Hellinikon Development Spurs Real estate investment on the Athens Riviera
The massive redevelopment of Athens’ former airport, Hellinikon, has already sparked a lot of interest in real estate along the Athens Riviera, the shoreline along the Saronic Gulf just outside the Greek capital , according to Greek real estate experts.
The Hellinikon project, the largest redevelopment project in Europe today, includes upscale hotels, casinos, restaurants and shops as well as a host of other amenities.
Hellinikon’s gargantuan development will spark the Athens Riviera
Asked what role this gigantic development would play in the Greek real estate world, Ana Vukovic, Managing Director of Collier’s Greece and Serbia, which also covers the markets of Cyprus, FYROM and Montenegro, was expansive.
Vukovic, who has successfully managed a number of mixed-use properties and large-scale portfolio projects from concept to completion, has multidimensional experience in real estate advisory and commercial real estate law.
“The development of real estate in Elliniko, considered the largest urban regeneration project in Europe, will have a significant impact on the real estate market, especially in the southern suburbs of Athens, further increasing rental prices and d ‘buying real estate, “She replies.
“Major hospitality projects” on the horizon
“The southern coastal area of Attica, also known as the Athenian Riviera, is emerging as a magnet for foreign homebuyers and investors investing heavily in residential complexes which primarily cater to to foreign buyers, with an emphasis on those with high income.
The real estate expert goes on to explain: “While Athens has become a popular tourist and investment destination, major hospitality projects are also in development and under construction.
“Other areas along the coast, such as Glyfada, Vouliagmeni and Voula, are also under high demand from investors, resulting in rising values in the southern suburbs for office and residential assets.
The Athens Riviera will become an “emblematic” area
“However, the demand for housing in the area is also expected to increase,” she adds, “as the developments will transform the image of the Athens Riviera, offering leisure, wellness, shopping and leisure activities. of high-level entertainment, thus creating a landmark. where people will want to live and work.
“Especially now with the Covid situation where remote working will become the new normal,” explains Vukovic, “we expect the demand for residential properties to increase as buyers will be able to combine their work with a new lifestyle.”
Another expert in the Greek real estate world, Antonis Markopoulos, co-founder and CEO of Prosperty, a growing company of real estate experts, engineers, business, operations and marketing specialists, claims that since late 2019, real estate The Greek market had a very positive dynamic, in particular from foreign investors.
Markopoulos also spoke exclusively with Greek reporter on the many opportunities of the moment.
He notes that indeed, the rise in property prices along the Athens Riviera has already started.
“The prices are pretty high right now there. I think the Ellinko project is stimulating the market in these areas so the prices are quite high but also the demand is quite high as many foreign investors consider the southern suburbs of Athens as the ideal destination to buy property in Greece. So we see both an increase in prices and also in demand. “
Markopoulos adds that for the most part, he noted that it is foreign individuals who have shown serious interest in these properties. “Certainly, the profile of buyers for these regions is more made up of high net worth individuals from different countries, such as the United States and Germany, but we are also seeing interest from other countries such as Russia, Israel and the United States. Lebanon.”
He notes that, of course, “these types of assets in these areas are not meant for the average investor.”
The development of the Athens Riviera drives up prices on the Greek mainland, the Peloponnese
Overall, he says, there are a variety of asset classes in Athens and Greece, adding that “we have those who would like to buy something in Voula or Glyfada overlooking the sea, enjoying life in this genre. suburban.
However, Markopoulos says, “We also have other buyers looking for smaller apartments just to stay on during their vacations or to use them for renting the rest of the year.”
And it is not only on the Côte d’Azur that prices are increasing. The gargantuan development has sparked increased interest across the continent and the Peloponnese, as many Europeans want a destination by car for their vacation.
“I think the Ellinko project is stimulating the market in these areas, so the prices are quite high but also the demand is quite high because many foreign investors consider the southern suburbs of Athens as the ideal destination to buy a property. in Greece, ”emphasizes the real estate expert.
“So we see both an increase in prices but also in demand.
“Certainly the profile of buyers for these regions is more wealthy individuals from different countries, such as the United States and Germany, but we are also seeing interest from other countries such as Russia, Israel and Lebanon. . So these types of assets in these areas are not meant for the average investor. “