Published on and written by Cyril Jarnias
Nestled at the foot of Mount Hymettus in south-central Athens, Ilioúpoli – literally the “City of the Sun” – has emerged in just a few years as one of the most dynamic real estate markets in the southern suburbs. A green, family-friendly residential neighborhood that is very well connected yet still relatively affordable, it now attracts Greek households, expats, and foreign investors alike in search of decent returns and appreciation potential.
Given the soaring prices on the prestigious coast and in the center, Ilioúpoli offers a high quality of life with developing infrastructure. Rents remain stronger and its entry-level real estate market is more accessible while still benefiting from the proximity and influence of the Athenian “Riviera.”
A Rising Market in a Highly Sought-After Residential Neighborhood
Ilioúpoli is a municipality spanning 13.7 km², entirely urban, with a population of approximately 76,700 residents. The built fabric consists mostly of 4- to 6-story buildings with spacious balconies and unobstructed views. The atmosphere remains decidedly neighborhood-oriented: little mass tourism, a community life structured around squares, parks, and local shops. Demand primarily comes from Greek families, expats working in Athens, and “buy-and-hold” investors targeting long-term rentals.
Selling Prices Rising Sharply
The latest available data show a clear upward trend in transaction values in Ilioúpoli. In September 2025, the average listed price for homes for sale reached €3,334/m², up 10.73% year-on-year from September 2024 (€3,011/m²). Over the two years observed, this level of €3,334/m² is actually the high point, while the low was reached in March 2024 (€2,903/m²).
Average residential price in Athens in euros per square meter as of mid-2025.
For an investor, this trend is doubly interesting: it signals both robust demand for purchases (good liquidity) and capital appreciation potential that is far from exhausted, especially given the major infrastructure projects on the horizon.
Stable Rents, Competitive Yields
On the long-term rental side, the market shows relative stability, indicating a balance between supply and demand. In September 2025, the average asking rent stood at €9.81/m² per month, down slightly by 1.11% year-on-year (€9.92/m² in September 2024). Over two years, the peak was recorded in September 2024 at €9.92/m², with the low in April 2025 at €9.31/m².
Rents deliver gross yields of 4% to 5% for long-term rentals, placing Ilioúpoli in the upper middle range of the Greek market (national average: ~4.4%; Athens: ~5.4%). This profitability is supported by structured rental demand (employees, families, advanced students, multinational company staff), limiting vacancy risk.
Distinct Micro-Markets Within Ilioúpoli
The municipality of Ilioúpoli is not a homogeneous block. It is divided into eleven administrative districts, and from an investor’s perspective, certain sub-areas clearly stand out in terms of prices and demand profile.
Comparison of Main Ilioúpoli Zones
As of September 2025, four sub-markets are particularly noteworthy: Ano Ilioupoli, Lofos Germanou, Kato Ilioupoli, and Astinomika. The table below summarizes their average price levels for sales and rentals.
| District | Average Sale Price (€/m²) | Average Rent (€/m²/month) |
|---|---|---|
| Ano Ilioupoli | 3,125 | 9.68 |
| Lofos Germanou | 3,126 | 9.07 |
| Kato Ilioupoli | 3,538 | 10.02 |
| Astinomika | 3,155 | 10.10 |
Kato Ilioupoli stands out as the most expensive sector for purchases (€3,538/m²), reflecting a more central and desirable location, while Ano Ilioupoli sits at the lower end (€3,125/m²). For rents, Astinomika leads (€10.10/m²), whereas Lofos Germanou offers the lowest prices (€9.07/m²).
For an investor, price or valuation discrepancies between different markets or assets open the door to several strategies. For instance, this may include arbitrage, which involves buying an asset in an undervalued market and simultaneously selling it in an overvalued one to capture the difference. Other strategies may aim to anticipate the correction of these gaps or select undervalued securities in a given sector.
– Prioritizing Kato Ilioupoli or Astinomika for premium properties offering better resale value and higher rents;
– Aiming for Ano Ilioupoli or Lofos Germanou to optimize the purchase price-to-rent ratio, with potentially slightly higher percentage yields.
