Athens is being built for investors, not for city residents

Real estate market in Athens is again living in construction fever mode: new projects are being launched from Marusi to Woolsfrom Elliniko to Athens Riviera.

Demand is coming not only for finished apartments, but also for housing still at the construction stage – the same “we buy from concrete”when there is no house yet, but the price is already there.

The main focus is Ellinikothe largest urban redevelopment in Greece and one of the largest in Europe. After the sale of the first 500 of apartments and houses in the project a new phase is entering the market Little Athens – more 1 100 residential properties. Lamda Development states that prices will correspond to the level of the area and part of the offer is designed not only for the richest buyers.

In parallel, new major projects are popping up along the coast and in the northern suburbs. In Voulet construction starts Apollo Hills costing about 200 million euros. The project is being implemented Henderson Park And Hines together with Greece Sotheby’s International Realtywhich will deal with the sale of housing.

IN Marusi project announced VORIA costing about 250 million euros: 5 star hotel, conference rooms, restaurants, entertainment and casino. The complex will be built on the site Dilaveripart of the territory is promised to be transferred to the municipality for public spaces. Developers, as usual, talk about the development of the area. Residents, as usual, will then consider traffic jams and prices.

Who’s buying

The main demand is for modern and expensive objects: apartments with views, energy efficiency, swimming pools, gyms, charging for electric vehicles, security systems and smart home. Buyers are foreign investors, wealthy Greeks, representatives of the diaspora, as well as generations millennials And Gen Xespecially those who work remotely.

Buyers from Greece remain interested in Greek real estate Germany, Switzerland, UK, USA, Australia and other countries. For them, Greece is still cheaper than Spain, Italy, the south of France or Portugal. For locals, this sounds less happy: if a country is “cheap” for a foreigner, this does not mean that it is affordable for a Greek.

In the segment of luxury new buildings, average prices often range from 6,000 to 12,500 euros per square meter, and in some cases even higher. At the same time, the demand for more compact “green” apartments cost 300,000–500,000 euros V Marusicenter Athenssouthern suburbs and Piraeus.

Greeks return to country houses

After a long break, Greek buyers are also returning to the countryside real estate market. According to Elxis-At Home In Greecein recent months, demand has increased from not only the diaspora, but also the residents of Greece itself. Most often these are people 45–60 yearsfree professionals – doctors, lawyers, entrepreneurs.

They choose new houses costing approximately 250,000–350,000 eurosoften still at the project stage, without a bank loan. Less overheated areas are popular Cretecoast from Igoumenitsa to Preveza And Palerosaseparate zones Rhodes and islands of the eastern Aegean Sea.

The main motive is increasingly investment-related: buy a house, use part of the time yourself, and rent out the rest for short-term rent. Real estate is turning into a way to protect against inflation and receive income above bank rates.

Where is housing for ordinary people?

Amid the construction boom, the main question remains: to whom is all this available? Experts admit that the income of most Greek households can hardly afford to buy new housing. Prices are rising due to expensive construction, land, energy efficiency requirements and demand from foreigners.

The housing crisis is fueled by a decade of weak construction, population concentration in Atticaclosed apartments from banks, funds and the state, as well as the inability of many owners to renovate old housing. Formally, there are a lot of houses. There is a shortage of practically necessary housing where it is needed.

Editorial comment

The Greek real estate market is back looks successful – if you look through the eyes of a developer, foreign investor or owner of a plot on the coast. Towers, luxury neighborhoods, resort houses and complexes with swimming pools are being built. Money flows, taps work, presentations shine.

But for the average resident of Greece, this picture increasingly looks like showcase, behind the glass of which his own city is sold. New buildings are becoming more expensive, foreign demand is pushing up prices, and affordable housing remains somewhere between government promises and bank tables.

Real estate has become one of the main symbols of the new Greek economy: profitable for capital, attractive to foreigners and increasingly less accessible to those who simply want to live rather than invest.

A beautiful storefront with a very awkward backyard.

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