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Athens Serviced Apartment Boom
Serviced apartments are booming in Athens, driven by investment and a unique regulatory status. This report details key players and business models.
Greek
Greece
LifestyleInvestmentTourismReal EstateDevelopmentHospitality
Dkg DevelopmentWyndham Hotels & ResortsEngel & VolkersLibere Hospitality Group (Lhg)Blend Development
Dimitris And Paris Kallitsantsis
- What are serviced apartments and why are they in high demand in Athens?
- Serviced apartments in central Athens are in high demand, offering fully furnished accommodations with hotel-like services. These properties utilize short-term rental platforms but are not subject to recent government restrictions, allowing for continued operation and new developments.
- What is driving the current surge in investment interest for serviced apartments in Athens?
- The investment interest in serviced apartments is surging, not only in Athens but across Attica's tourist areas. Often sold as investment products to individual owners, these properties offer personal use alongside professional management by hospitality groups.
- How are serviced apartments licensed and regulated compared to traditional short-term rentals?
- These serviced apartments are licensed differently than standard short-term rentals, holding tourist-oriented permits similar to hotels. They provide fully equipped units and various hotel services (room service, breakfast) depending on guest preferences.
- Name at least two key companies involved in developing or managing serviced apartments in Athens.
- Several companies are driving this trend. DKG Development, for instance, has a portfolio of 1,000 serviced apartments, partnering with Wyndham Hotels & Resorts for projects like the Wyndham Residences Piraeus Marina Zeas.
- What are some of the business models employed by these companies in the serviced apartment sector?
- Other companies involved include Blend Development, Limehome, Astrea International Properties, and Bob W, each developing or managing multiple serviced apartment complexes in Athens and beyond, utilizing various business models of acquisition and management.