I purchased a dwelling in Athens and leased it via Airbnb - this is my rental income.
In April 2024, Alex Pettas, an architect and seasoned landlord with properties in California since 1998, made a unique addition to his portfolio. He purchased an apartment in Athens, Greece, a city steeped in history and culture.
The two-bedroom, 84 square meter unit, built in 1950, located near the iconic Acropolis, was Pettas' first foray into the Greek real estate market. He paid €425,000 for the property, a decision based on factors such as his Greek heritage, the strong US dollar, and the end of the Euro crisis.
Upon purchase, Pettas began renting out the Athens apartment via Airbnb. He started in mid-July 2024 and, after a year, the apartment has done better than expected. The monthly income from the Athens apartment averages around €9,000 (approximately $10,600), a yield considered great for a €425,000 apartment.
However, managing properties in Greece presents its own challenges. Tenants tend to leave apartments in poor condition, with instances of painting walls with unusual colours and leaving trash behind. In contrast, in the US, Pettas uses Baselane, a special software for landlords, to manage his properties more efficiently.
Despite these challenges, Pettas finds Athens to be a surprising year-round travel destination and a good location for business. He uses the Athens apartment as a vacation home when he visits. Interestingly, Airbnb is no longer allowed in the historic centre of Athens due to housing issues, but Pettas' apartment is located outside this zone.
Pettas also owns two apartments in San Francisco and three in Glendale, California. He purchased the building in San Francisco in 1998 and the one in Glendale in 2015. In Greece, he prefers buying properties for diversification and personal travel.
In the first year, Pettas made an average of €1,300 per month net from the Athens apartment, after deducting fees and expenses. This is a significant increase from the highest monthly income of €3,300 ever recorded from the Athens apartment. Rental agreements in Greece are less detailed compared to those in the US, which can present both advantages and challenges for landlords.
Despite the success of his Athens investment, Pettas looks back ten years ago, during the Greek crisis, and wonders what properties he could have bought then. He expresses his gratitude for the current market conditions and his continued success in the real estate industry.
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