Athens Real Estate Market Why the Northern Suburbs attract buyers
The northern suburbs of Athens have gained a larger share of the buyers in recent years, compared to other areas, precisely because they combine residential and commercial development. Psychiko, Filothei, Kifissia, and Ekali – traditionally attract the interest of the buyers with a bigger budget – but Maroussi and Chalandri, come first in demand from new middle-income families – people who when moving there do not easily seek a change of residence.
According to the analysis, “in recent years, they have highlighted the need for larger properties to improve the quality of life at all levels and that is exactly what is being offered in the area. The northern suburbs are considered particularly privileged areas with more greenery, wide roads, lower buildings, quiet, intense local economic activity but also excellent accessibility, both to the center of Athens and to the airport, making these areas an ideal choice for workers precisely because they have direct access to major roads.
In addition, due to the presence of popular private schools – Greek and international – the northern suburbs are preferred by several executives of foreign companies, who live and work in large companies in Athens. From the areas of the northern suburbs, Filothei and Paleo Psychiko stand out, which were the “heart” of the old aristocratic Athens and still gather many villas, luxurious houses but also well-known schools and schools. ”
“On the other hand, Kifissia combines the comforts of a quiet, good area with bright green, luxurious homes, intense commercial and secular activity as well as easy accessibility to the center of Athens. Ekali and Dionysos are home to some of the most prominent families in Athens, with large houses of high standards, on equally large plots.
In Maroussi as well as in Chalandri, large companies, private hospitals, and luxury hotels are gathered. In the last ten years, Chalandri has acquired great buying interest, due to its excellent transport infrastructure, large commercial activity, and intense nightlife. In Agia Paraskevi, Holargos, and Papagou, there is a strong sense of a friendly neighborhood, while in Dionysos, Vrilissia, Melissia, and Penteli the newly built houses stand out, as well as the excellent urban planning, the large parks, and the green spaces.
In recent years, the northern suburbs have been attracting ever-increasing interest mainly from buyers looking for larger apartments, in order to improve the quality of their daily lives due to the sudden and drastic changes that occurred in their working life, for example, people looking for an extra room to be used as an office due to growing teleworking.
Maroussi, Chalandri, Agia Paraskevi, Vrilissia, and Melissia are areas that offer relatively newer properties, compared to other suburbs. Kifissia has properties of special aesthetics that come from another era. In recent years there has been an intense reconstruction of large and state-of-the-art apartments that offer a different standard of living in the middle of a large capital, while Drosia and Dionysos are preferred by those who ask for big plots, with newer houses and large gardens at cheaper prices than those of Ekali and Kifissia.
In Psychiko and Filothei the deficit in newly built properties is obvious and the few vacant plots are available at very high prices. However, there are many people who are looking for an alternative apartment or house, at a reasonable price in order to renovate them to the new, modern and aesthetic standards.
Chalandri is the municipality with the highest demand, with most apartment buildings being on average 30 years old. However, there has been intense construction activity lately. In Agia Paraskevi there is a large offer of real estate for sale, mainly older constructions, while there is a relative trend of buyers who prefer old, cheaper houses in order to renovate them and bring them to their own standards.
According to the report, the general trends in real estate demand in the northern suburbs are for medium-sized houses with 3 bedrooms, parking, and easy access to the metro. For the majority, the demand in these areas is for houses from 100 to 120 sq.m. For the premium areas, the demand is for houses with special architectural features, luxurious finishes, the existence of a swimming pool or private garden, and upgraded energy class while recently a new trend that is observed and tends to be formed, is the 24-hour security.
The budget for good properties in Filothei and Psychiko starts from 800 thousand euros up to 1 million euros, while there is a portion of buyers who can invest up to half a million to buy an old property, keeping the extra funds to renovate them. Chalandri, Agia Paraskevi, and Holargos are in first demand by those who want a house in the north, followed by the area of Papagos and Agia Filothei, which range in lower prices. Maroussi offers multiple options, due to the large size of the municipality with many sub-areas and price ranges and the existence of OAKA for those who prefer sports activities.
In these categories, the requirements include special features such as underfloor heating, a swimming pool, two minimum parking spaces, a maid’s room, a laundry room, and even charging facilities for electric cars when it comes to new homes. Bank financing is now easier, although there is a greater demand from the public for middle- and upper-income earners who also buy in cash.