The Athenian Riviera is at the center of the real estate market, primarily attracting interest from abroad, the Greek diaspora, and the domestic market. Interest continues to grow due to the large-scale tourism development projects that are in full swing, but primarily because of the largest urban redevelopment project currently underway in Hellinikon over the past two years.

According to multiple converging reports, one of the main reasons the Athenian Riviera is attractive to foreign buyers is that, despite significant price increases in recent years, prices still lag far behind those of the French, Spanish, and parts of the Italian Riviera.

Other significant comparative advantages, as Corina Saia, CEO of Premier Realty, explains to the Athens-Macedonian News Agency (ANA-MPA), include its location and accessibility. The Riviera begins just 20 minutes from the center of Athens and 40 minutes from the airport, offering a unique natural environment with stunning beaches and crystal-clear waters. As of 2024, ten beaches have received the prestigious Blue Flag certification. Additionally, the continuous upgrading of its infrastructure—featuring high-quality marinas, restaurants, and hotels—adds to the Riviera’s appeal.

Indicative are the features published about the Athenian Riviera by the British newspaper The Guardian, highlighting how the beaches along the coastline became pristine, earning Blue Flags. The publication also noted that few visitors, even from Greece, realize that less than ten miles south of the city center lies this photogenic stretch of mountains, seaside resorts, and sandy beaches with crystal-clear waters certified with Blue Flags.

Regarding demand origins, according to the CEO of Premier Realty, interest primarily comes from British buyers seeking vacation homes and luxury properties near the sea, especially in Glyfada and Vouliagmeni. Germans have also shown increased interest in recent years, mainly for luxury apartments and villas. There is also notable interest from Chinese, American, and Arab investors.

Property Prices in the Athenian Riviera Compared to the French and Spanish Rivieras

Property prices for luxury homes, villas, and estates in locations along the French Riviera range from €30,000 to €60,000 per square meter in cities like Nice and Cannes. International real estate agencies offer everything from 50-square-meter apartments priced at €1 million to estates exceeding 1,000 square meters priced at over €50 million. However, the average home price is generally lower than these extremes.

Prices along the Spanish Riviera, based on listings from international real estate agencies, are slightly lower, ranging from €15,000 to €45,000 per square meter, with significant variations depending on the type of property. The Italian Riviera, on the whole, lags behind the Spanish Riviera in terms of pricing, except in certain specific locations where prices align with those of the Spanish and French Rivieras.

Meanwhile, in the Athenian Riviera, sales prices, according to Premier Realty, can reach up to €13,000 per square meter for newly constructed residences. Prices vary significantly depending on factors like the type of property, location, and amenities, with average purchase prices ranging between €6,500 and €7,500 per square meter.

Market experts note that prices increase significantly when it comes to villas or luxury homes with unique features in areas with modern infrastructure.

The Athenian Riviera has seen a substantial increase in real estate demand in recent years, with notable fluctuations in 2023 and 2024, and optimistic projections for 2025. Specifically, prices rose by approximately 7.5% in 2023 and by 7.9% in 2024 compared to the previous year. Prices are expected to continue their upward trend in 2025, albeit at a slower rate of around 3%.

Hellinikon Leads Real Estate Developments Along the Athenian Riviera

The Hellinikon redevelopment project plays a pivotal role in the evolution and upgrade of the Athenian Riviera. It has become a focal point for residential projects, attracting buyers from Greece, the diaspora, and more recently—as announced by LAMDA Development—buyers from all over the world. Initial inquiries into the project, Europe’s first smart green city being built from scratch, have translated into real sales.

According to LAMDA Development, total cash inflows from property sales have already reached nearly €1 billion, surpassing the initial target of €900 million, and achieving this two months ahead of the end-of-year goal. By October 31, 2024, cumulative inflows reached €967 million. At the same time, pre-sales in the new “Little Athens” neighborhood have exceeded expectations.

LAMDA Development’s international promotional campaign, launched in May 2024, has significantly contributed to the Athenian Riviera’s visibility. Starting at Nice Airport in France, the campaign expanded to 13 destinations and 17 airports across Europe, Asia, and the United States, attracting significant interest. The Athenian Riviera, through Hellinikon, was also featured in major international publications such as the Financial Times, Wall Street Journal, The Economist, New York Times, NZZ am Sonntag, and Neue Zürcher Zeitung. The campaign will continue in 2025, reaching even more destinations.

Major Tourism Investments and Infrastructure Projects Underway

Key to the Athenian Riviera’s international transformation are significant investments from both domestic and foreign groups. Some projects have already been completed, while others are nearing completion. In 2024, the “Athenian Riviera Urban Walkway” project was signed into agreement by the Governor of Attica, Nikos Hardalias, in the presence of Prime Minister Kyriakos Mitsotakis.

This iconic project includes an 18-kilometer-long unified bike and pedestrian path connecting the Athenian Riviera from Moschato to Vouliagmeni. The project is part of Greece’s National Recovery and Resilience Plan and is expected to be completed by 2025. It represents a comprehensive intervention promoting green and sustainable development, aiming to further connect Athens with its coastline.

Simultaneously, other projects are being implemented in the area, such as the redevelopment of the Faliro Bay, the repurposing of the Tae Kwon Do Olympic Stadium, the leasing of Vouliagmeni and Varkiza beaches, the redevelopment of Flisvos Marina, and the enhancement of Glyfada Beach. Additionally, in June 2024, a joint ministerial decision (JMD) approved the spatial planning and environmental terms for the development of Alimos Marina, marking the start of another major investment project.

The Alimos Marina, the largest in the Balkans and one of the most historic in Greece, will undergo a modern transformation with approximately 18,500 square meters of construction. It will include tourist, commercial, and entertainment facilities, turning it into a prime destination for both locals and visitors to the capital. Special attention is being paid to green development, and the marina’s existing swimming facilities will remain operational.

The Alimos Marina project involves utilizing a 210,000-square-meter land area for tourism, cultural, and recreational uses, allowing for a comprehensive investment valued at around €100 million. This initiative adds significant value to Athens’ rapidly developing coastal front, with substantial local and national economic benefits.

Additional completed projects include the One & Only Aesthesis (launched in 2024), part of an exclusive global chain of ultra-luxury resorts, and another hospitality project by Grivalia Hospitality delivered at the A’ Voula Beach. Furthermore, the Stavros Niarchos Foundation Cultural Center (SNFCC), which opened in 2017 at the Phaleron Delta, continues to expand its global reach, with visitor numbers now approaching 30 million.