Buy-to-let apartment renovation in Athens
Rental yield and annual price gain
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100,000 €
minimum budget
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5—10 %
yield
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10—15 %
price growth per annum
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We find properties for the project
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We calculate project costs and create a financial model
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We make repairs and control their quality
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We assist with the lease or sale
Project strategy
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We find attractive properties (houses and apartments)
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We assess the property and repair costs, and create the financial projections
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We make repairs and furnish the property if necessary
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We assist in leasing or reselling the apartment
Examples of completed projects
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Apartment in Athens’ Agios Nikolaos neighbourhood: renovation and lease
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54,000 €
project budget
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15,7 %
yield
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Apartment in Athens’ Neos Kosmos neighbourhood: renovation and lease
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98,000 €
project budget
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15,1 %
yield
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Advantages of renovating a buy-to-let property in Athens
Price growth potential
Property prices in Athens are 30% below the pre-crisis level, which means there’s huge potential for growth, especially in view of the country’s economic recovery.
Low price per square metre
In Athens, property prices are far lower compared with other large European cities. But the market is starting to grow: The Bank of Greece has been observing growing prices for a third consecutive year.
The most affordable Golden Visa in Europe
Investors can obtain Greek residency by purchasing a property worth at least €250,000. The investor's spouse, their parents, and children (under 18) are also eligible for residency.
and we expect a 20-30% growth in the next 2-3 years
Why renovating a property makes more sense than buying a new‑build
Marina Filichkina, Head of Sales
There’s a lot of cheap property in central Athens and almost all are in need of renovation. In general, the Greeks themselves simply don't have the money to do it.
Buying, renovating, and renting out one of these apartments is more beneficial than buying a newly-built one because they are mostly found in historic districts, where tourists prefer to stay. There are very few newly built apartments in the old Pláka district, for example.
«This is why a renovated apartment in the city centre will rent out well and sell quickly at a high price to investors from Russia, China, or Central Asia – who would like to get a Golden Visa under Greece’s residence-by-investment programme – in a few years when the prices will have gone slightly up.»
Project stages
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Enquiries
Investors approve the project selection criteria with a Tranio manager.
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Documents
Investors prepare the proof of their funding’s legal origin. This must be done in advance so that a property can be purchased as soon as possible after we find a suitable option.
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Property search and reservation
One of Tranio's local managers finds a suitable property from closed market offers at the investor’s request. It’s advisable to view potential properties within a week because they sell quickly.
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Purchase and payment
The investor signs the sales agreement and pays the full amount. Our managers oversee all stages each transaction.
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Renovation realisation
Tranio organises and controls the entire renovation process. We work with construction companies and make repairs in stages. Our local agents monitor schedule adherence and personally approve each repair stage.
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Lease
We choose a management company and lease the apartment via Airbnb. You can sell the apartment immediately or wait until its value rises. While the prices are growing, you will receive a stable rental income that will compensate for any maintenance costs while also generating a return.
Investor FAQs
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How does Tranio find cheap apartments?
We source 90% of our properties from estate agents. We have an excellent reputation in the local market. Estate agents come to us because they know we always have buyers.
We also work with management companies. They tell us when an apartment is ready to be sold, so we contact the seller directly to avoid markups. Our expertise allows us to assess real estate correctly and negotiate lower prices.
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Who are Tranio’s contractors and how do you work with them?
Our contractors are experienced construction companies: Gnomon Constructions and OIKODESMOS. They specialise in hotels and apartment hotels. Repairs are made en masse and payments are made in stages. Local agents from Tranio Athens are personally responsible for the quality of repairs and ensuring that everything is as it should be.
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What if the renovation is not up to scratch?
Our contractors offer a two-year repair guarantee for every project. If something is faulty, they will rectify this at their own expense. We do not compromise on quality. We lower the cost of repairs by buying building materials in bulk. All parties involved in the renovation process rely on maintaining a good reputation so it’s in everyone’s interest to do the best job possible.
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Is it guaranteed that the property will be leased or sold?
We choose historical districts in Athens near the Acropolis with well-developed tourist infrastructure: shops, restaurants, cafes, public transport, and landmarks. Short-term rental demand is high in these areas.
Each apartment benefits from interior design performed by architects because a beautifully designed apartment is easier to lease and sell.
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I want to buy a property and do the repairs myself. Will you help me to find offers?
Yes, we will consider this option.
Our article about Athens real estate on Bloomberg»
About us
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We have been operating in the European real estate market since 2010
We used to only sell real estate but our accumulated knowledge of local markets has enabled us to create an infrastructure and ability to offer more complex investment products: residential development and renovation projects in Spain, Germany, and Greece.
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We have local teams
Our secondary offices are located in Athens, Berlin, and Munich. Local teams interact with property sellers, contractors, and suppliers of building materials. They select properties, estimate the cost of repairs, and control quality. This enables us to carry out projects in a timely manner with predictable results.
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We are client-oriented
We believe that time is the most important resource. This is why we offer quick investment recovery with good yields, taking charge of project management. Visit Tranio.com for more information.
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10 offices
in Eurasia
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40 apartments
renovated over two years
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11 development
projects in Europe