Focus on Ano Ilioupoli: Steady Growth and Entry-Level Appeal
Ano Ilioupoli perfectly illustrates the gradual uptrend of the market. In March 2025, the average asking price reached €2,922/m², up 3.25% year-on-year (€2,830/m² in March 2024). This value represents the two-year high, with the low recorded in May 2023 (€2,697/m²). Meanwhile, average rents hovered around €9.24/m² in March 2025, down slightly year-on-year, but with a peak at €9.73/m² in September 2024 and a trough at €7.90/m² in May 2023.
This trajectory identifies a specific sub-market within Ilioúpoli. It is gradually benefiting from the overall revaluation of the commune while offering slightly lower prices than the local market peaks. This makes it an ideal target for an investor with a controlled budget, aiming for a purchase around €3,000/m². The potential for capital gains rests on the catch-up potential relative to more expensive central areas.
Ilioúpoli in the Athens and Greek Context
To fully gauge Ilioúpoli’s attractiveness, it must be placed within the broader Athenian and national landscape.
A District Ahead of the National Average
The average home price in Greece is around €2,561/m²; in Athens, the residential average is approximately €2,450/m² as of mid-2025, with annual increases of around 7.6%. By comparison, Ilioúpoli’s €3,334/m² and its over 10% annual increase indicate that the district is among the “catch-up” zones of the metropolis, midway between the still affordable western sectors of Athens and the already expensive coastal strip.
Average price per square meter in Athens’ southern suburbs, with annual increases of about 7.15%.
A Still-Promising but More Selective Athens Market
At the capital level, several structural trends favor investing in Ilioúpoli:
Analysis of current market trends, between sustained demand, price evolution, and rental dynamics.
Driven by students, multinational employees, and expats. Typical gross yields between 5% and 7% in attractive areas.
Strong rebound after the crisis (2007-2017). The increase is normalizing: from over 14% per year in 2023 to around 8-10% expected in 2024-2025.
The housing supply remains limited, maintaining upward pressure on rents, which are nonetheless rising a bit slower than sale prices.
For the investor, the current phase is that of a “maturing” market: exceptional deals are becoming rarer, but well-chosen districts with solid fundamentals (transport, services, schools, parks, infrastructure projects) continue to offer an attractive risk/return profile. Ilioúpoli ticks precisely those boxes.
Geographic Location and Infrastructure Driving Attractiveness
One of Ilioúpoli’s major strengths lies in its geographic position and connections.
A Strategic Location South of Athens
Located southeast of the Athens city center, the municipality enjoys quick access to the city core while remaining removed from the noise and mass tourism. The Ilioúpoli metro station, on Line 2 (red line), directly connects residents to central districts; numerous bus lines travel major arteries such as Vouliagmenis Avenue or Agios Ioannis and Koundouriotou streets.
By car, Ilioúpoli provides easy access to:
– Glyfada and the Athenian Riviera coastline,
– Eleftherios Venizelos International Airport via expressways,
– the major coastal artery Posidonos Avenue.
This “access to everything” – city center, sea, airport – without being a tourist district itself is particularly valued by families and expats seeking a balance between professional life, quality of life, and budget.
Green, Structured, and Lively Neighborhood
Ilioúpoli’s residential character is embodied in a dense network of parks and green spaces. Kareas Park, for instance, is a large green lung ideal for walks and children’s play. Ilioupoleos Square is the neighborhood’s beating heart, hosting events, gatherings, and local markets. Agiou Konstantinou, one of the main shopping streets, is lined with cafés, bakeries, restaurants, and services, giving the district a vibrant street life without being excessive.
Ilioúpoli is an Athens neighborhood particularly appreciated by families for its green spaces, solid urban infrastructure, and stable community. These features make it a major asset for long-term rental investment, rather than seasonal tourist accommodation.
Major Infrastructure Megaprojects in the Works
Beyond the current quality of transport, Ilioúpoli is expected to directly benefit from several large-scale infrastructure projects planned in the Athens metropolitan area.
