Exploring Athens: A Journey of First Impressions - 2023
Nedim Ruso
Being new to Athens, with only a layover flight experience in the past, I recently had the chance to explore the city and gain insights into its real estate market. My intention is to share my observations and discoveries with you, in the hopes that they will assist you in understanding the city's unique characteristics.
Athens
What caught my eye the most about Athens?
Athens has a rich history, and it's as dazzling as you read online. The importance of Acropolis, particularly as a contributing factor to real estate prices, remains intact. What Eifel Tower is to Paris, Bosporus is to Istanbul, Dumbo Bridge is to New York; Acropolis is to Athens. As the city expands and migration continues towards the rural areas, Acropolis keeps its veritas. Modern-day Athens is developing at a hasty rate and has extreme potential to climb the touristic hotspot ladder. The capital invested in the real estate market spearheads the city's growth.
Athens truly has a Mediterranean climate. We were able to sit outside with a t-shirt in early March. From a financial standpoint, Greece is recovering. NPL ratios are improving across consumer, residential, and business loans. For the first time in a long while, NPL ratios for residential have decreased to high single digits.
Real estate market synopsis:
A steady increase in real estate prices, particularly in Kolonaki and Glyfada.
High foreign investment in the real estate market, particularly from Israel, China, and Russia.
Well-planned neighborhoods with wide streets and avenues,
No skyscrapers. The landscape is protected by limiting building heights to 5-6 floors,
Strong buildings with the majority built between 1960 to 2000,
Strong refurbishment efforts across the city,
Expanding shoreline with large mixed-use developments.
Neighborhoods that caught my attention the most:
Kolonaki
Kolonaki, without question, is the most affluent neighborhood in Athens and provides a chic atmosphere as soon as you set foot in. It’s located right next to Mount Lycabettus, around a 15–20-minute climb from Kolonaki, and provides a breathtaking view of Athens. The neighborhood is home to restaurants, cafes, bars, and fashion stores. Both the purchase and renting prices are high compared to surrounding neighborhoods; however, it’s worth living in if you enjoy a premium lifestyle and prefer proximity to amenities.
Panathenaic Marble Stadium
Pangrati
Located next to Panathenaic Stadium (Kallimarmaro), the site of the first modern Olympic Games, Pangrati is among the most sought-after neighborhoods in Athens. Pangrati is home to leafy squares and lively cafes and has started to catch the attention of the younger generation and tourists. The neighborhood has relatively wide and organized streets. Buildings in the area are generally quite old, yet they remain in good condition. The majority of the refurbishments are done on a standalone basis. The growing number of Airbnb apartments makes it more difficult to find apartments for sale. Pangrati is expected to preserve its value, particularly due to its location and historic significance.
Syntagma (Square)
Syntagma Square, also known as Constitution Square, is Athens’ most important square. Traditionally, Greeks protested opposite the palace, now the current parliament building, and requested the King to release a new constitution. Syntagma is currently Athens’ commercial center and is home to numerous businesses. It’s also next to Plaka and the Historic Triangle.
Monastiraki
Monastiraki is a historic neighborhood located in the heart of Athens. It is known for its vibrant flea market, where visitors can find antiques, jewelry, and souvenirs. The neighborhood also boasts several landmarks, including the ancient ruins of the Roman Agora and the famous Monastiraki Square. The surrounding streets are crammed with traditional tavernas and restaurants, many with Acropolis views.
Kypseli
Kypseli, one of the oldest neighborhoods in Athens, grew from middle-class to upper-middle-class between the 1930s and the 1970s. It is known for its lively atmosphere, diverse community, and excellent food scene. The neighborhood offers a mix of residential and commercial areas, with plenty of shops, restaurants, and cafes. Kypseli is also home to several parks, including Pedion Areos, one of the largest public parks in Athens. The architecture in Kypseli is characterized by neoclassical and art deco buildings. Despite its urban setting, the neighborhood has a strong sense of community and is a popular destination for locals and visitors. In my opinion, Kypseli has the highest potential for capital appreciation and will be one of the most attractive locations for the younger generation.
Biggest challenges
Parking
By far, parking is Athens's biggest challenge. On average, it takes 10 to 20 minutes to find parking. This could also mean a similar walk is required to reach the final destination. Although the city center has several parking lots, they are expensive and range between 2 to 15 Euros per hour. Driving might not be necessary for the city center as you can use public transportation, including the metro, railway, and buses. However, public transportation outside of the city center is not as efficient and will require you to drive around.
Traffic congestion
Like many major cities, traffic congestion is a significant issue in Athens, particularly during peak times. The city's roads are typically narrow and winding, which presents a challenge for cars, buses, and other vehicles, leading to frequent and extended traffic jams. A key reason for traffic congestion in Athens is the large number of private cars on the road since many residents rely on personal vehicles for transportation. Despite efforts to improve public transportation, such as expanding the metro system and introducing a bus rapid transit system, more action is needed to encourage people to use public transport instead of driving.
Urban decay
The city is generally well looked after, but plenty of abandoned buildings and neglected public spaces exist, primarily due to the economic crisis that hit Greece in the late 2000s. Many buildings were built between 1960 to 2000 and they require both internal and external refurbishment.
