Kypseli is an area located in the northern part of Central Athens. Its recent transformation has attracted the young Athenian crowd and with them, countless international investors are now willing to get a piece of the action. But before we get into Kypseli’s current profile, let’s look into its rich history and how the area got its current identity.

Kypseli began transforming into a residential area in the late 1920s and it was distinctively characterised by unique neoclassical architecture. It was also one of the first places, along with Kolonaki, where large apartment buildings were constructed. This elegant surge of urban development attracted artists, intellectuals and the upper class of the time to move there. Soon enough Kypseli was pouring with theatres, shopping centres, schools and parks to cover the needs of the Athenian high society. All streets were named after Greek islands to echo the unique Greek summer breeze.

Its landscape is comprised of many small hills, while the North side sits at the top. This residential part is called Ano Kypseli and it offers amazing views of the city. By the 1960s it was one of the most expensive real estate markets in the country. Unfortunately, regulations regarding new buildings changed during the late 60s and allowed the development of large structures. As a result, many homeowners demolished the beautiful neoclassical buildings to erect multi-story apartment buildings. This change enabled the masses to buy or rent apartments offered at low prices, which led to considerable degradation of the area’s real estate value.

Today, about 65,000 residents enjoy the rich heritage Kypseli has to offer. The crown jewel of the area is the 2^nd largest pedestrian road of Athens, Fokionos Negri. It stretches over 40m wide and 650m long, starting from the main Square and ending at the Western border. It is full of restaurants, bars, cafes and shops and is always full of pedestrians enjoying its beauty. On the Southside lies the Pedion of Areos, a 277 square kilometre park dedicated to the Greek independence fighters of 1821. The park also hosts the Court of Athens, which attracts countless lawyers and business people in a daily fashion. Kypseli is also home to the Athens University of Economics and Business, one of Greece’s largest and most prestigious universities.

The area’s nightlife is as vivid as it has ever been. The recent emergence of the young crowd along with the long-lasting tradition of the theatre scene has made Kypseli a hub for culture and entertainment.

A recent real estate hype is noted in Kypseli due to the upcoming development of two Underground Metro Train Stations: one located in the Main Square and one near the Court of Athens. According to public officials, they will both be operational by the end of 2027. Additionally, the Municipality of Athens has formulated a plan regarding the reconstruction and upgrade of public spaces. Local authorities have recently completed a project called Pocket Parks, which entails the creation of small parks within a selection of neighbourhoods for the purpose of offering more “Green Spaces” to the residents. The Kypseli trend was solidified in the winter of 2019 by the publication of Timeout Magazine ranking it as the #16 Coolest Neighborhood in the world.

Overall, Kypseli is one of the most upcoming real estate destinations for Athenian residents including lawyers, businesspeople, students and artists. Thus, offering substantial financial returns to international real estate investors. Click here to view all available properties for sale in Kypseli by MI4.

Written by Nikolas Laskaris

28 September 2021