Real estate: House prices in the Athenian “Riviera”

There is strong investment interest in buying real estate in Athens, especially as concerns the southertn suburbs of the so-called Athenian Riviera. In recent years, the real estate market has been on a growth trajectory and is consistently one of the most profitable investment options for Greeks and foreigners.

Prospective property buyers are looking for properties with a sea view in the Southern Suburbs and Piraeus. Property prices are at high levels from Glyfada to Varkiza.

In addition to the advantageous position as seafront properties, the advantages in these areas are the good transport service (metro line and tram line), while a significant number of houses for sale are mainly newly built, of very good or luxurious construction of a large relative size. For example, in Glyfada, one out of three properties currently available for sale is newly built.

The figures of the REMAX network are revealing, according to which high prices are also recorded in the Southern suburbs with the average sale price for newly built properties up to 5 years old amounting to 3,676 euros per sq.m. and for older people at 2,350 euros per sq.m., while in the Western suburbs prices moved much lower at levels of 2,212 euros per sq.m. and 1,300 euros per sq.m. respectively.

In Piraeus and its neighboring areas, the average sales price for newly built buildings up to 5 years old and cost 3,007 euros per square meter and for older properties at 2,265 euros.

In the new developments and especially in Glyfada around the golf course area, most of the properties have a private pool , a shared gym as well as a guest lounge.

Why the steep rise

The Ellinikon project and the displacement of part of the population to the southern suburbs are the main reasons for the rise in prices.

Immediately after the closing of the national airport from the area of Hellinikon, the demand for housing began to increase in the wider area, while later with the arrival of the metro, the regeneration projects of Faliro Bay and the positive impact from the operation of the Stavros Niarchos Foundation Cultural Center, demand spread more widely.

Indicative of the strong interest from Greek and foreign wealthy investors for luxury residences on the Athenian Riviera is the fact that Lamda residences in the first green skyscraper “Marina Tower” have come on the market at New York prices.

Contracts have already been signed for 75% of all apartments.

Sources want their prices to range from 7,500 to 26,000 euros per square meter. The most expensive of course are from the 30th floor and above, while the pick of the value is recorded in the limited number of 4 and 5 bedroom apartments and penthouses that also have a private pool. The remaining residences have from one to 4 bedrooms.

However, a catalytic role, especially in the last 4 years, was played by the buying interest of foreign investors, which continues to this day.

Either for their own use or with the aim of exploitation, foreign citizens flocked to the southern suburbs wanting to reap benefits from the promotion of Athens as a tourist destination, through its popularity and short-term leases, the “Golden Visa” program and of course the investment in Ellinikon.