This paper, which is methodologically constructed by three different parts, studies, analyses and tries to apprehend the depreciation procedures of central residential areas and their reevaluation through either small or large scale renovation projects, related to the effect described as gentrification.

In the first part of this paper, we try to approach gentrification and find  out the causes, through the analysis of the term and its different theoretical approaches. Thereafter, we quote the basic variables and factors which affect the procedure focusing in the downgrade of urban centers, a hub to the implementation of the renovation projects through a strict institutional line. Using gentrification as a theoretical implement, we investigate the outcome of these projects in social and urban fabric, which are boiled down to a factitious urban figure.

In the second part, areas such as Tompkin's Square Park in New York, Bologna, Bilbao and Castro in San Fransisko are investigated preparative to inspect gentrification through its different theoretical approaches and different expressions.

In the third and last part of the paper, the investigation goes over Athens, in bigger extent than the previous examples, in order to find out whether it is appropriate the urban renewal processes in terms of gentrification. The frequent reference to the growing renewal in the local press leads to a further analysis of the Athenian centre, based on the 2001 census.

Subsequently to the approach of gentrification, we try to evaluate the phenomenon based on all above elements, in relation to the theoretical substratum, the different expressions and the quality of the generated outcome. In the same way, such conclusions concerning potential gentrification tenses are finally produced in the case of Athens.