David Awoyode
Alex Pettas, 54, has worked as both an architect and landlord for decades. In 1998, he purchased a duplex in San Francisco with help from his father. He later expanded with a three-unit property in Glendale, California, in 2015. Together, those buildings generate about $18,000 in monthly rental income. But with Los Angeles property prices averaging $1.5 million or more, expanding locally became difficult.
Why He Chose Athens
In April 2024, Pettas decided to invest abroad. With strong family roots in Greece, a favorable dollar-to-euro exchange rate, and still-recovering real estate prices after the country’s financial crisis, Athens became the perfect choice. He purchased an 84-square-meter, two-bedroom apartment near the Acropolis for €425,000 (about $456,000).
Navigating Greece’s Buying Process
Purchasing in Greece was more complex than in the U.S. Pettas gave his cousin power of attorney to handle paperwork, while also facing challenges from the country’s transition to a digital land registry. Many buyers were also entering Greece’s real estate market through the Golden Visa program, but Pettas bought mainly for family and cultural reasons.
Setting Up an Airbnb
The 1950s apartment required fresh paint and furnishing before Pettas listed it on Airbnb in July 2024. Within its first year, the property earned between €1,300 and €3,300 per month after expenses like cleaning, fees, and management. While a long-term rental might fetch €1,400–€1,500 monthly, Airbnb proved more lucrative — and more flexible for personal use.
Timing and Regulation Challenges
Pettas was among the last hosts to secure an Airbnb license in Athens’ historic center before the government suspended new permits to combat housing shortages. Some upscale apartment associations have also banned short-term rentals. Despite the restrictions, Pettas values the income and the ability to stay in the apartment with his family.
Easier Payments in Europe
Unlike in the U.S., where Pettas previously dealt with paper checks and bank complications, Greece’s digital banking system made transactions simple. With an International Bank Account Number (IBAN), transferring and receiving money has been fast and seamless.
Cultural Differences in Renting
Pettas noted stark contrasts between Greek and American tenants. In Greece, renters often leave units in poor condition, with painted walls and trash left behind — a sharp contrast to the stricter lease enforcement in the U.S. He has also managed two of his mother’s Greek apartments, facing similar issues.
Mixing Business With Pleasure
For Pettas, Athens isn’t just about profit. The apartment gives him and his family a reason to travel regularly. Even during January, typically a slow season, the rental performed well thanks to Athens’ growing popularity as a year-round destination. He’s also exploring opportunities in Italy and Spain, aiming to expand his portfolio while keeping close ties to Europe.
Charles Esther