The emergence of Serviced Apartments in Athens: Redefining urban real estate.
Ιn the dynamic world of real estate, serviced apartments have emerged as a cornerstone of urban development, particularly in Athens. This trend reflects the evolution of consumer preferences for flexibility, luxury, and convenience. Blending the comforts of home with the amenities of a hotel, these properties are reshaping urban living and investment strategies alike. The trend, already established in major global cities, is now making significant inroads in the Greek capital, attracting both local and international investors. Serviced apartments are fully furnished units designed to accommodate both short- and long-term stays.
They offer a hybrid solution, combining the privacy of residential living with hotel-style services such as housekeeping, concierge assistance, and access to amenities like gyms, co-working spaces, or even rooftop pools. These apartments cater to a broad spectrum of users, including corporate travelers, expatriates, and digital nomads, making them a flexible and profitable investment option. A leading player in this space is Engel & Völkers, whose innovative approach and sophisticated portfolio have positioned them as market leaders in serviced apartment investments. Their portfolio showcases a meticulous selection of high-quality properties, blending contemporary architecture with functionality.
These serviced apartments cater to a broad range of tenants, including corporate clients, expatriates, and short-term visitors, delivering both comfort and operational efficiency. By leveraging their global expertise, Engel & Völkers ensures that every property meets the highest standards of quality and service. Complementing Engel & Völkers’ initiatives, DKG Development has also made significant contributions to Athens’ serviced apartment landscape. With a portfolio exceeding 40,000 square meters and delivering approximately 1,000 units, DKG focuses on large-scale developments designed for long-term leases with notable European operators. Their projects, such as HIVE in Moschato and LAUREL in Dafni, highlight the potential for high-demand locations to yield stable, long-term returns. DKG’s subsidiary, LAVISH, manages a significant portion of these properties, ensuring they meet the expectations of tenants and investors alike. This strategic approach aligns with the broader trend of integrating property development with comprehensive management services, a concept championed by Engel & Völkers. Serviced apartments in Athens offer unparalleled investment opportunities. Rental yields in this sector range from 4.5% to 7.5%, outperforming many other European cities. Engel & Völkers’ properties, in particular, are designed to maximize these returns while providing long-term value appreciation. Several neighborhoods in Athens stand out as prime locations for serviced apartment developments.
Engel & Völkers has strategically focused on these areas to capitalize on their investment potential:
- City Center: Plaka, Koukaki, and Kolonaki offer proximity to historical landmarks and vibrant urban life.
- Southern Suburbs: Glyfada and Voula attract professionals seeking coastal living with city access.
