Where to find next up & coming areas in Athens property map

The Athens metro subway is expanding in coming years and presenting new buying opportunities for real estate investors looking for the next hot area in the Greek capital.

After originally starting in 2000, the underground train network has transformed the city and promises to keep doing so as it spreads, adding value to property and the economy.

Data shows that housing prices in areas benefiting from the metro show sharp gains as accessibility to the neighborhood improves, bringing along with it better living conditions.

Currently the Athens metro consists of two lines: Line 2, or the red line, runs from Elliniko through to Anthoupoli while Line 3 (blue line) runs from Doukissis Plakentias to Dimotiko Theatro in Piraeus.

Authorities have announced the introduction of one more route, Line 4 (yellow line), that will gradually add another 15 stations to the network by 2030. At a second stage, Line 4 will be extended towards Marousi in the north and Petroupoli in the northwest.

Third and fourth construction phases will follow, bringing the total number of stations on Line 4 to 35.

Here we will concentrate on the first construction phases of Line 4 where drilling work has actually started and the schedule is more concrete.

The Transport Ministry is currently conducting environmental studies and launching construction tenders for the remaining phases, which have been roughly outlined.

Apart from the 2030 delivery for the first part of Line 4, no other dates have been provided by Greek authorities on when the remaining stations will be ready.

It is worth noting here though that delays are likely. But keep in mind that the metro is very popular with Athenians, there is wide public support for extensions to its network and one more important detail: EU funds are mostly paying for these investments.

Making money from real estate in Athens

The city’s expanding transport infrastructure will create many changes for home buyers to take a look at. Market experts say that in some areas where new stations will be built prices have already gone up by some 20%, with sellers already booking profits from the new means of transport to the suburb.

It is difficult, however, to determine whether these price hikes are due to the anticipated new metro stations or are a result of the broader rise in real estate prices. Greek real estate prices are rising, and expected to continue doing so, amidst low supply levels and strong demand for short term rentals stemming from booming tourism.

At GreekGuru.net we have identified 5 areas that will benefit from a new metro station in coming years AND have prices that rank at the lower end of the market, potentially offering a cheap investment option with upside potential.

Please note: Data on selling prices seen below come from indomio.gr and RE/MAX.

So let’s jump into it.

5 parts of Athens with investment potential

1-Kaisariani

An area close to the city where prices have already benefited from the recovery in the market. Currently apartments for sale in the area go for an average selling price of?2,341 euros per sq/m, with the cost of older homes (more than 5 years old) starting from 1,700 euros per sq/m.

Exact location of planned station: At the junction of Ethnikis Antistasseos Avenue with Vass. Alexandrou Avenue, between Imittou and John Kennedy Streets. (Source: Athens Metro SA)

2-Goudi

Another area that is close to the city center and definitely worth keeping an eye on. Apartments here cost about 2,242 euros per sq/m in Goudi, a district which provides green spaces and includes the Goudi Olympic Sports complex.

Exact location of planned station: At Eleftherias Square and Lochia Spiliopoulou Street.

3-Ilisia

Ilisia sits behind the Hilton hotel and is close to the Megaro Mousikis station. Prices here currently cost 2,742 euros per sq/m. Market data shows that house prices older than 5 years old may start from 1,600 euros per sq/m.

Exact Location of planned station: Will be positioned at Indou Street and at Aornou and Kyprou Squares in the Municipality of Zografou.

To read full article published on GreekGuru.net, click here.