The housing market has recently evolved into one of the most profitable investments, with a return of up to 126% during the last five years (2017-2022).
Those brave enough to acquire an apartment in Attica during 2017 – i.e. when the real estate market began its recovery – are today the big winners, as they have seen the value of their investment more than double.
In 2017 conditions in the economy and the real estate market were completely different. The mortgage market was not working, which means that those who were placed then had accumulated liquidity from previous years and could finance 100% of the property purchase with equity. They were also willing to take the risk, betting on the recovery of the economy and the realty market.
Those who took the risk are recording major capital gains today. Back in 2017 the appeal of central Athens for short-term leases had not yet begun, while old downtown apartments were among the hardest hit during the financial crisis. Demand was flat and prices had fallen by as much as 70-80% in some cases, above the average decline in sales prices in 2009-2017. Now prices have more than doubled on demand from foreign investors aspiring to get a Golden Visa and from short-term lease entrepreneurs.