Business news from Ukraine

Business news from Ukraine

Parthenon on Acropolis has been displayed almost in its entirety for first time in 220 years

Visitors to the Acropolis of Athens can now see the west side of the Parthenon in its most complete form in around 220 years, following the completion of one of the key stages in the restoration of the ancient temple.

Restorers have installed two new marble blocks in the gaps in the western pediment. It is this side of the Parthenon that visitors see first upon entering the site.
The Greek Ministry of Culture stated that the completion of the work restores the architectural unity of the west pediment and allows the temple’s proportions and geometric precision to be seen once again. Culture Minister Lina Mendoni described the Parthenon’s renewed appearance as “truly impressive”.

The work was carried out by the Acropolis Restoration Service. According to Greek media reports, this was one of the most complex restoration operations in recent years: specialists had to join the surviving ancient fragments with new marble, precisely cut the blocks, hoist them into place and install them within the monument’s structure without disrupting the building’s historical fabric.
The project is funded through European programmes and forms part of the long-term restoration of the Acropolis, which began in 1975. Restorers are using marble from the Pentelicus area – the same source from which material was taken for the construction of the Parthenon in antiquity.

The Parthenon remains the main symbol of Athens and one of Europe’s most visited monuments. According to the AP, the Acropolis attracted around 4.6 million visitors last year. For Greece, it is not only a cultural asset but also a tourist attraction: restoring the temple’s appearance enhances Athens’ appeal as a destination for cultural tourism.

The Parthenon was built between 447 and 432 BC on the Acropolis of Athens and is dedicated to the goddess Athena. The temple is considered one of the principal monuments of classical ancient Greek architecture. In antiquity, it was adorned with sculptural compositions, friezes, metopes and pediments, many of which depicted mythological scenes and formed part of a unified artistic ensemble.

Throughout its history, the Parthenon has changed its function on numerous occasions: it was an ancient temple, a Christian church, a mosque, and during the period of Ottoman rule it was also used as a gunpowder store. In 1687, during the war between Venice and the Ottoman Empire, a shell struck the temple, causing an explosion that severely damaged the building.

Another severe blow to the monument’s integrity came in the early 19th century, when the British diplomat Lord Elgin removed a significant portion of the Parthenon’s sculptural decoration to the United Kingdom. These fragments, known as the Parthenon Marbles or the Elgin Marbles, have been housed in the British Museum since 1816.

For decades, Greece has been seeking the return of the sculptures, arguing that their removal compromised the integrity of the monument and deprived the Parthenon of part of its historical and artistic significance. The British Museum insists that the collection was acquired lawfully under the Ottoman administration of the time; however, Athens maintains that no genuine authorisation existed for the removal of key elements of the temple.

This is precisely why the current restoration of the west pediment has not only architectural but also symbolic significance. Greece is demonstrating that it continues to restore the Parthenon as a single monument of world culture, despite the fact that a significant part of its sculptural heritage still remains outside the country.

In 2024, a representative of the Turkish Ministry of Culture stated that there was no document bearing the sultan’s seal in the Ottoman archives that would confirm the lawful sale or authorisation for the removal of the Parthenon sculptures by Lord Elgin. This strengthened Greece’s position in the dispute with the British Museum.

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Least affordable European capitals for buying apartment Amsterdam and Athens

Consulting firm Deloitte has published the 14th edition of its Property Index 2025 report on European housing markets. The study covers 28 countries and notes how markets are adapting to high rates amid weak supply: affordability in a number of capitals remains at multi-year lows, and demand is shifting to rentals. Deloitte

The least affordable capitals are Amsterdam (15.4 annual salaries for a “typical” 70 m² apartment), Athens (15.3), and Prague (15.0); Košice ranks fourth (14.2). At the opposite end of the spectrum are Odense (Denmark) and Turin (Italy), where the average purchase price is 4.9 times the annual income, as well as Manchester (UK) — 5.3.

Ukraine was not included in this study.

Deloitte notes that against the backdrop of a “bottleneck” with new projects and continuing demand, the rental segment is strengthening (rent increases are noticeable not only in capital cities but also in regional centers). At the same time, high rents and regulatory lags in permits continue to put pressure on property affordability, especially in large agglomerations.

Deloitte Property Index 2025 — a comparative study of European housing markets: prices for new buildings, affordability (in years of gross salary for a 70 m² apartment), rental dynamics, and mortgage rates. Key findings and figures are available on the Deloitte Property Index 2025 report page.

 

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Residential rents in Europe skyrocketing: Istanbul prices have risen by 206%, Athens is cheapest

According to a recently published report by Deutsche Bank, the highest increase in rents for three-room apartments in European city centers between 2020 and 2025 was recorded in Southern and Eastern Europe, reaching 206%. These figures are from a study covering 67 cities worldwide, including 28 in Europe.

