Οwning property in Greece brings with it some exciting prospects but what exactly do you do with it?
Greek laws are complex, the market is constantly changing and finding the right people to work with is a key challenge in an economy that lacks the stability seen in many other parts of the world.
The action plan depends on the type of asset owned, whether it is an apartment or a block of land. Those who have in their possession a stand-alone home or an apartment may have less to do but face many factors when making a decision.
With the arrival of Covid-19, the trend in the market right now is clear.
Home owners in Greece have been removing their apartments from short term rental platforms at a fast pace and putting them up for regular long-term rents. The number of visitors looking for a place to stay in the country for a few nights has dried up amidst the pandemic and not expected to see any strong growth any time soon.
The increase in supply has driven rents lower in some areas though prices are generally holding ground. Data from home classifieds site Spitogatos.gr shows that the price of renting in central Athens in the second quarter of the year eased 0.64 percent from the first three months of the year, to 9.38 euros per square meter. Having a place in southern Athens, in areas like Glyfada and Voula, may fetch you 10.37 euros (sqm), while in the northern suburbs the monthly rate is 8.46 euros (sqm), according to the site.
Those in possession of a block of land, have more work to do.
Architect Katerina Sirouni tells IN+SIGHTS GREECE that to get the ball rolling, the first step is the due diligence process.
“In the event of inheritance, I would recommend them to consult with a notary public to guide them on the steps needed to be taken as well as inform them on any possible hidden surprises,” she says.
“After dealing with the ‘not so fun’ challenging process of ensuring ownership rights, the next step is to answer the question of what to do with the land. Factors such as up-keeping expenses need to be considered if keeping the property but it’s important any decisions should not be based on emotional connections,” she said.
Whether a land owner wants to build their own Graceland in Greece or looking for something smaller, there will be large demands on their time and budget. Some estimates place the cost of constructing a home at about 1,200-1,300 euros (sqm).
“It’s important to connect with your architect and discuss all the possible challenges and contingencies involved from making design choices to maintaining a realistic budget. From ideas to completion, there are three main phases to follow. Based on the zoning restrictions of what can be built and the factors of the plot such as size, shape and orientation, we work on a concept design which leads to the final design layout,” says Sirouni.
“The next phase involves issuing the building permit with a team of other engineers needed to implement the project, structural and mechanical. The final issuing may vary, depending on specific approvals that may be required. Once the permit is issued, we’re all set to go,” she adds.
Image via Hidden Greece
With a budget of 50 million euros, municipal authorities hope the project will help the city catch up with other European capitals where similar urban regeneration schemes have gone ahead, providing a major push to local real estate markets.
In Athens, demand for property in central districts had picked up when COVID 19 struck, pulling the brake on prices and sending the Greek economy deep into recession.
Since then real estate has been mostly stagnant though there are expectations that the Great Walk will provide a major lift to the market but it remains unclear as to when this may materialise given the pandemic.
“Under normal conditions, when such interventions in a city take place, real estate prices increase by 10-15 percent. However, at the given time and in the shadow of the coronavirus pandemic, the price increases in the domestic real estate will be much smaller,” Ioannis Revythis, board member of the Real Estate Federation of Greece, told Insider.gr.
Once the clouds of uncertainty from the pandemic disperse, property owners will have to
wait until the Great Walk has been completed and up and running before bumping up their prices, say real estate officials. The project, which was launched on a test basis in June, will take four years to complete.
It is seen adding shine to commercial assets, such as retail stores and office buildings, and residential housing that has become more popular in downtown Athens.
Up until a few years ago, Greeks generally avoided living in the city center.
The lack of recreational space, difficult parking, and often unclean streets kept most residents in the suburbs. That, however, started to change after moves by municipal authorities to clean up the city center amidst the country’s tourism boom, which saw areas as Psiri, Monastiraki, and Thisio become very popular with visitors.
Young couples and professionals often prefer to have a place in a central neighborhood, in a trend that is set to pick up with the completion of the Great Walk.
Everyone agrees that Athens is in desperate need of fewer cars and more park areas but not in the way that the changes should be done.
Critics have accused Mayor Kostas Bakoyannis of failing to hold proper public consultations before completing interventions and implementing stages of the project without proper planning.
Retailers complain that confusion over the traffic changes have put shoppers off from heading to the area, in a wave of opposition similar to that seen when cars were blocked from entering Ermou street in 1997.
Almost all traders had opposed the idea back then which eventually went ahead, turning Ermou street into the city’s busiest retail stretches with commercial real estate that ranks among the most expensive in the world.
All images Courtesy of 
“When is soon? September?” I got no answer but we were lucky, it only took a month. Alas, upgrading simply meant eliminating the snap, crackle, and pop background noise. It is still too primitive to support WiFi.
he plunged his roots. He settled here some 30 years ago to work for the Athens Concert Hall’s Camerata Orchestra and become a (Greek Orthodox-baptised!) doting father. Here he writes about a place even regular visitors to Greece rarely hear about, the Methana peninsula. It was there that a decade ago he and his dad took on the somewhat audacious (as humorously described in their book ‘Blue Skies and Black Olives’) feat of building their villa in a sleepy village. Building the house was only the very start of an adventure and love affair that Humphrys writes about here. He describes the powerful connection that keeps growing with this volcanic landscape famous for its orchid varieties and sulphur-infused seashores, which is as unique as it is naturally magnificent, as close to Athens and as far away from urban reality at once. Readers are also treated to some excellent insider tips for their next trip over there.
Christopher’s Top Tips:
