Greek real estate: More than 1,000 posh residences under construction

The Greek market is starting to enter the global map of ultra-luxurious branded residences, becoming a simultaneous attraction for international luxury brands, who see important prospects opening up for our country in this sector.

Currently, more than 1,000 high-end residential properties (villas, houses, apartments) in various areas, from Pylos, Glyfada, Ellinikno and Elounda to Tzia, Megalonisos in South Euboea, Etoloakarnania and the center of Athens, either they have started to be built or their development has been launched with a completion horizon in the next 3-6 years.

Great prospects

Sales prices start from 500-800 thousand euros for the apartments and can even reach 12-14 million euros for the unique 7-bedroom villas (1,000 m2) in front of the sea.

The demand seems to exceed all expectations, even though the supply of this particular “product” has only been on the Greek market for a few years, but it seems to have great prospects. In fact, as Mrs. Alexandra Yao, vice-president, head of the branded residences department of InterContinental Hotels Group, says, the branded residential market in Europe will develop further, probably focused on resorts and leisure locations in Portugal, Turkey, France, Italy and Greece.

Costa Navarino

TEMES continues the development course of Costa Navarino Residences, with the buying public being divided 50%-50% between Greeks and foreigners.

In Costa Navarino there are 4 different areas: Sea Dunes, Olive Grove, Rolling Greens, Valley Greens with over 100 homes that are 90% sold.

Regarding the residences, 3 types are available: Off-plan, turn key, and branded apartments. The price range (subject to availability) varies from 3.75 million euros for “custom” homes, from 1.4 million euros for the “turn key” homes and from 770 thousand for the branded apartments.

The villas in the Rolling Greens neighborhood sold within a year. Following the growing demand, the launch of the new Valley Greens neighborhood with turn-key villas was accelerated in the summer, with a very positive response. In addition, TEMES has signed an agreement with Lamda Development for the development of hotel complexes with residences in Ellinikon.

In May 2023, the agreement was signed with Mandarin Oriental Hotel Group for the management of a new hotel and luxury residences/apartments, with an opening horizon of summer 2027. According to the updated design, the investment includes a 5-star hotel with 123 rooms and suites, as well as 17 branded residences.

The former Hilton

At the same time, the former Hilton of Athens, which will reopen under the Conrad brand, in addition to the 280 rooms and suites, will also have 55 residences of various sizes, which have already been sold. These are 37 residences that are being developed under the Waldorf Astoria Residences brand and according to information were sold for approximately 24,000 euros per sq.m. and for another 18 residences, under the Conrad Residences brand, which were sold for 21,000 euros per sq.m.

Elounda

At the same time, the first infrastructure works for Mirum Hellas’ Elounda Hills are starting in this period. Russian-Israeli tycoon Vitaly Borisov’s major tourism development is estimated to cost more than 500 million euros. The project includes a total of 4 hotels, a marina with 64 berths and a total of 275 residences for sale or rent. In Elounda Hills, the 1 Hotels chain, which is part of the SH Hotels & Resorts portfolio, will make its debut in Greece. The 178 branded residences will be developed under the umbrella of the said brand, hence the trade name will be “1 Hotels & Homes Elounda Hills”. Based on advertisements on international specialized sites, the sale prices of the houses start from 500 thousand euros and reach 12 million euros.

Evia and Porto Heli

Six Senses (Inter-Continental Hotels Group) has signed a contract with Grivalia Hospitality for the flagship luxury hospitality project on the Megalonisos of Petalia, where it is planned to build 75 ultra-luxury villas and 20 branded homes for sale.

Also Six Sensesis expected to operate the Six Senses Porto Heli hotel in Porto Heli, in 2026, with 60 rooms and suites, while 10 branded villas of 5 to 8 bedrooms will be built for sale.

In the wider area of Ermionida, a complex tourist complex will be created that will include a hotel with more than 100 rooms and 15 luxury houses.

Glyfada, Tzia, Vonitsa

In April 2024, One&Only Kea Island will open its doors in Tzia. The new 5-star hotel will feature 75 villas and a limited number of up to 40 branded ‘One & Only Private Homes’ available for sale.

Earlier, next October, the luxury resort One&Only Aesthesis in Glyfada, in the former Asteria, is going to start its operation. The resort, which is being developed by Grivalia Hospitality, will include 95 bungalows, while there will also be 18 residences, 2 villas and 14 One & Only Private Homes.

Varko Bay, the new ultra luxury resort in Vonitsa, is expected to open in April 2026. The business plan envisages the construction of a 116-room hotel and the development of 45 branded homes for sale.

In their majority, the branded residences are developed on the perimeter of new generation complex tourist complexes, with an emphasis on sustainability, privacy, security and the possibility of investment utilization as long as it is not being used. While at the same time through the sales significant cash flows are created for the developers who in this way essentially finance a large part of their overall investment.