Renovation Opportunities in Greece: How Old Apartments Become Smart Investments

The Greek real estate market is not only about brand-new developments and luxury villas. In fact, one of the most interesting opportunities for 2025 lies in older apartments that can be renovated into modern, high-yield assets. For investors with a smaller budget, this segment provides an accessible entry point with strong rental potential and long-term appreciation.

REAL ESTATE INVESTMENT

Christos Boubalos

9/22/2025

1. Why Renovated Apartments Make Sense

Lower entry cost: Prices for older units in central Athens (Kypseli, Exarchia, Kato Patissia, Pangrati) are significantly lower than for new builds.
High rental yields: After renovation, many of these properties can achieve 5%–6% annual yields, attractive for both local and expat tenants.
Capital appreciation: Renovated apartments in up-and-coming neighborhoods often rise in value faster than the market average.

2. What Renovation Brings

Modern layouts: Open-plan kitchens, larger bathrooms, and optimized spaces.
Energy upgrades: New windows, insulation, and heating/cooling systems increase property value and reduce utility bills.
Design appeal: Contemporary finishes, smart-home features, and fresh interiors make older buildings highly competitive with new projects.

3. Best Areas for Renovation Investments

Central Athens: Kypseli, Exarchia, Kato Patissia – affordable entry prices, rising demand from young professionals.
Pangrati & Mets: Strong rental demand from students and expats.
Near Metro Lines: Properties close to upcoming metro extensions are expected to see strong appreciation.

4. Risks to Consider

Legal checks: Ensure property titles are clear and no hidden debts exist.
Renovation costs: Factor in €400–€700 per m² for a full upgrade.
Building age: Older constructions may require structural checks before renovation.

✅ Conclusion

Renovated apartments in Greece represent a smart, value-for-money investment path in 2025. With the right property and professional renovation, investors can achieve strong yields and benefit from the ongoing revival of Athens neighborhoods.

📞 Looking for Renovation Opportunities?

At POLI Real Estate, we specialize in sourcing undervalued properties with strong potential for renovation and rental income.