The southern suburbs of the Greek capital, also known as the Athens Riviera, appear to be evolving into a magnet for house hunters from abroad.
Driven by the development of the former Athens airport plot at Elliniko, which has also attracted investors to nearby coastal areas such as Glyfada, Vouliagmeni and most recently Voula, the Athens Riviera is now seeing the mushrooming of a significant mass of housing complexes mainly aimed at foreign buyers, with an emphasis on higher incomes.
In a recent analysis, real estate services company Algean Property said that “as Athens has been transformed into a popular tourism and investment destination, companies of global reach are currently investing in major hospitality projects and housing complexes along the coastline of the Athens Riviera.”
This development has certainly resulted in a rise in prices in the capital’s southern suburbs and in investments by construction companies for new complexes. According to Algean, the new complexes on the way are expected to redefine the picture of the coast, restore the prestige of the past and increase overall demand for residential properties in the southern suburbs.
Besides the mega-project at Elliniko by Lamda Development, Eurobank group subsidiary Grivalia Hospitality is overhauling the Asteria area of Glyfada with a five-star hotel and villas. Voula will see the development of 400 luxury homes through a consortium of Hines and Henderson Park, while the facelift of Asteras will see a major investment at Vouliagmeni too.