Prices are reaching a new record on the Attica coastline, and especially in the Vouliagmeni area, which is called “the jewel of the Athenian Riviera”.
A typical example is the recent purchase and sale of a luxury penthouse apartment – maisonette, within the framework of the Serenity Living project, which was purchased for 40,000 euros per square meter (it is unknown whether it was a Greek or foreign investor).
The above example of a luxury home sale demonstrates that the prices for luxury homes on the Athenian Riviera have no “ceiling”.
A few months ago, “N” reported on the sale of a 285 sq m residence in Vouliagmeni, for 33,000 euros per sq m, i.e. 9.6 million euros – or 10 million with parking and storage included.
The above data show that the Athenian Riviera has developed into one of the most dynamic luxury real estate markets in Europe, attracting wealthy buyers from all over the world. In fact, according to the CEO of Premier Realty Greece, Corina Saias, each area serves different profiles of high-end buyers.
Vouliagmeni in particular attracts High-Net-Wealth Individuals (HNWI) from the US, UAE and Northern Europe. They are looking for beachfront villas with private access, concierge services and close proximity to the Asteras Marina and the Four Seasons Hotel.
These buyers prefer privacy and discretion
Glyfada has developed into a luxury living hub for affluent professionals, digital entrepreneurs and second home buyers.
Voula combines seaside luxury with a more tranquil, residential feel and, according to the aforementioned real estate executive, attracts affluent families, mainly from the Greek Diaspora (USA, Australia, Canada), who return for permanent residence or retirement.
Hellinikon, with the development of the smart city by Lamda, attracts progressive and technologically skilled investors mainly from Israel, China and Germany, while further south, Varkiza and Sounio appeal to high-profile retirees, sea lovers and those seeking absolute tranquility and privacy.
Foreigners are pushing prices up
According to data from the Bank of Greece, in two years, foreigners have invested in real estate in Greece (mainly in residential properties) the amount of 5 billion euros. The explosive demand, especially for expensive housing, led to a price spike to new record levels.
In particular, foreign investments in Greek real estate, either with the Golden Visa or outside of this framework, increased by almost 30% in 2024 compared to 2023.
According to a report by the Bank of Greece governor, in 2024 net receipts for the purchase of real estate from abroad amounted to 2.75 billion compared to 2.133 billion in 2023. That is, in two years, foreign capital of 4.9 billion euros was placed in the Greek real estate market.
