Like any city there are good places and bad places to buy in Athens.
Know Your Exit Strategy Before You Choose Where To Buy
It’s not just to do with the local economy but more to do with your exit strategy. Who do we see as the ultimate buyer of a given property? Local families? If so can they get credit? Foreign investors? If so do they need a Golden Visa or simply looking for yield?
We use Google Maps to Target Our Investments
We use a map overlay from Google maps to help our team on the ground understand our reasons for investing in the different parts of Athens. And the local team often disagree with us, but they only have local drilled down knowledge of the market, not a global vision of how the rest of the world sees a Greek recovery.
And that’s really important for us because almost entirely independent of the economic nonsense made worse by successive Greek Governments there’s a tourist industry in Athens that almost didn’t exist pre crash. Although ‘controlled’ like in many other cities and limited to 90 days per property, there are ways around the Airbnb rules in Athens that are legitimate and that allow an investor to obtain a year round rental from short term lets.
Every Investor Will Have Different Arguments About Where & Why…
That’s a viewpoint that is very different from that of the mainstream market of mums and dads buyers in Athens. But exit strategy and mitigating holding costs are important.
So by area we have different priorities, different kinds of deals we will and won’t do, and different appetite for risk.
Exactly Which Areas Are Best?
‘Best’ is subjective.
We’ll be starting a series of articles drilling down into each of the areas of Athens – the good, the bad and the ugly but for now here’s a copy of the map we use with areas marked out that are of interest to us.
On the map you’ll find some notes we made about each of the areas. Some of them overlap and some are really niche.