It is now developing into one of the destinations for investors with a very high financial surface Athenian Riviera.
In recent years, the wider area has begun to “stir the waters” of international real estate, as its proximity to attractions, such as the Acropolis and of course the sea, have placed the area on the “radar” of people, who to this day buy real estate in areas such as Cannes, Caribbean, St Tropez, St Moritz, Balearic Islands, Nice and other destinations of the international “jet-set”.
In Greece, such a destination was until recently the Mykonos and secondarily the Santorinias well as selected properties in Corfu and the Rose. Now, as noted by a recent survey by the Greek department of an international house, which was based on demand data from foreign buyers of high economic surface (High Net Worth Individuals – HNWI), the Athenian Riviera topped Mykonos for the first time, registering a 25% increase in demand compared to last year.
Properties in front of the sea, properties in the – now autonomous – Athenian destination are in the spotlight. However, we are in a period of selective buyers, as the interest to buy is there and strong, yet sales are only completed for those properties that meet all the criteria in the mind of a discerning buyer. Recent transactions have taken place at prices of the order of 10,000 euros/sq.m. in areas such as Voula. These concerned luxury properties with an area of 200 to 300 sq.m.
The increasingly high appeal of luxury constructions, especially in the most popular parts of the Athenian Riviera, is also reflected in the prices. Based on data from Spitogatos (www.spitogatos.gr), the average asking price of luxury homes in Vouliagmeni has increased by 19% in the last year, at 7,400 euros/sq.m. Increase by 11% to 3,700 euros/sq.m. is also recorded in the area of Varkiza, while in Voula the increase reaches 14% to 5,160 euros/sq.m. average.
Also of interest is the discrepancy in the sale prices of luxury homes, in relation to all properties sold in the same area. For example, in Glyfada, the average price of a luxury home costs 18.3% more, while in Anavyssos the discrepancy is 19%. In Elliniko, the most luxurious and quality constructions are sold 16% more, while in Kalyvia 22.45% more.
Even greater are the discrepancies regarding the rental prices of such properties, which perhaps explains the significant increase in demand, as such properties are now able to generate significantly higher incomes. The discrepancy in Elliniko reaches 36.5% in favor of luxury homes, as the average asking rental price reaches 16.2 euros/sq.m, compared to 11.9 euros/sq.m. of a typical construction in the same area. In neighboring Glyfada, luxury constructions have an average asking price of 18.2 euros/sq.m., or 33.7% more than the area average.
So it is obvious that these properties will continue to attract the investment interest of both Greek and foreign buyers.
