Athens is in the sweet spot for global property investors. It’s still undervalued relative to its peers—Rome, Madrid, and Paris—but it has price momentum, a growing base of international demand, a rising tourism profile, and incentives for investment.
Now may be the perfect time for North Americans to take a position in Athens. It’s the ideal market to diversify into European real estate while securing a lifestyle base in the EU.
A Market On The Move
From Q2 2024 to 2025, prices rose by over 13% in Athens city center, reaching €2,400 per square meter. The most expensive area is Athens South, where prices hit €4,052 per square meter, an 8% increase year-on-year.
These are low prices compared to Europe’s other capitals. For comparison, the price per square meter in Rome is about €3,600; in Madrid, it’s €6,000; and in Paris, it’s €9,600. Even with recent increases, Athens remains one of Europe’s best-value capital cities.
Rental yields go over 5% in specific locations and property types. That’s attractive compared to Rome, where yields hover around 3%, or Paris, at 2% to 3%. Lisbon and Madrid sit in the 3% to 4% range, meaning Athens offers some of the strongest income potential among Europe’s capital cities.
Athens’s Most Appealing Neighborhoods
Athens’s Most Appealing Neighborhoods
- Koukaki – Located just south of the Acropolis, Koukaki is becoming one of Athens’s most vibrant short-term rental hubs. It has walkable streets, traditional charm, and proximity to major tourist attractions, making it appealing for short-term rental.
- Kolonaki – The city’s upscale district is popular with diplomats, professionals, and affluent Greeks. Prices are higher but so is rental demand from long-term tenants.
- Exarchia – This area has a bohemian feel with a strong student population, offering affordable entry points and consistent rental demand.
- Glyfada – Often called the “Athenian Riviera,” it attracts wealthy locals and expats who want a coastal lifestyle within commuting distance of the city center.
Infrastructure developments continue to transform the market. One example is the Ellinikon Project, Europe’s largest urban regeneration, set along the Athens Riviera, which will bring luxury housing, retail, and green spaces.
Meantime, metro expansions and airport upgrades are improving connectivity…
The Best Play In Athens: Short-Term Rentals
Demand for short-term accommodation in Athens is steady and growing. For investors, that translates to high occupancy rates during peak tourist seasons and the potential for above-average yields.
According to AirDNA data, the city’s STR market sees annual occupancy of 65% to 75%, with peaks above 90% during the summer tourist season. The average daily rate is about €100 and higher for well-located properties with balconies, Acropolis views, and proximity to the coast.
The renter base is well-diversified, going beyond tourists and business travelers. Digital nomads are a growing driver of demand.
Greece offers a digital nomad visa, allowing digital nomads to stay for months at a time. This creates opportunity for mid-term rentals, potentially blending the benefits of STRs with the stability of longer-term tenants.
Regulations related to STRs around the world are subject to change. This is something for investors to keep an eye on in Athens…
The Golden Visa Advantage
Foreign investors now account for over 30% of Athens’s real estate market. Much of this activity is driven by Greece’s Golden Visa Program, one of the few still available in Europe with a real estate option.
Here’s an overview of the current thresholds:
- €250,000 – for conversions of commercial properties into residential or for listed properties restored in full.
- €400,000 – for a single property (at least 120 square meters) in low-demand areas.
- €800,000 – for a single property (at least 120 square meters) in high-demand areas.
This unlocks a five-year residence permit and a path to citizenship in as little as seven years. The downside to a Golden Visa investment here is that it can’t be used for short-term rentals.
Despite this and increased investment thresholds, demand for the Golden Visa continues to grow. In 2024, 9,407 people applied (an 11% increase from 2023). From January to April of 2025, 3,506 more applications were submitted.
Athens is one of few European capitals where you can still invest in property to qualify for a golden visa. Portugal, Spain, and Ireland have eliminated their property-linked residency pathways.
For Americans and Canadians, Athens is an affordable entry point into the EU and its lifestyle benefits.
Tax Incentives For Investors And Retirees
Greece sweetens the pot with investor- and retiree-friendly tax regimes…
Retirees moving to Greece can pay a flat 7% tax on foreign-sourced income for up to 15 years. This makes it even more attractive for North American investors looking for lifestyle relocation plus tax efficiency.
It also offers a non-dom program for high-net-worth individuals. Investors can pay a flat €100,000 annual tax on global income for up to 15 years, regardless of how much they earn abroad.
Inheritance tax is lighter than in many European jurisdictions, and property transaction costs are relatively low… Athens could be more than just a property play. It could also be a destination for long-term wealth planning.
Why Athens Belongs On Your Radar
No market is without risk, and it’s possible that changing government policies could hinder some investment strategies in Athens. We’ve seen this happen across Europe’s popular cities, where governments have clamped down on short-term rentals because of the price strains they impose on locals.
Even so, the fundamentals are sound:
- Affordable entry point by European standards
- Growing international buyer base
- Strong domestic and international demand
- Europe’s most popular golden visa program
- Attractive tax incentives for investors and retirees
We’ve got the inside track on an investment opportunity in one of Athens’s most desirable neighborhoods—Koukaki, just steps from the Acropolis and Parthenon.
Prices start from just €145,000 (about $173k) for brand-new, fully furnished condos. The developer is offering an assured 5% net ROI for the first three years, with strong potential for continued rental yields and serious capital appreciation upside…
Only a handful of condos remain available. To find out more about this exclusive Athens opportunity here.
To smooth travels and successful property buys,
Sophia Titley
Editor, Overseas Property Alert