June 22, 2024

Athens News

News in English from Greece

Athens Riviera: new investments and concluded deals

Investments and major renovation projects for tourist accommodation are in full swing on the Athens Riviera. Added to this is another large-scale construction project.

In particular, last week Henderson Park and Hines announced the start construction of Apollo Hills, a €200 million residential development project in Voula. Development companies are collaborating with the Greek Sotheby's International Realty to sell houses in this new luxury residential complex.

The project marks first case of exclusive partnership in Greece, combining Hines' strong global homebuilding presence with Greece's Sotheby's International Realty. Apollo Hills, designed by architecture firm Porphyrios Associates, will transform the urban area into a sophisticated residential community, the partners say.

A specific project, on which the Greek architectural bureau Diarchon collaborated, highlights Voulou as one of the most attractive suburbs of the Athens Rivieraand creates a new benchmark for sustainable housing through BREEAM certified green architecture.

Apollo Hills has allocated more than 11,000 sq.m. to create an area of ​​green spaces, sports facilities and parks on the territory of the residential complex. Strategically located just 16 kilometers south of central Athens, on the southwestern foothills of Imitos, Apollo Hills combines easy access to the city and direct contact with nature, setting a new standard for quality of life in Athens.

Among other things, an outdoor swimming pool, a children's playground and an indoor pool designed for all ages, a modern spa center, a gym and private gardens, and underground parking will also be built here.

On the Athens Riviera, which is coastline about 70 kilometers long in the southeastern part of the prefecture of Attica, stretching from the port of Piraeus to Cape Sougno, in addition to the largest urban redevelopment in Eliniko, which is being implemented in its entirety by LAMDA Development, a series of residential and tourism renovations are underway with investments of hundreds of millions of euros, leading to the further modernization of the area and its constituent municipalities. In this way as During the implementation of projects, and on an ongoing basis, many new jobs are createdwhich has a positive effect on the country's economy.

As development companies note, the uniqueness of the Athens Riviera, in addition to its natural beauty and climate, is that it can be reached in just 20 minutes from the center of a major European capital.

Another comparative advantage of the Athens Riviera, as noted by property market executives in public statements, is the sales prices, which, although they have increased significantly compared to previous years, are still much lower than the sale prices of properties in Athens.

And since the real estate market not only in Greece, but throughout the world, is also aimed at an international audience, comparative price analysis shows that the cost is currently set at the domestic level of the country, and not at the international level. As a result, the Athens Riviera has a comparative advantage compared to the Italian and French rivieras.

Characteristic of the high demand in this area is the sale of houses in Eliniko. As Odysseas Athanasiou, managing director of LAMDA Development, said in an interview with Bloomberg, 500 apartments/houses put up for sale as part of the redevelopment have already been sold out, while demand for new properties is also high.

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