Why Athens Greek villas are cheap and what that means for you

Buying property in Athens has always been a good investment because real estate there is in high demand. Not only is the city the financial and administrative heart of Greece, but it is also a very popular tourist destination.

Platforms such as AirBnb have become extremely popular with tourists visiting Athens, which is why more and more investors are looking for apartments and a variations of best luxury villas in Greece that they can turn into short-term rental properties and list them on such platforms as soon as possible. Those properties used to be dirt cheap; however, the high demand is starting to drive prices upwards again.

There are however some properties in Athens that remain cheap: luxury properties. Since all investors seem to be interested in urban apartments, demand for luxurious villas in the suburbs of Athens seems to be stagnant, which is why the prices are still relatively low. Why are Athens villas so cheap though? Let’s find out.

The economic crisis

In order to understand why real estate in Athens and Greece in general is so cheap nowadays, one must first understand the reasons behind the financial crisis that has the small European nation in its throes for about a decade now. After a lot of years of economic growth and prosperity the global economic crisis which started in 2008 made its way to Europe and Greece has unable to repay the amount of money that its banks had borrowed from foreign banks. This resulted in several bailout deals that forced the Greek government to cut back on spending and impose some pretty sever austerity measures.

Owning property is of the utmost importance for Greeks, which is why they kept buying real estate during the so called “decade of prosperity”. Once the crisis came about, most of them were forced to default on their loans and their houses were seized by the banks, or they were forced to sell their properties in order to get some liquidity and since “beggars can be choosers” they did so in really low prices. One would think that only properties owned by middle class families were affected by the crisis, but that’s not the case. As it turns out, a lot of successful Geek businessmen owed their success to huge loans, so they too were forced to part with expensive assets and properties in order to make ends meet.

An untapped goldmine

The number of visitors to Athens keeps increasing almost exponentially in a yearly basis, which is why apartments are selling like hot cakes. Most of the tourists visiting Athens are middle-income families or young tourists travelling on a budget, which makes investing in an apartment turned short-term rental property a very prudent investment. Since the number of high value tourists visiting and staying in the city isn’t as large, almost all investors seem to have set their sights set on “budget” apartments. Since demand for luxury properties isn’t very high, their prices have remained very cheap. Seeing as the number of high value tourists visiting Athens is quite large and is increasing, luxury properties will soon become a hot commodity, which is why one should invest now.

The prices are only going to get higher

Since the market for apartments and cheap rental properties is starting to become saturated, it stands to reason that investors are going to start looking towards the luxury market and the demand for villas will increase, which in turn will cause their prices to skyrocket. This means that if you buy now that the prices are still low, you could just rent your property and make back the money you put into it in a few years, or wait for the prices to go up and sell it for a quick, easy and very large profit. It’s a win-win kind of deal any way you look at it!

The biggest myths about Mykonos villas

It seems that the goal of every visitor to Mykonos is to have the vacation of a lifetime, which is evidenced by the fact that they party wildly all day and night and they generally have the most fun that it’s possible – and legal – to have while on vacation. But a vacation will not be memorable simply because of all the parties and clubbing, you have to do things that you wouldn’t normally do either because they are too wild or too extravagant. This might be why more and more people who visit the island of Mykonos choose to stay in luxurious villas rather than in a hotel room.

The island is full of secluded villas because apart from a very popular tourist destination, it is also the favorite vacation place of the rich and the famous and hotel rooms just won’t do for the Kardashians and any other international celebrities that might be visiting the island.

Few seem to know that villas can also be rented by regular Joes and just by celebrities, this is because they believe the many myths regarding villas in Mykonos that have been going around. Let’s see the truth behind the myths!

Myth 1: The villas are only meant for celebrities

This is the first and biggest myth. It’s also the one that keeps people from asking about Mykonos villas. Well, when it comes to renting villas, the property management agencies don’t care too much about who will be staying in them, as long as they can afford it. In other words, anyone who can afford the rates, can stay in a villa.

It should be noted that some owners may have specified that their villas are only meant for celebrities, but those villas are few and far between and you wouldn’t be able to afford them anyway.

Myth 2: It costs an arm and a leg to rent a villa

Well, if you expect that the daily rate of renting a villa will be the same as that of a hotel room, even a very luxurious one, prepare to be disappointed. Villas are of course more expensive than hotel rooms, but the good news is that you don’t have to pay for a villa alone. Since most of them are huge, you can choose to stay with some of your friends and split the cost evenly between you.

That way, the amount that each of you will have to pay will be very close to the amount that you would pay to stay in a good hotel for a few days.

Myth 3: The owner will also be there

Many people seem to think that when renting a villa you are something like the guest of honor of the property’s owner. This means that he or she will also be there during your stay. That couldn’t be further from the truth. Most villa owners don’t stay in them during the summer; in fact, quite a lot of them don’t even live in Greece.

They entrust their property to property management agencies which will rent it out in their behalf. In other words, you will be renting the villa from one such agency and not from the actual owner.

Myth 4: You need to have special “high society” connections to book a villa

Most people that you need to “know a guy who knows a guy” in order to book a villa, since only Hollywood superstars seem to stay in them. Like we said earlier, there are many villas on the island and most of them aren’t occupied by celebrities. All you need to do to book a villa is find a property management agency and this and this can be accomplished with a simple Google search.

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