According to Eurostat, housing prices in the EU rose by 27.3% quarter-on-quarter (from Q1 2020 to Q1 2025), while rents rose by 12.5% between June 2020 and June 2025. However, growth exceeded the average in central city areas.

The most expensive and cheapest cities in 2025:

  • The most expensive is London: rent for a three-room apartment is around €5,088 per month.
  • Expensive cities: Zurich, Geneva, Amsterdam — over €3,800; Dublin, Luxembourg, Paris, Copenhagen, Munich — over €3,000,
  • Cheapest — Athens: €1,080. Cheaper options are also available in Budapest (€1,225), Istanbul (€1,614), Warsaw (€1,881), and Helsinki (€1,928).

The highest rental growth (2020–2025):

  • Istanbul — +206% (leader),
  • Lisbon — +81%; Prague — +73%; Edinburgh — +71%,
  • Barcelona – +65%; Madrid – +59%; Athens and Warsaw – over +50%.
  • The lowest growth was in Helsinki:

Overall, the findings show that Southern and Eastern Europe have lost their relative affordability in terms of housing rentals, while the major financial and political centers of Western and Northern Europe remain the most expensive, but affordability in Eastern Europe is declining rapidly.

Source: http://relocation.com.ua/housing-rentals-in-europe-are-rapidly-becoming-more-expensive-istanbul-prices-have-risen-by-206-athens-is-the-cheapest/

 

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Athens residential real estate market – analysis by Relocation

The Athens residential real estate market continued to show steady growth in the first half of 2025 amid a recovery in tourism, investment, and economic stability in Greece, according to a market review.The National Bank of Greece recorded a 6.8% year-on-year increase in residential property prices in urban areas in the first quarter of 2025. The price index in nominal terms rose by 8.0% for new apartments and 6.0% for properties over five years old. Growth was 5.5% in Athens, 10% in Thessaloniki, and around 7.3% in other cities.

According to Spitogatos, average asking prices in Athens reached €2,317/m² in the center, €3,222/m² in the north, and €4,000/m² in the south of the city, corresponding to an increase of 7-9% compared to the first quarter of 2024.

Key market drivers:

• Domestic and foreign demand, including thanks to the Golden Visa program

• Infrastructure transformations, including the Ellinikon project on the Athens coast

• Limited supply of quality properties and a shortage of premium housing

Investment in residential and commercial real estate in Greece exceeded €5.9 billion in 2024, of which more than €3 billion was in the residential segment. In the first quarter of 2025, FDI inflows into the real estate sector amounted to approximately €520 million (43% of total investment inflows into the country).

Experts predict that during 2025, price increases will slow to around 4-6%, especially in Athens, and the market will move to more moderate price growth rates after the turbulent dynamics of 2022-2023.

Forecast for August-September 2025

Analysts expect prices to continue rising in central Athens despite seasonality and a possible slowdown in demand, as favorable factors remain in place: the tourist season, foreign investor activity, a construction shortage, and the Golden Visa program.

In August, demand remains strong, especially for apartments ranging from 60 to 80 square meters. In September, there may be moderate stagnation or a slight correction amid expectations of ECB decisions and a seasonal slowdown in activity, but overall the market will remain stable, with potential for growth by the end of the year.

Source: http://relocation.com.ua/athens-residential-real-estate-market-analysis-by-relocation/

 

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Major wildfires have reached outskirts of Athens

Natural fires in Greece on Thursday reached the outskirts of the capital, reports Associated Press.

As noted, in particular, the fire in the area of the capital’s suburb of Kifissia spread rapidly due to increased wind. However, several helicopters and fire brigades were deployed to extinguish this fire. It was eventually extinguished.

Meanwhile, in the central part of Greece, near the city of Volos, the spread of forest fires has not yet stopped. Because of them closed part of one of the busiest highways. The movement of rail transport is carried out with interruptions.

Firefighters in Rhodes are fighting the raging fires for the 10th day. New fires are also reported in the forests on the island of Euboea.

Greek Prime Minister Kyriakos Mitsotakis on Thursday said more action is needed to combat climate change.

“Climate change may be a reality, but it cannot be an excuse. Our country needs to take more measures to be prepared to mitigate, as much as possible, the effects of this reality, which we are already beginning to feel and which could have dramatic effects on many aspects of our economic and social life,” he said.

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UKRAINE INTERNATIONAL AIRLINES RESUMES FLIGHTS TO ATHENS

Ukraine International Airlines (UIA) plans to resume regular flights to Athens (Greece) from June 18, 2021.
As the press service of the company said, the flights will be operated on Tuesdays, Thursdays and Fridays.
Departure from Kyiv is planned at 10:35, arrival – at 13:10. In the opposite direction, departure is scheduled at 14:05, arrival at 16:40.
Direct flights from Kyiv to Athens during this period will also be operated by Wizz Air and Ryanair.

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