Pangrati, Athens — a 70 m² apartment, third floor

At this purchase price the apartment works as a long-term rental: the gross return is about 6% a year. It does not work as a flip at today's asking prices: selling the renovated apartment at the median returns less than the total cost, and only the high case ends in profit.

• Supermarkets

  69 within 1.5 km, 4 of them within 500 m. Nearest: Sklavenitis at 257 m. AB Vassilopoulos at 654 m and Lidl at 665 m.

• Schools

  33 schools and 11 kindergartens or nurseries within 1.5 km. Nearest: 3rd Primary School at 259 m, then the 17th Gymnasium and 17th Lyceum at about 470 to 490 m.

• Health

  3 hospitals within 1.5 km, the nearest at 1.1 km. 16 pharmacies within 700 m, 7 of them within 400 m.

• Getting around

  3 metro stations within about 1 km: Syntagma 917 m, Evangelismos 993 m, Akropoli 1,024 m. Zappeion tram stop at 428 m. 14 bus stops within 500 m.

• Green space

  Pocket park at 435 m, Alsos Pagkratiou at 456 m, Longinou Park at 504 m and the National Garden at about 650 m.

Comparable apartments for sale within 1,500 m: floor 3 and above, size within 20% of 70 m², duplicates removed, listings above 3,500 € per m² excluded as outliers. The bars show how many comparable listings fall in each price band.

Statistics come from the full comparison set, not from the eight example rows. Zones are groups of neighboring areas; zones with fewer than three listings are left out.

Same comparison rules, applied to monthly asking rents. Renovated apartments rent for about 21% more per m² at the median than apartments that were not renovated.

The renovated apartment is priced from the renovated comparables: low is the 25th percentile, mid the median and high the 75th percentile of asking prices. A 10% negotiation discount comes off the asking price. The result is measured against the total cost including purchase costs and renovation.

1. 01

   Asking prices, not closing prices

   Every figure comes from listings. Sellers often accept less, and the 10% discount used here is an assumption.

2. 02

   The price is far below the median

   At 2,143 per m² this purchase is about 30% under the median of unrenovated comparables. Find out why before relying on it: ownership, tenants, permits, structure.

3. 03

   Flipping does not pay at the median

   Renovated apartments ask almost the same per m² as unrenovated ones here, so renovation adds little resale value in these listings.

4. 04

   Taxes and financing are not modeled

   Income tax on rent, annual property tax and any loan are outside these numbers. Check them with your accountant.

5. 05

   Objective value and VAT

   Transfer tax is calculated on the higher of the price and the objective value, and VAT on renovation depends on how the works are invoiced. Both are to be confirmed.

6. 06

   Short-term rental rules

   Rules for short-term letting in central Athens are tightening. Check the exact address with a lawyer before counting on it.