The most emblematic is the Ilioúpoli Urban Tunnel project, an extension of the Attiki Odos motorway designed to connect Katechaki to Vouliagmenis Avenue and Elliniko. This tunnel, roughly 3 km long, with twin tubes and three lanes per direction, aims to cut travel times by about ten minutes and relieve congested arteries like Kifissos. It will integrate into a new peripheral “ring” allowing access to Elliniko without traffic lights and providing faster connection from the southern suburbs to the airport and the ports of Rafina and Lavrio.
The total estimated cost of the Attiki Odos extensions, including a tunnel costing €450 to €500 million, exceeds €1 billion.
In parallel, Vouliagmenis Avenue is slated for “grade separation” along part of its route to ease traffic flow toward Elliniko and Glyfada without disturbing the existing metro line. Goal: provide a fast north-south axis that will benefit all of Ilioúpoli’s neighboring districts.
Metro: Upcoming Reinforcements
On the public transport side, several Athens metro extensions are in the pipeline or under study, including:
– an extension of Line 2 toward Ilion and Agios Nikolaos (a station located in the Ilioúpoli area) spanning 4 km, with three new stations and a budget of €682 million;
– in the longer term, a section of the future Line 4 (Section C) is expected to connect Evangelismos to Ano Ilioupoli, over 4.1 km, with three stations.
Experience from other neighborhoods shows that the arrival of a new metro station often triggers a 5% to 15% increase in rents and prices over the medium term. It is therefore not an exaggeration to view these projects as genuine value catalysts for Ilioúpoli.
A Housing Stock in Transformation: From Older Buildings to “Green” New Developments
For an investor, understanding the housing stock structure is essential: property types, sizes, standards, energy consumption… In Ilioúpoli, the market blends older buildings and very modern new developments, often with high energy performance.
Typology and Price Range of Properties for Sale
Recent listings indicate a wide range of available properties: apartments from 70 to 130 m² for families, large penthouses of 160 m² and more, single-family homes and townhouses. The average house price in Ilioúpoli is around $770,000, with a range from $495,000 to over $2.7 million, and an average price of $511 per square foot (approximately €5,500/m²). These amounts mainly reflect the upper end of the market (large houses, premium properties).
In practice, many apartments trade in a range of €250,000 to €500,000: examples of listings recorded in Ilioúpoli and neighboring Argyroupoli mention prices of €265,000, €275,000, €340,000, €420,000, €485,000, or €540,000. Large units or very premium products easily exceed €700,000, even €1 million for exceptional penthouse townhouses.
Highly Value-Adding New Developments
Several recent developments illustrate the direction of the new-build market: energy performance, modern amenities, adaptation to investment criteria (especially Golden Visa).
Helios Apartments
The Helios Apartments program, located in Iliosoupoli, comprises 14 apartments in a modern four-story building. Delivered “turnkey,” it is marketed as eligible for the Golden Visa program under the new rules. Located about 2.5 km from a metro station, in a green, low-density neighborhood with parks, schools, and restaurants, it clearly targets an international clientele seeking legal security, comfort, and rental yield.
ARSIS Building (Agisilaou / Pantazi)
At the corner of Agisilaou 1 and Pantazi 10, the company ARSIS is constructing a five-story building plus attic, facing a park with unobstructed views of Mount Hymettus. One of the offered apartments, with a surface area of 87 m², exemplifies the new generation of housing: insulated façade (10 cm), high-performance aluminum, individual gas heating with underfloor heating, preparation for solar panels, LED lighting, armored door, video intercom, underground parking and storage, energy class A.
The stated distances (700 m from the post office, 179 m from the supermarket, 513 m from a park, 3 km from the metro station) confirm the integration of this development into a complete and easily accessible urban fabric.
ILIOUPOLI 5 Complex (AXIACON)
AXIACON is developing its fifth project in the commune, ILIOUPOLI 5, at 19 Apellou Street: a complex of nine independent, energy self-sufficient homes boasting maximum energy class A+. To achieve this, the developer implements:
Discover the technical solutions and high-end equipment integrated for optimal comfort and exceptional energy performance.
