The greek Monaco of the southern suburbs
The international “competitive advantage” of the South and how the transformation of the Athenian Riviera is changing the real estate landscape.
- 22/07/2025, 14:45
The Athenian Riviera is rising in the international rankings, as it has now acquired its own place on the map of the international real estate market, resulting in a steady increase in purchasing interest from Greece and abroad. At the same time, the radical transformation of the coastal front of the southern suburbs into one of the most sought-after prime locations globally worldwide has strengthened investment confidence, a fact proven by the ease with which properties worth hundreds of millions of euros are being sold. As a result, the area is being constantly “fed” with new tourist investments, commercial properties, urban regeneration projects and the presence of an unprecedented private construction activity.
In this context, there is no doubt that the southern suburbs of Athens are entering a new era of growth and prosperity, with LAMDA Development’s project in The Ellinikon acting as a lever for this change, bringing with it a new philosophy of urban development that combines landscapes of high aesthetics, sustainability and modern infrastructure. Thus, the area is being transformed into a multidimensional hub where residences, businesses and tourism coexist har moniously, with this mix creating new opportunities for investors by upgrading its overall image. A striking example is the image of domestic real estate, which is undergoing a remarkable increase in property values in the southern suburbs, at approximately 8%, while forecasts indicate a continuous, albeit slower increase of around 3% for this year. The estimates of the largest international real estate players for the development of the region are more than optimistic, speaking of an Athenian Riviera that by 2035 will have transformed into a world-class destination for housing, investment and tourism, making the region one of the most premium real estate spots in Europe. Despite recent price increases, today the Athenian Riviera is still more affordable than other Mediterranean hotspots, such as the French, Italian and Spanish Rivieras, with prices for luxury newly built properties ranging between 6,800 and 13,000 euros per sq m., compared to prices of 30,000 to 60,000 euros per sq m. in areas such as the French Riviera.
A “hub” of luxury services
Among the most important factors that make the southern suburbs highly attractive are the high-quality infrastructure, the proximity to the sea and the extensive development initiatives. As explained by high-ranking executives of the domestic real estate sector, investments in hotels, marinas and tourist complexes in the coming years will lead to a significant increase in the value of the area. Hence, some of the biggest names in real estate, such as Ten Brinke, TERNA, Prodea Investments and AVAX Development, are already actively engaged in the southern suburbs, undertaking more and more projects, while new players in the industry are constantly entering the game with new construction projects. “The Riviera will be transformed into a hub for luxury yachting, gastronomy and international conferences, while the demand for short-term rentals and second homes by European, American and Arab investors will increase. It is equally important that emphasis has been placed on the development of the region based on the principles of sustainability and the standards of the new smart world that is being created (Smart & Sustainable Urban Development), giving even greater added value,” the same sources explain. At the same time, they explain that a special category is made up of ultra-luxury residential properties, the “super prime” residences, expected to further fuel the market dynamics. “The purchasing interest for these assets remains very strong,” the same sources point out.
The transformation of the coastline
At the same time, the upscaling of the coastal front is changing the nature of the area in terms of the living conditions of the residents. The new developments will have green infrastructure, smart buildings and sustainable transport, the improvements on the Public Transport network connecting The Ellinikon will make the area more accessible, the remodeling of the coastal Avenue will improve traffic and create new pedestrian and cycle lanes, while the marinas, such as those of Vouliagmeni and Alimos, will become international centers of marine tourism with the coastal zone from Faliro to Saronida offering a resort-style living for old and new residents as well as for tourists.
In this context, public and private projects to upgrade the infrastructure of the Attica coastline have been put on track. The long-awaited private projects include the redevelopment of the Alimos Marina, the largest marina in the Balkans, by Reds, with a budget of 100 million euros. Construction work began in autumn on Voula Beach B’, which has been leased to a consortium owned by the Konstantakopoulos group, the Kokkalis family and George Prokopiou, an investment of 15 million euros, while studies are underway for the former Yabanaki beach in Varkiza. As for public projects, a new effort to redevelop the Metropolitan Park of Faliron Bay, which will bear the name “Aenaon”, was recently announced. Also, agreements have been reached for the unified bicycle lane and pedestrian path, with a total length of 18 kilometers, which will connect Moschato with Vouliagmeni.
