The Athens Riviera is rising in price faster than Kifissia

Southern suburbs of Athens All more confidently overtake the northern regions according to the dynamics of housing prices: the sea, Elliniko and new luxury buildings are doing their job.

Real estate market in Attica continues to accelerate, but growth has long been uneven. The southern suburbs of Athens are increasingly detached from the northern ones: Athens Riviera is becoming the main magnet for buyers, investors and developers, while the traditionally expensive north no longer looks like the undisputed leader.

Briefly about the main thing

• Southern suburbs of Athens are becoming more expensive faster than northern ones thanks to the sea, the project Elliniko and new development.
• According to RE/MAXprices for new buildings in the southern suburbs increased by an average of 15.8%.
• Prices for secondary housing in the south increased by an average of 17.2%.
• The strongest growth among new buildings was shown Vari, Glyfada And Elliniko.
• In the northern suburbs, new buildings have risen in price by an average of 7.6%secondary housing – on 11.4%.

The gap between southern And northern suburbs of Athens is constantly increasing. If earlier the north of the capital, including the area around Kifissiwas perceived as an almost natural territory of expensive and high-quality housing, now more and more attention is moving to the south – to the sea, new infrastructure and projects that promise not just apartments, but a lifestyle with a pool on the balcony and a price tag that makes the average Greek quietly remember mortgages as a horror genre.

Why the south wins

A large number of new buildings are concentrated in the south of Athens. Developers choose areas where they can sell housing at a high price and with a good margin: close to the sea, transport, new projects and already formed demand for a high quality of life.

Key Advantage Athens Riviera – location by the sea. But it’s not just about the views and beaches. Transport accessibility, metro, tram, coastal development and large urban renewal projects play an important role.

A particularly strong factor was the area around Elliniko. After the departure of the old Athens airport, the demand for housing in this part of the city began to gradually increase, and then received additional impetus thanks to the metro, reconstruction projects Gulf of Falira and positive effects from work Cultural Center of the Stavros Niarchos Foundation.

Source: RE/MAX Prices are indicated in euros per square meter.

Today Athens Riviera retains its role as one of the country’s main assets. High interest is recorded in the regions Kavouri, Glyfada, Varkiza, Vouliagmeni, Sounion And Vari. For buyers this means prestige, the sea and new infrastructure. For developers – an opportunity to sell at a high price. For local residents, this is another stage in the transformation of familiar areas into a showcase for capital.

Prices in the south: double-digit growth

According to the network RE/MAXin the southern suburbs of Athens, prices for new buildings increased by an average of 15.8%. The strongest increase in cost per square meter was recorded in the regions Vari, Glyfada And Elliniko.

In the secondary market, the growth was even higher: prices increased by an average of 17.2%. The most noticeable increases in purchase and sale transactions were observed in the regions Vari, Voula And Elliniko.

The segment of new houses in Glyfadain the golf area. A significant part of the new properties there are being built not just as housing, but as an expensive product: private swimming pools on balconies, common gyms, waiting rooms for guests, a high level of finishing and an appropriate price tag.

In other words, the market is building not just apartments, but a new social geography: some areas are becoming luxury development zones, others are becoming places where ordinary buyers are gradually being squeezed out by prices. Real estate, of course, likes to speak in the language of “quality of life.” But sometimes, for some reason, this quality is available only to those whose lives are already of sufficient quality according to bank statements.

The north is also becoming more expensive, but more slowly

Northern suburbs of Athens historically considered one of the most expensive and prestigious areas of the capital. They continue to be attractive due to the quality of the environment, greenery, level of development and reputation. But in terms of growth dynamics they are inferior to the south.

In the northern suburbs, both new buildings and secondary housing also became more expensive compared to 2022. However, the pace is lower than in the south: new buildings increased by an average of 7.6%and secondary housing – at 11.4%.

As a result, average prices formed at the level 4,255 euros per sq. m for new buildings and 2,828 euros per sq.m. m for secondary housing.

Editorial comment

The story of rising prices in the southern suburbs of Athens shows not just market dynamics, but a change in the entire social map of the capital. Athens Riviera It is increasingly turning into a territory of expensive projects, foreign buyers, developers and real estate designed not for the average Greek income, but for capital looking for a beautiful address by the sea.

For the economy, this can be presented as a success: investments are being made, construction projects are working, the area is developing, prices are rising. For ordinary residents, the picture is more complex. Rising prices mean that more and more people are being pushed away from the areas where they lived, worked or expected to buy a home. The city seems to be becoming richer, but not necessarily becoming more accessible for its citizens.

The south of Athens outperforms the north not only because there is the sea and Elliniko. It wins because it has become a symbol of new real estate: expensive, beautiful, investment and less and less popular. And when the housing market begins to work primarily for those who are buying not a house, but an asset, the problem is no longer in prices per square meter. The problem is who will be able to live in a city that is rising in price faster than wages.

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