vacation homes though recently these buyers are also looking toward Athens itself and it’s prestigious Northern suburbs. These exclusive neighborhoods are home to embassies, private schools and luxury boutiques. Also extremely popular are luxury properties in the southern suburbs (Athenean riviera) which have incredible sea views and also those with easy access to the private yachts in the marinas. Recently, the surrounding nearby islands have seen strong interest developing.
The most desirable properties
In the center of Athens, penthouses offering breathtaking views over the Acropolis and the Mount Lycabettus. High-end luxury apartments and contemporary luxury villas in the south of with views of the Aegean Sea represent attractive propositions for families looking for large luxury homes. In the northern suburbs larger private properties with gardens are regaining favour though they are in need of modernisation. In an interesting trend affluent international families are driving the demand for secluded getaways in the lesser-known surrounding islands that can be reached within 15 minutes by helicopter.
Clients are looking for real estate of exceptional quality, finely crafted architecture, and excellent value for money. This discerning clientele are also looking for discretion, privacy and security combined with diverse experiences and luxury lifestyle within easy reach of major hubs.
This group has a truly local and international flavour, comprising many affluent Greek nationals, although the majority of players are from other European states as well international destinations. Local clientele are mainly wealthy businessmen or ship-owners or those who have been living abroad. Many international families form the Middle East and China are attracted to Athens by the Golden visa. Notably large numbers of Turkish investors consider the islands stable political environment.
Opportunities and perspectives
The economic situation is improving, and the fear of a withdrawal from the Eurozone is fading away – two positive points reassuring investors. Following recession of 2011, which saw prices drop over 40 per cent, luxury properties in and around Athens are once again experiencing an upward demand. In any such market cycle astute buyers are never far behind sensing opportunity and anticipating further increases. With prices on the rise the first time 7 years, there is a prevailing sense of prolonged optimism. The forecast is looking positive in Greece. More and more affluent international buyers are being seduced not only by attractive price, but also greater lifestyle considerations poised to take advantage of the myriad of well-priced luxuryand are poised opportunities. This increase in interest in the market mirrors the wider global trend amongst HNWIs towards experience and lifestyle acquisitions that also satisfy investment needs.
Opportunities for returns on investments abound. There are the older sizable properties in the exclusive Northern suburbs, which represent great value propositions for savvy investors. Consider as well the dream prospect of owning a private luxury home on one of the small islands. These beautiful properties, some with private beaches, are still very competitively priced between 2-3 million euro. They represent great value apparitional investments with the added benefits of privacy, safety and security-all highly prized by UNHWIs. For those an eye on the future any choice would seem to be a good choice at this opportune time.
What will 1 million euros buy?
A penthouse spanning 2153 sq ft in Kolonaki.
Source: Barnes Global Property Handbook
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