Greece Bets on Athenian Riviera to Stimulate Property Sales

Greece is looking to capitalize on the Athenian Riviera once major infrastructure projects are completed, including the construction of the multi-billion-euro Hellinikon project and the upgrade of local marinas.

Lamda Development, the contractor behind Hellinikon is planning to construct 10,000 homes in the next 15 years aiming to attract foreign buyers seeking a home on the coastline.

The new constructions are expected to boost sales significantly in the seaside suburbs of Glyfada, Vouliagmeni and Voula, according to property market firm Algean Property, which adds that global companies are currently investing in large hospitality projects and residential complexes along the shores of the Athenian Riviera.

The new market trends are set to drive demand and prices up in southern Attica suburbs. Algean analysts also add that the change in work practices – with many professionals now working from home – is also expected to boost property demand in the area which will be able to offer a wide array of recreational options.

Indicatively, according to Algean, going prices for the Hellinikon areas range from 2,500 to 4,000 euros per square meter with some reaching as high as 6,500 euros/m2. Real estate prices in neighboring Glyfada range between 2,500 euros and 4,500 euros/m2 with some reaching 6,500 euros/m2.

Photo Source: Algean Property

In Voula, meanwhile, and in view of the construction of 400 luxury villas by Hines and Henderson Park, going prices will range from 2,500 euros to 5,000 euros and up to 7,000 euros per square meter with prices in Vouliagmeni reaching as high as 9,000 euros/m2.

According to an Algean Property report released before the coronavirus (Covid-19) pandemic, Greece’s property market was showing signs of a strong comeback with more foreign buyers seeking holiday homes in lesser-known destinations besides the popular islands of Santorini, Paros and Mykonos.