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Investments of 2.5 billion euros in the southern suburbs are boosting real estate demand

Total investments of more than 2.5 billion euros are being launched on the Athenian Riviera, which are expected to drastically change the image of the coastal zone of Attica and further push up real estate prices.

The new projects in combination with the renovations that are taking place along the Athenian coastline, are expected to attract the interest of Greek and foreign buyers.

According to market executives, real estate prices in many areas of the southern suburbs have already begun to rise significantly in recent months, recording almost double-digit percentages.

One of the largest investments launched on the Athenian Riviera is Glyfada Stars. The project, with a total budget of 60 million euros, envisages the development of a five-star hotel, with a capacity of 400 beds, but also a series of other developments such as homes and shops.

The creation of the Metropolitan Park, one of the most emblematic projects in the country, which will bring significant reorganizations not only in the residential development but also in the field of commercial real estate, has also skyrocketed the prices of real estate in the areas close to Elliniko.

The reconstruction of Faliriko bay is in progress, which will unify the section from the Peace and Friendship Stadium to Alimos, making the coastal area more easily accessible to the residents not only of the surrounding municipalities, but also of the entire Basin.

Its completion is expected to significantly affect areas of purchasing interest such as Vouliagmeni, Glyfada and Elliniko but also others such as Paleo Faliro, Vari, Lagonisi, Palea Fokea and Legrena.

Finally, a single bicycle path and a pedestrian path 22 km long by the sea, connecting SEF with Vouliagmeni, is expected to take shape soon. However, the cycling route from Faliro to Vouliagmeni will be only the beginning, as then the renovation will continue to Sounio covering a distance of 48 km, reaching a total of 70 km.

This new cycling route will connect Piraeus with Vouliagmeni and finally with Glyfada. A project that will be funded by the Recovery Fund and in its own way signals the need of Athens to open up to the sea.

According to the data collected by the prop tech company Prosperty for the Southern Suburbs, and as shown in the relevant graph for the minimum and maximum capital available to prospective buyers for the purchase of real estate in the southern suburbs, in Agios Dimitrios have from 95,000 – 112,500 euros. The largest capital is available to buyers for the areas of Vari, Voula, Vouliagmeni and Glyfada, while in Elliniko and Argyroupoli the amount they have ranges from 177,500 to 442,500 euros.