Large projects with a budget of more than €3 billion – excluding indirect financial benefits from large interventions – have been launched or are on the starting line in 2023. They are supposed to further change the face of Athens and Attica, modernizing chronically degraded areas, as well as elevating already developed areas to a new level. Characteristically, such projects as the government park on the territory of the PYRKAL plant, the double reconstruction of the Panathinaikos and Botanikos stadiums and the revival of Eleonas will form a new spatial dynamic in the urban fabric of the capital, unloading the center of Athens. .

At the same time, major projects in the hospitality industry, such as the emergence of Hilton as a new integrated hotel destination with extensive ancillary entertainment activities, or the development of iconic hotels on the Attic Riviera coast, such as One & Only in Asteria and two new ultra-luxury hotels in Elliniko, branded by major prestigious foreign chains, will be added to the already well-known major hotels in Athens, making the capital an international destination and further strengthening the local economy. None of these projects is without serious problems and obstacles. However, their dynamics is such that these obstacles will not be able to derail any of the major projects, the market and investors who trust them are assessing.

This is a development responding to strong demand for high-yield luxury residential properties, with the Athenian Riviera leading the way in transactions. Asteras Vouliagmenis is a “magnet” for major deals, with 13 villas on the southwest side of the peninsula selling over 500 million euros. Significantly, Erietta Kurkulu-Latsis and her brother Philippos were among the buyers of two plots of land in the unique properties of the Attic Riviera, the total value of the transaction was 75 million euros. The sites were located on the southwestern side of the Vouliagmeni peninsula, where the now demolished Aphrodite Hotel was located. The cost of building houses, the average area of ​​which is estimated at more than 1000 sq.m. each, take over by their new owners. The total area of ​​all 13 plots is approximately 80 acres, each plot averages 6.15 acres, and the price of each plot varies from 37.5 million euros to 39 million euros, which corresponds to a price of 6.3 million per hectare.

A unique piece of the southern suburban real estate puzzle is the site where Asteria tis Glyfada was located and where Grivalia Hospitality is building the One & Only Aesthesis Integrated Complex with a delivery horizon of spring 2023. before the architectural study of the project, 14 independent houses, non-volatile, with a private open area and a parking space, will be built on the western border of the district. The advantage of these developments is that they are close to Athens, but at the same time have the tranquility of a seaside resort and the feeling of a private island. The total building area will be less than 1% of the area, i.e. less than 28,000 sq.m. of which 20,000 sq.m. apply to existing buildings. The €150 million project will feature a 127-room five-star hotel operated by One & Only. One of the two two-story buildings – arc-shaped – of the complex is the central building of the reception, which will house commercial and hotel premises (12 rooms). The complex’s 100 bells, which were the benchmark in the 1960s, will be converted into 95 furnished apartments as ten of them will be joined by two.

Tourist developments are an integral part of the constantly changing map of the real estate market. TEMES plays a leading role in this area. In the heart of Athens, specifically at the Hilton Hotel, TEMES has commenced the refurbishment of the Hilton building complex, which includes the creation of 50 luxury residences that will operate under the Hilton Conrad Residences and Waldorf Astoria Residences brands. Investments in the construction of facilities, infrastructure and equipment, which, of course, includes the hotel and the rest of the infrastructure of the integrated complex, will exceed 130 million, in addition to 145 million already spent since 2016 on the purchase of real estate. The total investment will exceed 275 million and may, according to market participants, approach 300 million.

However, TEMES has also embarked on a joint venture with Lamda Development to develop a hotel and residences to be located on the Agios Kosmas marina, as well as a hotel complex on the other side of the beach area adjacent to the Lambda luxury residences area. The group, which will develop the hotel and residences on the one hand, and the hotel complex on the other, owns a majority stake in the scheme, which will develop two luxury residential projects, each within the perimeter of two respective luxury hotels. In both companies, TEMES will own 70% and Lamda Development will own 30%, with a total investment estimated at more than 300 million euros.

