Optimal Investment Districts in Attica Were Unveiled

Current Landscape: According to a study conducted by the online platform Protio, the central areas of Athens, its western suburbs, and Piraeus have been identified as the most attractive destinations in Attica for investors seeking to acquire residential properties for income purposes. 

Factors at Play: These regions exhibit the highest profitability due to comparatively lower purchase prices than other parts of Attica, coupled with rental rates that aren't excessively low, ensuring a significant return on initial investments. However, even in these areas, selling prices are on the rise, having as a result lower current yields in comparison with those few months ago.

Ranking: According to Protio's findings, the Ameriki Square, Attiki Square, and Victoria Square areas take the lead in rental income. Ameriki Square boasts an average yield of 7.2%, with an average selling price of €1,415 per square meter and an average monthly rental rate of €8.4 per square meter. Attiki Square follows closely with a yield of 7.1%, while Victoria Square maintains a yield of 6.9%.

Expert Insight: Antonis Fiorakis, the head of Protio, notes, "Our analysis indicates that beyond the center of Athens, there are now areas in the western suburbs and Piraeus that are experiencing high profitability. We believe this is linked to the operation of new metro stations, positively impacting the housing market."

Market Trend: However, overall, there is a declining trend in the yield of the housing market. For example, the yield of Ameriki Square has been decreased from 7.7% a few months ago to its current 7.2%. Attiki Square has also witnessed a decline from its 7.7% yield last spring.

A few months ago, Aigaleo held the top spot with a yield of 8.2%. Today, after the opening of a metro station, the average yield has dropped to 6%, as the average selling price exceeded €1900 per square meter.

At the same time, areas like Nikea and Patisia, which were among Protio's top three with yields of 7.9% and 7.8%, respectively, have now fallen out of the top 10. Similar trends are anticipated in Piraeus and Korydallos.

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