Short-term rental investors eye new areas

Foreign buyers of property in Athens who are interested in advertising houses and apartments for short stays via online platforms such as Airbnb and HomeAway are now targeting alternative neighborhoods near the city center.

The reason for that is the soaring property prices in high-demand areas - i.e. those within the historic center of the capital (Koukaki, Plaka, Acropolis and Monastiraki) - with asking prices in Koukaki reaching over 2,000 euros per square meter for apartments more than 30 years old.

The most attractive districts for investing in apartment acquisitions to turn into short-term rentals are Kerameikos, Kypseli, Psyrri and Exarchia. Sale prices in the latter neighborhoods are lower than in the historic center, but being just a short distance from the main sights of Athens they are still very popular with visitors; rental rates there are also lower and...