by admin A lack of demand for buying real estate in the northern suburbs of Athens has been observed in recent years, in comparison with both the southern and the central areas of Athens. Why do the northern suburbs not follow the ‘rally’ of the southern suburbs? According to Lefteris Potamianos, President of the Association of Real Estate Agents of Athens and Attica, there are three reasons. The first reason is traffic problems: traffic continues to plague most areas belonging to the northern suburbs, as well as lack of public transport. “There is no metro or tram, Kifisias avenue is congested most hours of the day, as well as the Kifissos motorway. Therefore, the severe traffic problem observed in the areas of the northern suburbs is an inhibiting factor for real estate demand”, says Mr. Potamianos. “We will see an increase in prices only when (infrastructure) projects have finished,” he emphasises. It should be noted that Attic Metro is planning the extension of line 4 to the northern suburbs, a project that is not expected to finish anytime soon. This is the Goudi-Maroussi section, with a 14 km long tunnel, which will have the following stations: Katehaki, Faros, Filothei, Sidera, Olympic Stadium, Paradisos, OTE, Maroussi, Pefki, Lykovrysi. This extension will also serve the interconnection of Line 4 at Katehaki station with Line 3, at Kifisia station with the Suburban Railway, and at Marousi station with Line 1. It is recalled that since 2000, when the first phase of the Athens Metro began, its passage along Kifissia Avenue was one of the main issues raised by transportation experts. However, until today, the central road axis, which connects the centre of Athens with the northern sector, does not have sufficient traffic coverage, the result of which drivers suffer daily.
The second reason that the northern suburbs are left aside, is also due to the end of the maisonette houses. According to Mr. Potamianos, during the previous 10-15 years, the construction of maisonettes with three or four floors (200 or 300 sq.m), dominated the construction industry. Most of these were built in the northern suburbs. Now this type of residence has almost fallen out of use as it is considered unprofitable and costly to maintain. Nowadays, new maisonettes extend to one floor level (with exclusive use of garden), which makes them more functional and more economical.
As for the third reason, the northern suburbs may have plenty of woods, but they do not have the sea. “For most buyers, the proximity to the sea is an important factor for the purchase of property. For this reason, the southern suburbs were and are in greater demand,” emphasises Mr. Potamianos.
Regarding properties prices in the northern suburbs, these are more expensive in areas that are closer to Athens’ centre, such as in Halandri and Marousi. In these areas, the prices for a 100 sq.m 20-year-old flat range between 2,300 and 2,700 euros per square meter. By contrast, in the areas north of Kifisia (e.g. Erythrea, Dionysos, Anixi, etc.) the prices are lower and range roughly around 2,000 euros per square metre.
Source: Eleni Bota, 22/11/2022