Psyrri attracts investors aiming at capital gains from properties

Psyrri, the Athens neighborhood situated near Monastiraki and Plaka that had been in decline in recent years after becoming something of a hotspot for entertainment venues and eateries in the 1990s and 2000s, is today proving increasingly popular among both tourists seeking holiday rentals and the accommodation market in general.

In the last few weeks alone three new investments have come to light regarding the transformation of properties in the area into small hotels or apartments for short-term rentals - or even both.

"Over the last year the district of Psyrri has made a dynamic return to the property market. Domestic and foreign investors have acquired a multitude of properties, mostly abandoned, aiming to reconstruct them and turn them into accommodation units," says Nasos Gavalas, managing director at property management company Mint.

Gavalas says this...