Koukaki sees property sale rates soar

Koukaki, the central Athens neighborhood at the foot of the Acropolis, has been living in a parallel economic universe compared to other parts of the capital, thanks to the boom in short-term leasing becoming part of the investment plans of foreign investors.

According to estate agency data, a renovated apartment at Koukaki could currently be sold at a rate of 1,500-1,600 euros per square meter, while just a few months ago there were even some transactions recorded at as much as 2,000 euros/sq.m. Such rates have never been seen before, not even at the peak of the property market in the previous decade.

Cosmas Theodoridis, the vice president of the Athens-Attica Estate Agents Association and head of the Polis Properties estate agency network, tells Kathimerini that "in 2013 we had sold a flat of 50 sq.m. for 23,000 euros. Today a similar, neighboring property is on sale...