External insulation of 10 cm with high-performance BAUMIT or STO systems.
High-efficiency gas boilers with underfloor heating, from recognized French and German brands.
Innovative triple-energy system combining solar, gas, and electricity for efficient production.
ALUMIL brand aluminum joinery with high-end GUARDIAN energy-efficient glazing.
Photovoltaic panels for self-consumption (Net Metering) for apartments (excluding studios) and common areas.
Installation of dedicated charging stations for electric vehicles.
Elevators designed for reduced energy consumption.
Generalized LED lighting with motion sensors to optimize consumption.
Landscaped gardens designed for low water consumption.
This type of product perfectly matches contemporary expectations of urban tenants (comfort, controlled energy bills) and investors concerned with long-term value.
Reconstructions and “Golden Visa Ready” Projects
There are also emerging projects for the complete reconstruction of buildings, offering 13 apartments of 50 to 85 m², delivered fully equipped with appliances, reversible heat pump heating, terraces, landscaped gardens, parquet and tile flooring. Prices start at €230,000, i.e., around €4,568/m², positioning these properties at the high end of Ilioúpoli’s market but compatible with thresholds required for certain Golden Visa schemes (especially for conversions or rehabilitations).
One Key Message for Investors: Energy and Structural Vigilance
New programs in Ilioúpoli now achieve the highest energy performance standards, which is a guarantee of lower operating costs and enhanced rental appeal. For older buildings, however, it is essential to hire a civil engineer to verify permits, compliance with standards, possible illegal constructions, and structural condition. Fees for these tasks typically range from €500 to €1,000, a modest cost compared to the risk of buying a property with hidden problems.
Long-Term vs. Short-Term Rentals: What Are the Prospects in Ilioúpoli?
The question of rental strategy is central to any investment project.
Long-Term: Core Market and Family Anchor
Traditionally, Ilioúpoli is a long-term rental market. Demand comes from:
– families seeking a 3- or 4-room unit with balcony and possibly parking,
– professionals working in central Athens, at the airport, or in companies in the southern suburbs,
– a few students or young professionals preferring a quieter environment than the center while remaining well connected.
Purchase price of an 80 m² apartment in Athens, yielding a gross rental return between 3.5% and 4%.
Short-Term Rentals (Airbnb): A Niche Segment to Approach Cautiously
Available data on short-term rental performance in the municipality of Ilioúpoli shows a market with much more seasonality and volatility than conventional rentals.
Key figures for typical Airbnb listings:
– average daily rate around $79,
– average occupancy rate of 42.6%,
– median annual revenue of approximately $10,300,
– annual revenue growth close to 58%, indicating a still-developing market.
However, performance distribution is very uneven:
| Performance Segment | Average Monthly Revenue | Occupancy Rate | Average Nightly Rate |
|---|---|---|---|
| Top 10% | ≥ $2,203 | ≥ 83% | ≥ $127 |
| Top 25% | ≥ $1,635 | ≥ 68% | ≥ $103 |
| Median | ≈ $1,017 | ≈ 45% | ≈ $72 |
| Bottom 25% | ≈ $515 | ≈ 22% | ≈ $54 |
There is strong seasonality with a peak in July (monthly revenue around $1,500, occupancy about 52%, average rate close to $89) and a trough in January (revenue near $870, occupancy around 38%, average rate dropping to $67).
Annual revenue exceeding $21,500 generated by an Airbnb studio in Ilioupoli, with an occupancy rate over 93%.
For an investor, this segment is only attractive if managed very professionally (price optimization, marketing, online ratings) and in compliance with regulations, which are gradually tightening in Greece, especially for properties acquired under certain Golden Visa schemes. One should not expect the explosive returns of tourist islands or hyper-central Athens areas with very high tourist traffic; however, medium-term furnished rentals (3 to 12 months) for expats or remote workers can be a good compromise.
Legal Framework, Taxation, and Golden Visa: What You Need to Know
Investing in Ilioúpoli means investing in Greece, with a legal framework that is relatively open to foreigners but with taxation and acquisition procedures that require preparation.
