They tend to be rare, but they keep their value
What do we mean by penthouse-retiré? First of all, it is a Greek particularity, the word “retiré” has French roots however it was not used to describe top floor apartments, as in the Greek market. In Greece there was a boom in the 60’s, when penthouse-retirés were a kind of luxury, giving social prestige and glamour to their owners. That is why Kolonaki was a pole of attraction for the upper income classes, as it always had a plethora of penthouse-retirés, several of which were floor-through.
On the top floor
The
word was used to describe the privateness offered by this type of
apartment which covered the top floor and was smaller than other
apartments of the building. However, it came with a larger terrace so
that the owner or tenant could enjoy the view. Usually,
penthouse-retirés’
surface
is around 70-100 sq.m., they are found in small or medium-sized old
buildings and are the only apartment on the floor.
Limited
offer
Nowadays,
penthouse-retirés tend to become rare, although in the past they
were one of the most popular type of apartments.
According to real estate market agents, on one hand, the construction
of new penthouse-retirés has stopped for decades, and on the other
hand, owners are very reticent to sell. As a result, demand is not
being met, and prices are rising for the few penthouse-retirés still
available on the market.
Newly
built penthouse-retirés are actually only penthouses, since
constructors choose to call penthouses, or roof gardens, the rooftop
apartments that give their owners access to part or even to the
entire roof, for their personal use. The reason for stopping the
construction of penthouse-retirés was the loss in square meters,
hence the reduced profits for the contractor.
Up
to 15% more expensive
But
how much more expensive are penthouse-retirés, compared to other
apartments? The view some of them offer even today, the large
terraces, but also the fact that they are located on the top floor
which by itself raises the price, justify the higher cost.
It goes up to 10% -15% higher, compared to other apartments in the
area, or even in the same apartment building. This is indicative of
the advantages of penthouse-retirés, as they keep their high value,
despite the fact that their date of construction, or possibly even
the area where they are located does not justify such a thing.
Where
do we find them
Penthouse-retirés
can be found in many areas of Athens, especially those built during
the 60s and 70s.
We refer to areas such as Pagrati, Kypseli, Ano Patisia, Galatsi,
Zografou, Ampelokipi and Kallithea. Lycabettus and Kolonaki are among
the areas that have great demand for penthouse-retirés.