The Ellinikon as a “Game Changer”
An important factor that fuels housing values and plays a leading role in the redevelopment of the southern suburbs is “The Ellinikon” project in the area of Elliniko, considered the largest urban development project in Europe. Luxury homes, five-star hotels, shopping centers and green spaces will upgrade the image of the Riviera by attracting, among others, international businesses, high-net-worth individuals and high-income tourism. The homes sold in The Ellinikon, as tated by industry executives, drive demand and prices overall, having also increased construction activity in the area and, as a result, today the vast majority of new constructions concern luxury apartments of high aesthetics, complexes with swimming pools, etc. It should be noted that the average sale price of such properties is around 1 million euros, depending on the location and specifications of each complex.
The real estate landscape
The demand for luxury homes in the southern suburbs is already high and The Ellinikon project is expected to boost it. Luxury homes in the wider Elliniko area are sold at prices ranging from 7,500 to 17,000 euros per sq. m., with an average price of 10,500 euros per sq. m., while the overall picture of the Athenian Riviera reveals a significant increase in real estate demand in recent years, with notable fluctuations in 2023 and 2024 and promising prospects for this year. Specifically, prices increased in 2023 by around 7.5%, while in 2024 the increase fluctuated around 7.9% compared to the previous year.
The prices of newly built luxury properties currently range between 6,800 and 13,000 euros per sq. m. The area of Vouliagmeni leads with an average property price ranging around 7,440 euros per sq. m., highlighting the strategic value of the area, followed by Sounio with 5,710 euros per sq. m., whileVoula takes third place with 5,680 euros. Glyfada follows with an average sale price of 5,100 euros, Elliniko with 5,039 euros and Vari with 3,820 euros per sq. m. Paleo Faliro is a stone’s throw away with 3,800 euros and Kalyvia Thorikou is placed considerably lower on the list with an average sale price of 2,520 euros per square meter.
Still a bargain at the European level
Despite recent price increases, the Athenian Riviera remains more affordable than other Mediterranean hotspots. Prices for newly built luxury properties are considerably lower, compared to the prices of luxury homes on the French Riviera, which range from 30,000 to 60,000 euros per sq. m., in areas such as Nice and Cannes. The Spanish Riviera is in second place with 15,000 to 45,000 euros per sq. m. with significant variations per sq. m. between luxury homes and simple apartments, followed by the Italian Riviera.
In Greece, market players note that the most popular category is luxury residential properties and super prime residential properties, and their momentum is expected to continue. Buyers’ interest for these assets, as they explain, remains very strong and the properties of the Athenian Riviera are considered attractive especially by “visionary” foreign buyers who compare Athens with other European markets. “The specific data of the luxury real estate market, as well as the arrival of branded residences, justify a possible further but more reasonable increase, as values still remain at lower levels than competing destinations, such as the French Riviera, Sardinia, etc.,” the same sources add.
Who is buying
Regarding the origin of the demand for real estate in the Athenian Riviera, based on the same sources, Chinese, American, Arab and European investors figure high on the list, with these categories relating to either investment funds and developers who purchase properties for tourism development or high-ranking executives and businessmen who choose premium residences in areas such as Vouliagmeni, Kavouri and Glyfada in search of security, privacy and luxurious lifestyle options. The inves tor pool is complemented by European retirees, especially from Germany, the United Kingdom and Scandinavia, as well as young professionals and digital nomads.
Published in “White Paper: The Big Business of the South”, NouPou Media’s special edition spotlighting the current landscape and future prospects of the Athens Riviera.