Real estate: investments and projects raise prices

Amid the crisis caused by the pandemic, the Greek real estate market is resilient and in fact, in many areas, property values ​​have been on the rise in recent months.

The Greek real estate market is showing immunity to the pandemic, with property values ​​in some areas not only protecting against an invisible enemy, but sales and rental figures show that prices are rising, mainly due to infrastructure projects.

Reconstruction is the modernization of areas that have been characterized as “forgotten” or “degraded” for many years, and the areas in Koridallo, Egaleo, Piraeus, Elliniko and areas near metro line 4 such as Galati and Kipseli Hill are illustrative examples of a growing trend. Movements of companies outside the city center and investments of transnational corporations are also indicators of the dynamics of sales and rent prices. Outside of Attica Prefecture, the property market continues to resist throughout Greece, with sales and rental prices remaining stable or continuing to rise, as in Thessaloniki and Crete.

INVESTMENT IN LAVRIO. Microsoft’s decision to invest in a three data center complex in the area will have a positive impact on the vast area of ​​Lavrio municipality. According to Themis Bakas, President of E-Real Estates, the Panhellenic Real Estate Broker Network, this investment will work “for advertising” and we expect similar actions from other companies in the near future. Renovation in the area will help increase property values ​​and attract stakeholders as they will be professionally active in the area and also due to a higher standard of living. Asking rental price per month ranges from 4.3 to 6.6 euros / sq.m. and the declared sale prices of apartments 70-110 sq.m. above the 1st floor ranges from 1222 to 1644 euros / sq.m.

LINE 4 METRO. Before the Covid-19 era, areas along the new Metro Line 4 became a pole of attraction for both domestic investors and funds targeting high value in the near future. The demand for these destinations after the end of the pandemic will again attract the attention of investors. The places that will become a bone of contention at the start of work on the new metro line 4 will be Galatsi, the area near the Elikonos station, located on the Kipseli hill, and the area near the ships where the station will be built.

CORIDALLOS AND FOREST EGALEO. The Egaleo Grove is one of the few green lungs in Western Athens, and also the most expensive area to buy or rent a home in the wider western suburbs if the property is located around the grove. A similar case is the residential area around the Koridallos prison, which will change its appearance, attracting investment interest when the reconstruction projects begin. The prisons located in the urban area and within walking distance of schools will be demolished and replaced with a park and multicultural space for young people and residents of the area – an eternal request of both the residents of Korydallos and the entire Piraeus region.

PIRAEUS. Next Stop for Investors – Piraeus The reconstruction of Mikroliman, according to Themis Bakas, is underway at a rapid pace, and the 84-meter-high sleeping giant of Piraeus is expected to revive, and the reconstruction of Agios Dionysios was signed in June 2020. At the same time, the district acquires metro and trams, so in July the first three stations were commissioned. The pre-Covid-19 era demand has been positive, especially since mid-2019, there are still investment opportunities in the area, the cost per square meter of which does not exceed € 1,400 for independent functional buildings located just 50 meters from the port, while there are houses. in need of renovation at attractive prices.