Can a Co-Op Incentive Model Save Europe's Real Estate Market?

Boarded-up shops, unbuilt lots weeding over, buildings flaking and peeling—the ongoing economic slump in Europe has kicked its fair share of holes in many of the continent’s less prosperous city centers. But while the recession hasn’t really lifted yet, some crisis-hit European cities are experimenting with ways to revive their cores that don’t necessarily involve huge investment. Should two new experiments in Athens and Dublin work out, they could provide useful models for cities across the world trying to shake off similarly high vacancy rates and run-down real estate.

First up is Athens. Greece’s capital is currently struggling to find ways to restore an inner city that is now peppered with rundown or derelict historic buildings. Overall, the city has 1,200 abandoned buildings, a third of which have historical protection status. They include such properties as this fine neoclassical cinema and large old houses that are close to the point of no return, but also buildings on streets like this where surrounding houses are in good order. Aside from the economic pain they reflect, it would be a huge pity to let these buildings die, not least because their unique take on neoclassical architecture could make Athens tourism even more attractive in the future. Their presence is not a result of the economic crisis alone; buildings don’t go from pristine to tumbledown in just six years. Their decrepitude is mainly the product of the longstanding drift of money away from downtowns toward the suburbs that was typical of cities across the West in the late 20th century.