E-real estate network head: AirBnB effect in Athens now benefitting outlying inner city district

Thursday, 11 July 2019 19:22
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By T. Igoumenidi

A local real estate association president told “N” this week that the latest short-term property leasing trend in the greater Athens area, the so-called “AirBnB phenomenon”, shows a leveling off in central and upscale neighborhoods – Koukaki, around the Acropolis, Plaka, Kolonaki etc – with a distinct shift to inner city dwellings previously considered as “off the radar” in terms of demand.

The president of the national E-Real Estates network, Themis Bakas, added that the entire short-term property lease market is now aligned with investors’ purchases, both domestic and foreign, with the latter being mostly Israelis, Chinese and Turkish citizens.

In a burgeoning trend towards gentrification, foreign buyers are now concentrating on inner city neighborhoods such along the Aghios Konstantinos avenue, Vathis Square, Kypseli and Attikis square, with prices also picking up, at between 600 to 800 euros per square meter, according to realtors’ estimates, however.

During the last two decades, the aforementioned areas were among the most neglected in central Athens, characterized by urban flight, an influx of non-EU emigrants and even illegal migrants, congestion and aging buildings.

The short-term property lease market, boosted by Athens’ gradual re-emergence as a popular urban holiday destination, has generated a booming apartment renovation sector, all linked to the AirBnB effect.

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