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Athenian Riviera: a place to live and invest

Athens Riviera called the southern suburbs of Athens, which occupy the coast of the Saronic Gulf from Piraeus to Cape Sounion. These include Paleo Faliro, Glyfada, Voula, Vuliagmeni and Varkiz. Beaches, marinas, luxury hotels, restaurants, boutiques and nightclubs – these areas are popular with both tourists and residents of the capital.

Investment prospects
According to the Greek portal Ekathimerini, in the southern suburbs account for about 80% of requests for buying property in Greater Athens. Here residents of other EU countries and those who want to get a European residence permit under the Greek “golden visa” program buy “dachas”.

Real estate in the Athenian Riviera is several times cheaper than on the Cote d’Azur. According to the Bank of Greece, today the cost per square meter in Athens is almost two times lower than before the crisis. Analysts believe that prices will rise. The main driver is an increase in the number of tourists: in 2017, Athens International Airport received more than 14 million passengers from abroad, which is 12% more than in 2016. According to the GTR portal, the volume of investments in this part of Athens will exceed 10 in the coming years billion euros: it is planned to build a number of luxury resort complexes, villas, shopping centers and marinas for yachts. The media regularly covered the loudest projects of the past few years:

transformation of the former capital Elinikon Airport into a huge park area. An international consortium of the Chinese conglomerate Fosun Group, the Arab developer Eagle Hills and the Greek company Latsis Group will invest 8 billion euros in the project. Investors believe that Elinikon will become Europe’s largest example of transforming the urban environment and will be able to attract an additional million tourists annually;
The preliminary agreement of the company Grivalia Hospitality to purchase an 80% stake in Nafsika S.A., which manages the Asteria Hotel in Glyfad, is worth € 17.2 million. Grivalia announced plans for a massive modernization of the legendary hotel. It is planned to complete the transaction in early 2018;
the opening of the Four Seasons Resort on the site of the Astir Palace Hotel, located in Vouliagmeni. The resort reconstruction project includes the modernization of the Astir Marina yacht club, the improvement of Astir Beach, the construction of 13 villas and the design of the Peninsula Park. In the project of Four Seasons Astir Palace Hotel Athens, designed for 300 rooms, more than 100 million euros have been invested;
an agreement signed by the local government with the construction company Aktor on a large-scale update of Paleo Faliro in the amount of 150 million euros. The works will include the reconstruction of Poseidonos and Singru prospectuses, the installation of biological treatment systems for the waters of the Kifissos river, the modernization of the flood protection system and the arrangement of green areas.
Options for life
On the other hand, the Athenian Riviera is just a pleasant place to enjoy life. This part of Athens is chosen by those for whom prestige and comfort are important.

Paleo Faliro

lefpap / Depositphotos
The coastal area is 10 minutes drive from the center of Athens, Paleo Faliro is a favorite vacation spot of the Athenians. It is always crowded here – tourists and residents of the city walk along the coast, swimming in local beaches (one of the most popular is the sandy “Eden”). In the waters of Faliro is one of the largest in Athens harbor Flisvos.

Glyfada

marcha212003 /
The largest of the southern suburbs of Athens, traditionally Glyfada – the center of nightlife and entertainment capital. Living in Glyfada is considered prestigious, many Greek celebrities buy singers, singers, actors and athletes here. One of the most popular places in Glyfada is the local Glyfada Golf Course.

Voula

vladislavgajic /
Voula is located three kilometers south of Glyfada. The suburb is famous for its beaches: “Voula A” is awarded the “Blue Flag” award, which is received by environmentally friendly beaches, where all safety standards and high quality water are observed, and “Voula B” is equipped for recreation for people with disabilities.

Vuliagmeni

marcha212003 /
Half an hour from the center of Athens is Vuliagmeni – a suburb immersed in greenery, where luxury villas and the best hotels in Attica are located. One of the main decorations of the suburb is the lake of the same name, surrounded by rocks, where you can swim all year round.

Varkiza

photo_stella /
Varkiza is an ideal place for a beach holiday: the quality of local beaches is confirmed by the “Blue Flag”, and water sports enthusiasts will find everything they need here (windsurfing fans will be especially surprised).

Average prices for residential real estate in the Athenian Riviera *
Suburb One bedroom
apartment, euro / m² Villa, euro / m²
Paleo Faliro

* The overwhelming majority of offers are presented in the specified price range.

** At the time of publication, only one villa was put up for sale in Paleo Faliro.

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