Despite recent steep price hikes, the Athenian Riviera remains a desirable destination, with property prices still far below those on the French and Spanish Rivieras.

This prime area has emerged as a hotspot for international real estate, with growing interest from foreign buyers, Greek expatriates, and locals, with its appeal bolstered by large-scale tourism initiatives and the transformation of Ellinikon, Europe’s most significant urban redevelopment project in decades.

Experts highlight that foreign buyers are attracted to the Riviera because its property prices, though rising, remain significantly lower than on the French, Spanish, and parts of the Italian Rivieras. British buyers, for instance, favor luxury seaside homes in Glyfada and Vouliagmeni, while Germans focus on upscale apartments and villas. Buyers from China, the U.S., and the Arab world are also active.

On the French Riviera, high-end homes in cities like Nice and Cannes command prices between €30,000 and €60,000 per square meter. Listings include compact apartments priced at €1 million and sprawling estates exceeding €50 million, though average prices are somewhat lower.

The Spanish Riviera’s prices, ranging from €15,000 to €45,000 per square meter, are slightly more affordable, while the Italian Riviera is generally less expensive except for certain prime areas where prices match those in France and Spain.

By comparison, properties on the Athenian Riviera cap at €13,000 per square meter for new constructions. Average rates vary between €6,500 and €7,500 per square meter, influenced by factors like location, amenities, and property type. Villas and luxury residences with unique features command much higher prices.

Demand in the Athenian Riviera has surged in recent years, with property prices rising 7.5% in 2023 and 7.9% in 2024. Growth is anticipated to continue in 2025, albeit at a slower pace of about 3%.

The Ellinikon redevelopment has been pivotal in driving demand. This project includes Europe’s first fully sustainable smart city, which has already drawn immense buyer interest. By late 2024, Lamda Development reported almost €1 billion in revenue from property sales, surpassing expectations.

Projects like the Athenian Riviera Urban Walk, connecting Moschato to Vouliagmeni via an 18-kilometer pedestrian and cycling path, are set to complete in 2025. Simultaneously, other developments, including upgrades to Faliro Bay, Olympic sites, and marinas like Flisvos and Alimos, further enhance the Riviera’s value, while the Stavros Niarchos Foundation Cultural Center in Faliro, operational since 2017, has established itself as a global landmark, drawing nearly 30 million visitors.

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