For the second time in two years, Tsakiri Villa in Paleo Psychiko is up for sale, an area that rivals Athenian Riviera in price, though it appeals to those seeking status rather than a property by the sea or with uninterrupted views of it.

This upscale neighborhood of the capital is at the top of the list of real estate agencies with the most expensive properties and apartments, with the few newly built buildings selling from 10,000 to 12,000 euros per square meter, depending on the floor they are on, while old ones in need of renovation start at 4,000 euros per square meter or more.

The iconic villa of shipowner Konstantinos Tsakiri in Psychiko, with its frescoes, carved walls and rare marbles, is back on the market for sale at the astronomical price of 18 million euros.

But the price, according to the real estate market, is in line with the data of the area, since only the rare plot of three acres that hosts this property, located in a central point of Psychiko, has a value of more than 10 million euros.

The villa of the Tsakiri family was the property that attracted the interest of visitors at the 4th Real Estate Expo. Images of it projected from the screen of the Epsilon Team real estate agency attracted the interest of foreign investors who asked if this particular residence is… in France because of its architecture that resembles a French palace.

The 1,030 sq m property, reportedly owned by an investment company of a Cypriot businessman, was bought two years ago, renovated and put back on the market. The sale took place after a collaboration between a Greek-American broker from Sotheby’s America and Christie’s Greece, who are represented by the Plumi family. In the past, social evenings had been organized in this particular villa, which are still remembered by the old residents of the area. In recent years, the former wife of Konstantinos Tsakiris, Paola Vayoni, who owned the house, has been staying there. This particular villa was familiar for another reason, as it had been photographed in fashion editorials and had starred in many commercials.

The great advantage of the property within the three-acre plot is that it is located in the center of Paleo Psychiko, which has always been an upscale area with large plots of land and lots of greenery, a neighborhood that added status to the owners. That’s why some people prefer to buy or rent there rather than in the coastal zone and in areas like Glifada and Vouliagmeni, which are favorites of foreigners, especially Arabs.

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Another important fact about Villa Tsakiri is that it has a remaining building factor of 700 sqm, which means that a new house can be built within the plot. The existing one is addressed to a limited audience due to its style since it has been built in the style of a French mansion. From the outside it may look very plain, but the heavy oak door of the entrance leads to rooms with frescoes, rare marbles and carved walls, which have been curated by craftsmen from abroad.

The house is developed on three levels and a loft. The ground floor area includes imposing reception areas, the dining room and marble carved fireplaces. The interior doors are double wooden and masterfully painted. Large French style French doors lead out onto a marble terrace and the manicured garden with pool. In addition, on the ground floor there is an impressive office with floor to ceiling boudoir, a very spacious and functional kitchen fully equipped with breakfast area and pantry, cloakroom and a guest wc. On the 1st floor there are four bedrooms and a daily living room with access to the terrace. The grand master has a fireplace, walk in closet and en suite bathroom and access to a large terrace overlooking the garden and pool, a smaller one also with en suite bathroom and two children’s bedrooms sharing a walk in closet. An additional bathroom serves the two children’s bedrooms.

On the top level is a spacious staff room with en-suite bathroom and access to the terrace. The basement has natural light on one side from a court anglaise and consists of the pool and elevator mechanical room, a guest WC and storage rooms. It even includes a detached pool house with kitchen, bathroom and living room and serves the pool and the garden in which there is a well. The heating is individual with fan coils, has solar panels and the floors are of excellent quality wood and marble. It also has a staff elevator, security door and alarm. The parking area is open for at least three large cars, but a study has been made for the construction of underground parking.

High prices

According to data from real estate agencies, at the top of the list of the most expensive areas is Paleo Psychiko, with an average price per square meter starting at 4,000 euros (old apartments in need of renovation) and an average area of 180 sq.m.

Today, in Paleo Psychiko, less than ten detached houses built between 1980 and 2010 are for sale, on plots no larger than 700 sq.m., at prices ranging from 2.5 million euros if they need radical renovation, to 4 million euros for the most modern or well-maintained ones. In addition, the few apartments in newly built buildings cost 10,000-12,000 euros per square meter, while today there is no single-family house or even a plot of land of this size, such as the Tsakiri property, offered for sale.

Only four properties have plots larger than two acres in this suburb and these are not offered for sale. According to brokers, in the same area, in addition to the villa of the Tsakiri family, there is another large property for sale for 5 million euros, but on a plot of about 700 sq.m., as well as another plot of 1,850 sq.m. on Krystallis Street, with a house built by Katsampelis in 1960, which is for sale for 8 million euros.

Greeks buy

Another large property in the area has recently changed hands, the Vila Vovou bought at auction by Mr. Yannis Papaleikas. According to an earlier appraisal report for the auction of this prime property on 25 March Square and 1 Diamantidou Avenue at number 1, the starting price was 2.56 million euros. About a year ago, another important 930 meter plot of land near the Moraitis School changed hands for 3 million euros, which was bought by a well-known businessman to build a detached house. For another villa, high up in Philothei with panoramic views, reports say it was sold in 2023 for 6 million.

As for the rental prices in this area, they are unrealistic and range between 15 and 25 euros per square meter, depending on the condition of the property. For a well-renovated apartment in a well-maintained apartment building, over 200 sq.m., the price can reach or even exceed 25 euros per sq.m. For example, the rent for a 600 sq.m. house with a garden and swimming pool can reach up to 20,000 euros.

Properties in Paleo Psychiko, apartments and detached houses, are mainly bought by wealthy Greeks, unlike properties on the Athenian Riviera, which are the choice of almost all foreign investors. The comparative advantage of the area compared to the neighbouring garden city of Filothei is its climate. Although the two areas are very similar in terms of urban planning and greenery, Philothei has high levels of humidity due to the river that crosses it.