ECONOMY

Attica’s south coast sees rates rise

attica-s-south-coast-sees-rates-rise

The regeneration of the so-called Athens Riviera, as the coastal strip stretching from Mikrolimano in Piraeus to Sounio at the southern tip of Attica is known, is in full swing, with the property market in the capital’s southern suburbs already bearing fruit thanks to the interventions implemented or planned.

This concerns investments totaling some 10 billion euros that are either under way, such as the Faliro Bay facelift, or are about to begin, like the major development project of the old Athens airport plot at Elliniko.

According to a survey by Algean Property, the regeneration projects on the Athenian Riviera put a stop to the property price slump in the southern suburbs, especially in the case of beachfront apartments, just as rates in the rest of the capital were plummeting at the height of the financial crisis.

Now that the worst appears to be over and demand is recovering, asking prices are on the rise.

Notably in the southern suburbs, and mainly in Glyfada, Voula and Vouliagmeni, there is significant demand from foreign investors too, especially those interested in obtaining a residence permit through the Golden Visa program.

Estate agents report that Chinese and Turkish buyers are the most active.