Real Estate – Athenian Riviera rates soar

• 3 December, 24

The Athenian Riviera is rapidly gaining prominence on the global real estate market, attracting growing interest from international buyers. Newly constructed properties in the area are now commanding prices of €11,200 per square meter, surpassing rates in cities like Dubai (€8,400/sq.m.), Amsterdam (€9,500/sq.m.), Madrid (€7,500/sq.m.), and Barcelona (€7,400/sq.m.).

According to research by Savills and Axia Research, the Riviera has emerged as a sought-after destination for high-end real estate. Globally, Hong Kong remains the most expensive market, with prices reaching an astronomical €39,100 per square meter—equivalent to the cost of a 100-square-meter apartment in central Athens. New York follows with prices at €25,300/sq.m.

The sharp rise in property values on the Athenian Riviera can be attributed to increasing demand, which has outpaced international trends. Data from the Bank of Greece indicates that between 2017 and 2023, prices in the southern suburbs of Athens have soared by 55.4%. This surge began in 2019 with an 11.8% jump and continued with increases of 8% in 2022 and 7.4% in 2023.

Interestingly, during Greece’s economic crisis (2010–2016), property values in the Athenian Riviera declined by only 37.8%, significantly less than the 50–55% drop seen across the country.

A key driver of this growth is Lamda Development’s massive investment in the Elliniko project, which has drawn significant international interest and further boosted demand in the southern suburbs. This large-scale development has cemented the Riviera’s position as a prime real estate hotspot.

Source: Ekathimerini