Athenean, the property management company responsible for managing the properties developed by Zafido, is recording steady and continuous growth, with its portfolio expanding month by month. As the company’s Managing Director, Nikolas Kyriakou, notes in an interview with BnBNews.gr, Athenian currently manages a total of 1,800 properties. Of these, 90% originate from Zafido’s construction activity, while the remaining 10% αφορά properties owned by third parties -mainly private individuals- who entrust Athenean with the full management of their investments. The portfolio mainly consists of entire buildings and apartments, which also form the core of the company’s
Athenean: Steady growth in property management
According to current planning, by the end of 2026 the number of properties under management is expected to exceed 2,200, a figure based on already secured projects from the construction company. As Mr. Kyriakou clarifies, any additional properties from third-party owners cannot yet be predicted.
Athenean’s goal is to continue expanding so that it can meet the increasing workload and the demands of a constantly growing portfolio. Beyond Zafido, other private owners also turn to the company, choosing to outsource the management of their properties either to enhance and increase their value or to benefit from the security and reliability offered by an organized and professional management structure.
With regard to Zafido’s properties, Athenean undertakes their full utilization once construction is completed, with a significant number of these properties being linked to the Golden Visa program.
The vast majority of investors working through Athenean do not purchase properties for owner-occupation, but with a clear focus on long-term rentals. “Out of approximately 1,650 Zafido properties we manage, 1,500 are allocated to long-term leases, while the number of short-term rentals is extremely small,” Mr. Kyriakou notes. Athenean’s investor base is overwhelmingly international: around 98% of investors are foreign nationals, primarily from China, Russia, and Turkey.
Most of these investors acquire properties at the design stage, often before excavation work even begins, a fact which, according to Mr. Kyriakou, demonstrates both demand and confidence in the product. Subsequently, Athenean takes over full management, from leasing to the ongoing care of the property.
The scope of Athenean’s services
The concept of property management, Mr. Kyriakou explains, goes far beyond simply finding a tenant. Instead, it represents a comprehensive range of services. Athenean is responsible for managing common areas through a dedicated team, overseeing the technical condition of buildings, and carrying out regular inspections of properties.
At the same time, the company ensures the selection of suitable tenants, conducting checks to guarantee that each property remains in excellent condition and does not suffer from wear or misuse. Particular emphasis is also placed on construction quality, in order to avoid technical issues that could undermine the property’s value.
Almost all properties under management are delivered fully furnished, with a strong focus on design and quality. Furniture selection and overall interior design are handled by specialized professionals with relevant academic backgrounds, offering tenants a “ready-to-use” product of high specifications. As a result, investors acquire properties that are immediately income-generating, with integrated services and a clear focus on long-term leasing.
Which areas does the company operate in?
As Nikolas Kyriakou emphasizes, location now plays a decisive role in investment returns. Land prices have surged, directly affecting both investors and developers.
Referring to the southern suburbs—particularly areas such as Kato Glyfada—he explains that land prices now start at €4,000 per square meter solely for the plot, and only in the most favorable cases.
Within this environment, Zafido has strategically focused primarily on the southern suburbs, while at the same time dynamically strengthening its presence in Piraeus. As Mr. Kyriakou notes, over the past year the company has begun acquiring approximately 14 new entire buildings in Piraeus.
The choice of Piraeus is far from random. Although it is an area with a mixed profile -featuring neighborhoods undergoing regeneration alongside others that lag behind- Piraeus remains a strong urban center. The port, thousands of jobs, universities, and overall economic activity generate steady and strong demand for housing. As Mr. Kyriakou characteristically states, “It is not true that demand in Piraeus exists only because of the Golden Visa. There is a genuine need for housing.”
Referring also to changes in the Golden Visa framework, the head of Athenean acknowledges that demand has clearly declined. The increase in the minimum investment threshold has made it practically impossible to purchase a typical two-bedroom apartment valued at €250,000, as was previously the case. “Today, the numbers no longer add up,” he notes, adding that this change will force investors to turn to smaller properties or different products.
A new website is on the way
In terms of property promotion, Nikolas Kyriakou reveals that until now Athenean operated without its own website. “We are currently in the process of developing our website,” he says, explaining that for more than a year property listings were published exclusively through the Spitogatos platform.
The role of short-term rentals and the outlook for serviced apartments
Regarding short-term rentals, Mr. Kyriakou clarifies that Athenean currently manages around 100 Airbnb-type properties, with the goal of reaching 200 by the end of 2026. Nevertheless, relative to the overall portfolio, short-term rentals remain clearly a minority, as “less than 10% of our properties are Airbnb,” he emphasizes.
This picture confirms, according to Mr. Kyriakou, that the serviced apartments market in Greece is developing dynamically, mainly driven by interest from foreign investors. Many of them lack the know-how or time to manage a property themselves, while at the same time seeking a more “balanced” and functional housing model, without the complexity of autonomous management.
Finally, commenting on the restrictions introduced by the state on short-term rentals, Mr. Kyriakou expresses a positive view. “It is good to have rules. In many European countries, measures are much stricter,” he notes, adding that in Greece regulations remain comparatively mild.