Rights of Foreigners and Purchase Procedure
Foreigners, including non-Europeans, can acquire and freely hold real estate in Greece (excluding strategic border areas, which is not the case for Ilioúpoli). The usual form of ownership is full freehold ownership, in the name of an individual or a company.
Key steps:
To purchase real estate in Greece, several steps are essential. First, obtain a Greek tax identification number (AFM), indispensable for any transaction. Then, ideally open a local bank account to facilitate payments, tax settlement, and charges. It is crucial to hire an independent lawyer specialized in Greek real estate law. They will perform necessary checks (title deed, mortgages, urban planning compliance) and prepare contracts. The procedure may involve signing a preliminary contract with a deposit (often 10% of the price). The final deed of sale is signed before a notary, where the balance and transfer taxes are paid. Finally, the deed must be registered with the land registry and an E9 declaration filed for the annual property tax (ENFIA).
Additional costs (transfer tax of about 3.09%, notary, lawyer, registration, agency fees) generally amount to 5% to 7% of the purchase price for resales (excluding VAT).
Taxation: Acquisition, Ownership, Income
For resales, the buyer pays a transfer tax of 3% of the taxable value, plus a municipal surcharge of 3% of that amount (i.e., 3.09% total). For new properties subject to VAT, the standard rate is 24%, but a VAT suspension regime on new constructions has been extended until end of 2026, allowing the 3.09% tax to apply instead. Notary fees range from 0.8% to 1.2% of the price, land registry fees between 0.5% and 1%, and agency fees around 2%.
Every owner must pay ENFIA annually, a property tax calculated per square meter based on zone, age, and use. Rates generally vary between €2 and €16.20/m², often representing 0.15% to 0.6% of the property’s value in Ilioúpoli. Additionally, the municipal tax (TAP), billed on electricity bills, amounts to about 0.025% to 0.035% of the property’s objective value.
Rental income from individuals is taxed progressively. The most recent brackets for 2026 rents are:
– up to €12,000: 15%,
– €12,001 to €24,000: 25%,
– €24,001 to €35,000: 35%,
– above that: 45%.
An automatic deduction of 5% is applied for maintenance costs, to which certain actual expenses (loan interest, management fees, etc.) may be added. The combination of ENFIA + TAP + rental income tax generally reduces a gross yield of 5-6% to a net yield of around 3-4% before personal income tax in the investor’s country of residence, depending on their situation.
Note that the capital gains tax for individuals on real estate is suspended until end of 2026, making resale more favorable from a tax perspective in the short term.
Golden Visa: A Card to Play, But Mainly for Higher Budgets
The residence-by-investment program (Golden Visa) remains one of the main drivers of foreign demand in Greece, even though conditions have tightened. For high-demand areas like Athens, the standard threshold is now €800,000 for a residential property of at least 120 m², and only one property may be considered; short-term rentals like Airbnb are generally prohibited for properties acquired under this regime. Lower thresholds (€250,000 or €400,000) exist but in very specific cases (conversion of commercial spaces into housing, rehabilitation of heritage properties, or less dense areas outside major centers).
For Ilioúpoli, this concretely means: the decisions made today will have a direct impact on our collective future.
– an investor targeting the €800,000 Golden Visa will find suitable properties (large townhouses, penthouses, single-family homes), with a quality-of-life/price position more attractive than in Glyfada or Kolonaki;
– investors with more modest budgets (€250,000–€400,000) will prioritize without a Golden Visa, or through specific eligible projects (reconstructions or conversions compliant with the new regime).
For high-net-worth individuals considering transferring their tax residence to Greece, complementary regimes exist (Non-Dom program, special regime for retirees, etc.), but they require total investments of at least €500,000 and actual relocation.
Why Ilioúpoli Stands Out Compared to Other Athens Neighborhoods
The question of geographic allocation is central: why choose Ilioúpoli over a central district like Pangrati or another southern suburb like Alimos or Glyfada?
