Prices for Luxury Properties in Athens Are Falling

Prices for Luxury Properties in Athens Are Falling

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The prices of the most expensive properties in the Greek capital, which perhaps could once only be topped by those of Monaco, Moscow and central London, have returned to levels not seen since 2004, daily Kathimerini reports.

The luxurious residences on the Dionysiou Areopagitou walkway at the foot of the Acropolis and on Irodou Attikou, where the Presidential Palace is, may have lost part of their value but this is appreciably less than the average 40-50% being observed in the broader market, according to realtor Pantelis Moysiadis.
The same appears to be the case at Lemos, a part of the southern seaside suburb of Vouliagmeni, where rates are somewhat lower (6,000-10,000 euros/square meter).

Nearer to the city center, in the plush suburbs of Filothei and Palaio Psychico, prices have fallen significantly in the last two years, receding to 5,000-6,000 euros/square meter, from 8,000-9,000 euros.

If a property on Dionysiou Areopagitou was sold today, it could fetch 15,000-20,000 euros/square meter, depending on the level and the view. The apartments are generally large, ranging between 250 and 350 square meters. By contrast, Irodou Attikou is dominated by detached residences — most of them built between 1935 and 1955 — and is not pedestrianized.

The remaining features are basically the same as those of Dionysiou Areopagitou. Due to the lack of new properties, few have been sold on either street over the last 10 years.

In the last recorded sale (2010) on Dionysiou Areopagitou, the new owner paid nearly 8 million euros for 360 square meters (or 22,000/square meter). On Irodou Attikou Street, prices start at 10,000 euros/square meter and rise up to 25,000 euros/square meter.

The prices are approximate, depending almost exclusively on the sum the prospective buyer is prepared to offer to entice the owner.

(source: ANSA, Kathimerini)