Table of Contents

Leave your email and we will get back to you.

Petralona is located southwest of central Athens, between Filopappou, Gazi, and Koukaki. The neighborhood is divided into two areas: Ano Petralona (Upper Petralona) and Kato Petralona (Lower Petralona). The upper part is considered quieter and more pastoral, while the lower part is closer to entertainment areas and transportation hubs. Petralona is a long-established and authentic neighborhood that has preserved its local character, yet over the past decade has become a sought-after destination among young people, investors, and tourists.

The population

  • Long-standing local residents alongside a younger crowd — including students, artists, and young families.
  • A high proportion of renters, including both short-term (Airbnb) and long-term tenants.
  • A growing presence of foreign investors, especially in areas close to Gazi and metro stations.
  • The neighborhood attracts people seeking a combination of tranquility, proximity to the city center, and an authentic Greek character.

Transportation

  • Petralona metro station (Green Line) — provides a direct connection to Monastiraki and central Athens.
  • Numerous bus stops along main routes such as Thessalonikis and Troon streets.
  • Excellent walkability to nearby neighborhoods including Gazi, Thissio, and Koukaki.
  • Relatively calm traffic, though parking is limited in the inner residential streets.

Key Locations and Main Street

  • Troon Street – a lively entertainment area with bars, restaurants, and local cafés.

  • Filopappou Park – a large green space near the neighborhood, offering views toward the Acropolis.

  • Neighborhood squares, long-established bakeries, and active community centers.

  • Proximity to major Athens landmarks – a significant advantage for tourist-oriented investments.

  •  

Real Estate in the Petralona Neighborhood

Petralona enjoys growing demand from both investors and renters:

  • Apartment prices typically range between €1,600–€2,300 per square meter, depending on proximity to the metro and the park.

  • Monthly rent for small to mid-sized apartments ranges from €500–€800.

  • High demand for Airbnb apartments, especially in Kato Petralona.

  • Apartments with balconies and green views are rare and highly sought after.

Key Advantages for Investors

  • A central yet quiet location — attractive to tourists, young couples, and families.

  • High potential returns from short-term tourist rentals — especially near Filopappou and Gazi.

  • An authentic neighborhood character — well preserved despite ongoing renewal.

  • Very convenient public transportation — fast connections to all parts of Athens.

Critical Considerations for Investors

  • Ongoing price increases — properties are no longer considered “bargains,” especially attractive units.

  • Some buildings are older and may require renovation or structural reinforcement.

  • Limited supply of high-quality properties — resulting in strong competition.

  • Local residents can be sensitive to change — with some level of resistance to Airbnb activity.

A little about the author of the article

Elazar Kaykov

Partner and Founder

A native of Kibbutz Tel Katzir in northern Israel, he currently lives in Tel Aviv with his wife, a real estate investor, entrepreneur, with 7 years of experience in marketing and sales, a former officer and in the reserves. Elazar brings with him 4 years of experience in real estate, during which he worked at Natam, a company specializing in commercial real estate. Elazar managed the Tel Aviv team at the company.