Renovation of “secondary” housing or a new build
Why it’s almost impossible to bring an old apartment in Athens up to an A+ class
Many investors entering the Greek market for the first time face a dilemma: buy an inexpensive apartment in an older building (constructed between 1970 and 1990) and do a “European-style renovation” in it, or immediately invest in a more expensive new build. The first option seems more economically advantageous. However, if your goal is high energy efficiency and A+ class comfort, the math of renovation often works against you.
The high-rise problem
Athenian construction is specific. Most buildings are concrete high-rises with thin walls and single glazing. The main problem when attempting to modernize such an apartment is collective ownership. To achieve an A+ class, it is not enough to simply replace the windows with plastic ones and install an inverter air conditioner. This will raise the rating from a maximum of G to D or C. The A+ class requires a set of measures affecting the entire building:
- Facade insulation. You cannot insulate only your piece of the exterior wall on the third floor—this will create a dew point and mold for your neighbors, and it is technically difficult to implement. The consent of all residents of the building is required for the installation of a thermal facade, which is practically impossible given Greek bureaucracy and the varying financial situations of neighbors.
- Heating system. Older buildings often use central heating based on mazut (petrelaio) with low efficiency. It is possible to disconnect from it and install an individual heat pump, but you will still pay a portion of the communal expenses, and the efficiency of the pump in an uninsulated building will drop significantly.
Hidden renovation costs
During a major renovation of an old apartment, the budget often increases by 30–50% from the plan. Replacing rotten pipes, completely redoing the electrical wiring (which is not designed for modern appliances), and leveling the floors—all of this “eats up” the budget. As a result, the price per square meter of the finished product approaches the price of a new build, but you are left in an old stairwell, without parking, and with a low energy class.
That is why, if the microclimate, the absence of mold, and low utility bills are important to you, it is better to immediately choose a modern new build. As the article’s author details, A+ class technologies are laid in at the excavation stage, and implementing them fully in older buildings is practically unrealistic. Modern developers are required to comply with KENAK standards, and you receive a guaranteed result without having to “fight” with neighbors. The purchase of “secondary” housing is justified only if you are looking for vintage charm and are willing to pay high electricity bills for a location in the historic center.
