What makes Vouliagmeni the top luxury real estate market in the Athens Riviera?
Vouliagmeni holds the title of the most expensive area in Attica for both buying and renting a home. What’s behind this? “What we want is for Vouliagmeni to retain its character and continue to be a city where one can live with dignity,” says Mayor Grigoris Konstantellos to NouPou.
- 18/06/2025
Vouliagmeni is, according to the data, the most expensive area in Athens when it comes to real estate. Whether someone is looking to buy or rent a property, asking prices are the highest in Attica—a fact also reflected in the latest data from the real estate listings platform Spitogatos. According to this data, the Southern Suburbs of Athens continue to top the list as the most expensive area for home purchases in the first quarter of 2025.
Vouliagmeni stands out as the most expensive area in Attica for purchasing a home, with the average asking price reaching €7,273 per square meter. It is followed by Voula, Glyfada, Elliniko, and the Kolonaki–Lycabettus area.
Similarly, when it comes to renting a home, Vouliagmeni remains the most expensive area in Attica, with the average asking price at €20.00 per square meter. The list of the top five most expensive rental areas also includes Filothei, Voula, Kolonaki–Lycabettus, and Palaio Psychiko.
NouPou spoke to the Mayor of Vari–Voula–Vouliagmeni, Grigoris Konstantellos, to understand why Vouliagmeni not only remains in high demand among potential buyers and renters but also commands the highest property prices in Athens.
Grigoris Konstantellos: “Demand is evenly split between Greeks and foreigners”
“There is extremely high demand, evenly split between people coming from abroad and Greeks. As for Greek citizens, there are quite a few with the financial means who decide either to invest or relocate to Vouliagmeni. There is also similar demand for Voula and Vari, though at lower price points compared to Vouliagmeni,” says the mayor of the 3V municipality.
He notes that the 3V municipality has taken a series of steps in recent months regarding the New Building Code (NOK), aiming to mitigate the potential negative effects that increasing building height and density could have on the area. “What we want is for Vouliagmeni to retain the appearance it has today and continue to be a city where one can live with dignity—meaning open spaces, no towering buildings or bulky constructions. We won that battle in the Council of State. However, some damage was already done: 40 houses were built under the detrimental provisions of the NOK. It’s worth noting that the Urban Planning Department of the 3V municipality operates in an exemplary manner, being the first to function fully digitally. In fact, our Urban Planning model has been adopted by the Technical Chamber of Greece as a blueprint for partially digitizing urban planning departments across the country.”
Mr. Konstantellos mentions that right now, Vouliagmeni is experiencing the highest demand for housing in recent years. “However, there is a slowdown, as there are no more available plots. Keep in mind that a significant portion of undeveloped land belongs to the Church of Greece. We are currently in negotiations with the Church to release some of that land, and turn other parts into green spaces. We’re talking about semi-forested areas to the left and right of the road from Kavouri Avenue into the heart of Vouliagmeni, which make up the bulk of the Church’s holdings. There are also other such plots in the amphitheatrical areas above Vouliagmeni, which remain unregulated in urban planning terms, and the Church is seeking to develop them. Through our negotiations, we aim to avoid excessive development of these plots in order to preserve the area’s green identity,” he adds.
Why property prices are so high in Vouliagmeni
According to the 3V mayor, Vouliagmeni’s high prices are the result of the area having avoided overdevelopment: “There are still open plots, green areas, and low-density construction. These are the advantages of the area—and they must not be lost. At the same time, the limited supply of land and housing in Vouliagmeni is among the factors driving up prices.”
“Especially after exiting the financial crisis, demand for Vouliagmeni behaved like a compressed spring that was suddenly released. Many buyers with significant resources moved quickly to acquire real estate, paying whatever it took. Others are coming with purely investment intentions, either renovating older properties or developing new constructions,” he adds.
Yiannis Revithis: Low building density drives prices up
Yiannis Revithis, head of Revithis Real Estate—which also has an office in Vouliagmeni—notes that “Vouliagmeni has always been the top and most prestigious destination in the Athens Riviera. One key factor is the very low building density allowed, such as 0.2 in Kavouri, meaning that one can only build 200 square meters per 1,000-square-meter plot. This drives property prices extremely high. Previously, the allowable densities were 0.6 and 0.8, allowing for 600 and 800 square meters per 1,000-square-meter plot.”
He adds that most available properties in the area are older and in need of renovation. New constructions are priced very high, and standalone houses are simply unaffordable. “Demand is currently far greater than supply. That’s not the case in Glyfada or Voula, where demand is also strong, but supply is more balanced.”
“The landscape is unlikely to change”
Mr. Revithis, referring to the possibility of Church-owned land being developed in the coming years, emphasizes that “both the municipality and the residents of Vouliagmeni don’t want the character of the area to change. On the other hand, there are people willing to invest significant money in a home here, who see things differently. I believe the landscape is unlikely to change in the coming years. Church properties will be hard to bring to market, and the restrictions imposed by the Council of State ruling on the NOK only increase property prices while significantly limiting new development.”