January 27, 2023

Athens News

News in English from Greece

Athens is an attractive investment destination

Athens is ranked fourth place among a number of European cities.

In particular, based on the data collected by the investment company ProfitLevel, it can be seen that in the case of Athens, it takes 21.4 years to amortize the relevant investments today. This time is calculated based on the cost of acquiring the property and the level of rent.

According to ProfitLevel analyst Lucia Zarska, “compared to last year, we are seeing an extension of the required payback period by almost four years. This is due to the fact that home sales prices have risen almost three times compared to the rate of growth in rental prices”.

According to Numbeo data used for the purposes of the study, the average sale price of a modern property (under 15 years old) in Athens averages 2,500 euros/sq.m. is 900 euros per month.

Rating of 17 European cities

PAYBACK PERIOD (in years)

January
2022

January 2023

January 2022

January 2023

Valencia

17.06

16.69

Milan

27.42

28.72

Canary Islands (Las Palmas)

23.00

19.44

Bratislava

26.11

30.31

Barcelona

22.51

19.46

Marseilles

21.78

31.51

Athena

17.66

21.39

Nice

29.71

31.64

Warsaw

30.76

23.25

Dubrovnik

42.38

32.90

Krakow

25.19

24.33

Prague

35.46

34.07

Ljubljana

25.62

27.13

Munich

38.00

37.08

Budapest

29.67

28.43

Heraklion, Crete

23.37

37.10

Vein

37.16

38.84

SOURCE: ProfitLevel

Valencia in Spain tops the rankings with just 16.7 years, followed by the Canary Islands at 19.44 and Barcelona at 19.48.


It is worth noting that in the case of Barcelona, ​​the average cost of acquiring a property in the city center (data from Numbeo) is close to 5,000 euros/sq.m (4,960 euros/sq.m) and almost double the cost in the center of Athens. However, the rent is even higher, as the average price for a one-bedroom apartment is 1,042 euros, which is 110.4% higher than the almost 500 euros for a similar property in the Greek capital. Similarly, larger apartments (110 sq.m.) in the center of Athens rent on average for 875 euros, while in Barcelona the corresponding price is almost twice as high – 1744 euros per month.

It should be noted that, according to Numbeo, the average salary after taxes and deductions is 923 euros in Greece compared to 1815 euros in Spain, which is 96.5% higher. In any case, however, it seems that there are a number of similarities, since in the end the purchasing power between a household living in Athens and a household living in Barcelona is not much different, at least as far as the cost of housing is concerned.



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