Metro lines in greater Athens-Piraeus causing property values, demand to surge

The Athens-Piraeus urban agglomeration’s expanding metro network, along with upgraded town squares, are predictably serving as an accelerator of real estate prices and demand in the surrounding neighborhoods.

In fact, in a report released on Friday by the office of Bank of Greece (BoG) Gov. Yannis Stournaras, the latter states that prospects for the country’s real estate market remain positive, despite uncertainties in the domestic and global economy. He nevertheless added that whatever forecast for the market’s medium-term course is very risky at present, as domestic indices show mixed trends, while major property markets in Europe and beyond appear in a “significant corrective course, in the number of transactions, prices and yields”.

Surging real estate values and demand in the Greek capital over the recent period are directly related to the locations where metro stations for a new metro line (Line 4) will be constructed.

Moreover, the same pattern has been witnessed in distinctly working-class districts southwest of downtown Athens, and abutting on the greater Piraeus area, where new metro stations opened in recent years, such as the municipalities of Egaleo, Nikea, Korydallos and Aghia Varvara.

Three new stations opened in the port city of Piraeus last year have also served as a massive fillip for property values in the otherwise congested municipality.