BUSINESS

Athens's coastal facelift starting to take shape

ILIAS BELLOS

TAGS: Economy, Privatizations

Despite Greece’s protracted financial crisis, the capital’s southern coast has been undergoing a facelift, albeit a slow one, with an estimated 10 billion euros’ worth of works that could transform the Athens Riviera into one of the most attractive metropolitan seafront areas in the Mediterranean.

Apart from the project at the former airport in Elliniko, other ambitious renovation and reconstruction projects are under way or have been completed, including at Asteria Glyfada, Flisvos Marina, the Stavros Niarchos Foundation Cultural Center, Alimos Marina, Asteras Vouliagmeni, Voula beach and Varkiza.

Investors include the Hellenic Republic Asset Development Fund (TAIPED), the Public Properties Company SA, the Archbishopric of Athens, municipalities, regional authorities and private individuals.

The southern coast’s potential is undisputed and areas such as Kavouri, Vouliagmeni, Faliro, Kalamaki, Voula, Lagonissi, Glyfada and Saronida are among the most expensive in the Mediterranean. Plans to construct bicycle lanes, tramlines, overpasses and road tunnels have already been agreed to, or tendered, in areas such as Faliro and Elliniko.

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