Athens draws more property investors

The frenzy of investment in properties in the center of Athens is showing no signs of abating, as Chinese, Turks, Russians and Israelis, along with Greeks, continue to acquire apartments with the aim of turning them into short-term rentals as advertised on platforms such as Airbnb and HomeAway.

In the first eight months of the year, the Athens Property Register saw a 60 percent yearly increase in the number of property transaction contracts, with the rate constantly increasing during that time - annual growth stood at 50 percent after the first five months. In 2017 the growth rate was 18 percent, after having risen 27.7 percent in 2016.

Foreign investors are scrambling to buy apartments in Athens for a number of reasons, mainly the low cost, as property prices in the capital have fallen 44 percent on average since 2009. However, the main targets of said investors have...