Attica projects worth €3 bln

Attica projects worth €3 bln

Major projects worth more than 3 billion euros – without taking into account the indirect fiscal benefit of major interventions – have been launched or are on the starting line for 2023 in Attica.

They are expected to further change not only the face of Athens but also the entire region, upgrading areas that had been allowed to become dilapidated as well as raising already developed areas to new levels. Projects such as the government park at the site of the old PYRKAL factory, the double redevelopment of the Panathinaikos and Votanikos stadiums, and the regeneration of Elaionas will shape new spatial dynamics in the urban fabric of the capital, decongesting the center of Athens.

At the same time, major hospitality projects, such as the emergence of the Athens Hilton hotel as a new integrated hospitality destination with extensive supporting entertainment activities, or the development of iconic hotels on the beachfront of the Athens Riviera, such as One & Only Asteria Complex at Glyfada, and two new ultra-luxury hotels in Elliniko under the brand of large prestigious international chains, will be added to the already distinguished large hotels of Athens, upgrading the capital as an international destination and further strengthening the local economy.

For instance, Vouliagmeni, in southern Attica, features developments that meet the strong demand for high-yielding luxury residential properties, with the Athens Riviera leading the transactions. Asteras Vouliagmenis is a magnet for high-value deals, with revenues from the sales of 13 villas on part of the peninsula exceeding €500 million.

In another example, procedures for the Saronida Olympos Golf Project are expected to mature further in 2023. The project provides for the development of a hotel complex, holiday homes and golf course on an area of 6 square kilometers at Saronida, southern Attica, with a budget of €840 million.

None of these projects comes without any major challenges and obstacles. However, their potential is such that these obstacles won’t thwart them, according to the market and their investors who are committed to their implementation.

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