Staying in the southern suburbs, further refinement of procedures is expected next year for the Saronida Olympos Golf project, which aims to develop a 6,000-acre hotel complex in Saronida with a budget of 840 million euros. . It is also planned to create a tourist port as well as facilities for the production of renewable energy, with the investment body being Beta Real Estate Development, which has partnered with Arab Interest Funds, which provide the “presence” of Asteras Vouliagmenis and the tourism project in Mykonos.

Government Park, Botanikos renovation and two logistics centers

Another €250 million project, expected to be completed next year when it is estimated to be auctioned, includes a state park on the site of the former PYRKAL plant. The 157 acres, which are just three kilometers from the center of Athens, will house nine ministries, which are currently housed in 127 buildings and cost €33 million in rent and operating costs. The ministries of finance, development, labor, health, environment, culture, interior, rural development and tourism will be relocated. Together with them, the Superfund (EESYP) and the State Real Estate Company (ETAD), TAIPED and the Independent State Revenue Administration (AADE) will be transferred. The ultimate goal of the project is to convert the current government office buildings into residential buildings, given the high demand for residential buildings in the center of Athens. The project assumes a financial benefit of 1 billion euros over 7-8 years.

A stone’s throw from the Acropolis, in the Eleon-Botanikos districts, which belong to the third municipal district of Athens, the next big wave of urban regeneration is about to take place, according to experts. The reason is that there is still a significant amount of unused land in specific areas, which will be increased by planned activities such as the Double Redevelopment and the relocation of transport companies from Eleonas. The dual redevelopment of Botaniko – Alexandras Avenue has a budget of 267 million euros, with activities of around 100 million euros already included in the Recovery Fund. These are, among others, redevelopment projects in Votanikos, including the construction of roads, bicycle paths and the construction of rain and drainage networks, landscaping and common areas in the area of ​​the Double Redevelopment and the Sea Fort. The tender for the construction of the new Panathinaikos football stadium in Votanikos is currently underway, with the deadline for bids being 12 January. With a time horizon of 2026, it is planned to create a modern FIFA-UEFA category 4 stadium with a capacity of at least 38,500 seats (up to 40,000). The arena, which has a budget of 126 million euros, will include 1,300 seats in suites, 325 underground parking spaces and seven shops. The new stadium is particularly popular due to two features. View of the Acropolis and easy access to it by public transport. The double renewal is the largest urban redevelopment at the level of the municipality of Athens, given that the area will receive a modern road network and infrastructure. The stadium will also ‘attract’ significant real estate investment as the leading real estate players have already established themselves in the area. This mobility is understandable when one considers that the wider area of ​​Eleonas will carry out the necessary road construction and street lighting works, as well as the creation of linear public areas 20 meters wide on both sides of the Holy Road, while also offering the implementation of a bicycle tracks.

At the same time, the relocation of hundreds of transport companies located in Botanikos will play a decisive role in the revitalization of the area. According to the contract signed between TAIPED and the municipality of Filis, the latter will create the largest transport and logistics center in Southeast Europe. In essence, a green and innovative business park will be created on a site of approximately 450 acres in the Spilies-this-Fili area. The budget for the project, which will be implemented either through a public-private partnership (PPP) or as a concession, is 500 million euros, including activities to connect the park to Attiki Odos and the national railway network. It is planned to complete studies and licensing procedures in 2023 so that the tender can take place in 2024 and the move in 2025.

Catalytically important for the development of Greece as a transit center is the cargo center in Triasio Pedio. The contract, sponsored by the ETVA VIPE – Goldair Cargo scheme, has been ratified by parliament, the project could have a budget of 180 million euros (including rising prices for building materials), and it is estimated that it could start in 2023. The joint venture is expected to build 210,000 square meters of covered warehouses, 250,000 pallet bays, 4,000 car bays and 120 truck bays in a 588-acre area at various stages. The construction of the cargo center, which corresponds to the contract price of 109 million euros, will be carried out by Mytileneos.