When in the midst of the crisis, a decade ago, a special real estate agency was created (“Coastal Front of Attica”) for the utilization of “fillets” of the public and other bodies of the wider public sector, along the coastal front of Attica, the reactions were varied.
Few were able to envision the change that was required for the entire coastline from SEF to Sounio to be considered today one of the most sought-after “fillets” in the world.
The country was at the height of the debt crisis, household incomes were in sharp decline and there was a deep lack of confidence in the government’s plans to raise more revenue so that new household burden measures were not constantly required. House values were on a sharp downward trend and the Greek economy was a “flamboyant field of glory” exclusively for “adventurous” investors, with an exclusively speculative nature.
Somehow, when the then political and economic actors made public references to “Athenian Riviera”as an untapped part of Attica, which could provide significant added value to the economy, were treated mostly ironically.
The picture today is diametrically opposite.
The term Athenian Riviera is not a communication “trick”, but an established term among foreign investors and real estate buyers, who recognize that the coastal front of Attica is an ideal destination for the purchase of homes, within a rising European metropolis, with a view sea. For the housing market in the area to reach this point, ensuring sales prices that even exceed 20,000 euros/sq.m. in some cases of extravagant constructions, were preceded by important initiatives, such as investments in the road network (e.g. Faliro Delta), marina development projects (e.g. Flisvos), emblematic investments, such as the Cultural Center – Stavros Niarchos Foundation and the start of the implementation of the Hellinikon project . Works that already act as “catalysts and accelerators of developments” for the whole of the Athenian Riviera.
Thus, even if the plan for the organized exploitation of public properties along the Athenian Riviera never came to fruition, the individual initiatives of private as well as public bodies, combined with the gradual restoration of the international image of the country and its economy outside its borders , were enough to shape today’s reality of intense investment activity and soaring demand for housing along the beachfront.
The sale prices of modern residential constructions (up to 10 years) start from 3,000 euros/sq.m. in the area of Anavyssos and reach up to 8,200 euros/sq.m. in the area of Vouliagmeni
Up to 24% in just 12 months, the sale prices of houses along the Athenian Riviera have increased, a development that is certainly explained by the consistently high increase in demand, both from foreigners and from Greek buyers. In fact, the fact that each area along the coastal front has different characteristics, as well as housing specifications, allows each interested party to find the one that best suits both their preferences and their financial capabilities.
According to information provided on behalf of “K”, the Spitogatos network (www.spitogatos.gr), the sale prices of modern residential constructions (up to 10 years) start from 3,000 euros/sq.m. in the area of Anavyssos and reach up to 8,200 euros/sq.m. in the area of Vouliagmeni, which has always been one of the most expensive districts not only of Attica, but also of the country as a whole.
It should be noted that in Vouliagmeni, and especially in the part located towards its coastal side, there are essentially no new constructions, since there are no other buildable plots. As a result, demand and extremely limited supply have resulted in sales prices increasing by 64% in just a few years from 2019 to date. In the total of houses sold in the same area, the increase reaches 56% in the same period, from 4,125 euros/sq.m. of 2019 at 6,442 euros/sq.m.
In a recent analysis by a real estate services company, it is stated that although the Athenian Riviera gathers some of the most expensive properties in Greece, sales prices nevertheless remain lower than in corresponding destinations in Europe, i.e. coastal and within the central urban fabric of the city. As highlighted, Athens maintains comparatively low housing prices and investors see its market as an opportunity, given that here they ensure returns of the order of 5%, when in most Western European capitals, they do not exceed 3%”.
The project in Elliniko, where 8,000 new homes will be built until 2037, will play an important role in the further development of the area in question.
The total area of the residential projects will amount to 1.2 million sq.m., of which 900,000 sq.m. from 2027 onwards. The most affordable prices will concern apartments with a total area of 100,000 sq.m. and an average selling price of 5,900 euros/sq.m.
Currently, holiday homes are being bought on the Athenian Riviera mainly by Germans, Austrians and Swiss who are looking for very high quality properties
However, in addition to the buying interest for permanent residence, the appeal of the Athenian Riviera is now such that there is also a demand for the use of a secondary/cottage home. According to another report of a chain of real estate offices, during this period, residences for holiday use are also being purchased in the Athenian Riviera. German, Austrian and Swiss investors lead the way, followed by American, British, Spanish and French buyers.
They are looking for very high quality properties
Buyers in the wider area are looking for properties of a very high standard, such as swimming pools, access and sea views. They also want the residence they will buy to offer privacy, security and proximity to the center of Athens, as well as to the international airport. Buyers focus either on newly built or even fully renovated properties, or alternatively on non-renovated properties, which, however, offer a view or proximity to the sea.
According to the relevant analysis, the real estate market, along the entire length of the coastline of Attica, has evolved over the last few years, with an increase in construction activity in areas such as Glyfada, Voula and Elliniko, with the demolition of old buildings and the construction of new, modern residential complexes, with high energy efficiency and high quality”, it is characteristically emphasized. In addition, the secondary home market on the Athenian Riviera is expected to remain particularly strong in the coming years, as its popularity continues to grow, new and luxury properties are developed and buyer interest in the area increases.