Compared to Central Districts
Central districts (Kolonaki, Koukaki, Pangrati, Neos Kosmos, Exarchia, Metaxourgio, Petralona…) often offer slightly higher gross yields, especially for small apartments suited to short-term rentals or co-living, but:
– prices there have already risen sharply, reducing relative appreciation potential;
– competition is fiercer for seasonal rentals;
– family quality of life (peace, greenery, parking) is sometimes sacrificed for centrality.
Ilioúpoli is characterized by its parks, medium-sized buildings, and a population of long-term residents. This less speculative, more buy-and-hold profile makes it suitable for long-term investors seeking to rent to stable families.
Compared to the Riviera (Glyfada, Alimos, Palaio Faliro, Voula…)
On the southern coast, prices are skyrocketing: Alimos is near €4,900/m², Palaio Faliro around €3,900/m², Voula and Vouliagmeni far exceed €6,000–€7,000/m² with gross yields sometimes dropping below 3.5%. These areas remain highly sought after for second homes and prestige purchases, but they are less suited to pure yield strategies: rents, though high, do not offset the surge in purchase prices.
Ilioúpoli offers quick access to the Athenian Riviera (Glyfada, Elliniko, sea) without the premium of a direct sea view. Family apartment prices there are still around €3,200–€3,500/m², with rental yields comparable to or higher than those on the coast. The appreciation potential is supported by developing infrastructure (tunnel, road axes, metro extensions) and the spillover effects of the Ellinikon project.
Compared to Western Districts
Western Athens districts (Peristeri, Ilion, Egaleo, etc.) have seen the highest percentage price increases since 2021, benefiting from a very low starting base and improved transport (metro extensions, tram, etc.). They still offer lower entry prices and gross yields sometimes exceeding 6–7%, but:
– the perception of these districts by foreign or affluent tenants is less favorable than that of the southern suburbs;
– some sectors still have shortcomings in terms of urban quality, green spaces, and housing diversity.
Ilioúpoli, while remaining more affordable than the coastal zone, benefits from the very positive image of the southern suburbs (quality of life, safety, schools, proximity to the sea and Ellinikon) without the extreme prices.
Investor Profiles for Whom Ilioúpoli Makes Sense
Given all these factors, Ilioúpoli appears as a coherent choice for several profiles:
Discover the main investor profiles attracted to the real estate market, their specific motivations, and selection criteria.
Looking for a family apartment for long-term rental in a quality neighborhood, targeting a gross yield of 4–5% and capital appreciation.
Buys for personal use (primary residence or pied-à-terre) with the future option of renting to expats or local professionals.
Aiming for a Golden Visa in a quality residential environment, avoiding the overpriced Riviera or ultra-center.
Develop high-efficiency new-build programs to meet local demand for modern 2- to 4-bedroom apartments with balcony, parking, and good connections.
Conversely, Ilioúpoli is not the ideal district for those seeking maximum short-term leverage via Airbnb, nor for very short-term “flipping” strategies on highly speculative products: the market here is healthier, slower, and more anchored in primary residence demand.
Conclusion: A Market to Watch Closely with a Selective Approach
Everything indicates that Ilioúpoli will continue to benefit, in the coming years, from a combination of favorable factors: general price increases in Athens, scarcity of developable land, major road and metro infrastructure projects, spillover effects from the Ellinikon development, and stable demand from families and expats for green, well-connected neighborhoods.
In a Greek environment where credit costs remain high, where taxation and rental regulations evolve regularly, and where households’ ability to keep up with rising prices is under strain, the key to success will lie in careful selection:
For an investment in Athens, it is advised to: favor micro-districts that will benefit most from future infrastructure (proximity to axes, new stations, access to Ellinikon); carefully examine the construction and energy quality of properties, especially older ones; and draw up a prudent business plan incorporating all costs (taxes, management, maintenance, insurance) and not just the purchase price or advertised rent.
For those who embrace this professional and informed approach, Ilioúpoli today offers one of the best compromises in southern Athens: still reasonable prices compared to the Riviera, decent rental yield, high quality of life for occupants, and a non-negligible probability of medium-term capital gains, driven by the “City of the Sun” and its gradual transformation into a true residential hub of the southern suburbs.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
