Demand for serviced apartments in southern Athens is drawing on a wider mix of guests. Business executives, professionals relocating for work and digital nomads are looking for alternatives to conventional hotels. This is creating new opportunities for serviced apartments, a model already established in other markets and now attracting interest from developers and investors in Greece. Glyfada and Elliniko are among the areas in focus, as new residential developments and demand for high-specification homes create scope for different ways of using residential property.
Industry sources tell BnBNews.gr that Athens’ southern suburbs have become an option for executives who come to the city on business and are open to staying outside the city centre. Fully equipped apartments appeal to them because they offer more independence, greater comfort and the flexibility to stay longer.
Digital nomads are another source of demand. These professionals work remotely and can choose where to live independently of where their employer is based. Reliable infrastructure, the ability to work from the apartment and flexible rental terms are among their main considerations.
Many of these guests need a temporary home for weeks or months and want the flexibility to leave when their work or plans change. Serviced apartments fill that gap by combining the independence of a furnished home with services typically associated with hotels.
Why developers are looking at serviced apartments
The opportunity extends beyond converting existing apartments. Industry sources tell BnBNews.gr that proposals are beginning to emerge in Greece for buildings designed from the outset to operate as serviced apartments, with different requirements from those of a conventional residential block.
In other markets, where the model is more established, developers work with specialist operators and international brands to create professionally managed residential developments with services.
Under this arrangement, the developer builds the property and partners with an operator that brings hospitality expertise, a brand identity and day-to-day management. Residents retain the independence of an apartment while having access to professionally managed services.
The model can also work on a smaller scale. A development may consist of just five or six apartments, depending on how it is run and the type of guest it aims to attract.
What determines returns on serviced apartments?
Real estate professionals speaking to BnBNews.gr point out that conventional housing, logistics and commercial property have distinct investment profiles, with different revenue streams, costs and returns.
Serviced apartments give investors another way to generate income from residential property. Depending on how the apartments are managed, operators can cater to different types of guests and offer a range of services, both of which can influence pricing. Revenue can therefore vary with the mix of guests and services, as well as the length of each stay.
Higher revenue can come with higher operating costs. Professional management, maintenance, housekeeping and additional services all affect net returns, as do occupancy and the average length of stay.
For investors, the appeal lies in developing a property that caters to a specific group of guests whose needs differ from those of conventional residential tenants.
Why Glyfada and Elliniko are in focus
Residential development in Athens’ southern suburbs, particularly in Glyfada and Elliniko, is creating opportunities for serviced apartments. Both areas are attracting developer interest, with new residential projects and high-specification homes targeting Greek and international buyers.
There is also interest in partnerships with international brands, which can help a residential development stand out in the market.
These partnerships overlap with a trend towards branded residences, homes marketed under the names of established hospitality or luxury brands. Branded residences are often built for sale and owner occupation, while serviced apartments cater to guests who need temporary accommodation. Both models can offer professionally managed services.
Industry discussions have pointed to proposals for developments of this kind in Glyfada and earlier efforts to advance similar projects in Elliniko. Bringing those plans to fruition can be difficult. High land prices and a limited supply of suitable plots shape what developers can build, particularly when a project has to meet demanding construction and operating standards.
