Lagonisi, Saronida, Sounio, as well as the coast of East Attica and nearby islets, as well as outdated and abandoned hotel complexes of past decades, are some of the points that are becoming the focus of investment schemes interested in the development of seaside resorts. on the outskirts of a unique European capital with direct access to the sea. According to the information, among the stakeholders evaluating such plans are large multinational hotel companies such as the French Accor, the Greek ones that have already taken steps, such as the Grivalia Hospitality in Petalios and of course the Asterias of Glyfada, the Israeli ones, some of which have already been placed , like Brown in Punta Zesa, but also Arabic. The respective investment plans are based on a number of assumptions:

First, Greece is one of the top five most popular destinations in the world.

Secondly, infrastructure is developed in Attica, such as the El. Venizelos and others, such as the expansion of the metro and Attica streets, as well as waste management facilities to cope with increased traffic volumes.

Thirdly, it has natural beauty as well as historical heritage, as evidenced by dozens of world-class archaeological sites and museums such as the Acropolis Museum or the National Archaeological Museum, especially after its planned expansion and modernization.

Fourth, Attica can become a springboard for short tours of the Aegean as well as neighboring prefectures, reversing the trend of being a stopover on the way to the final destination on the island. In other words, there is demand – and even from higher income travelers – for a holiday in Attica throughout their stay in the country.

Any new buildings on the Attic Riviera are a drop in the ocean of demand for luxury housing.

Fifthly, until now the development of hotel and other hotel infrastructure has been concentrated in the center of Athens.

Acton, according to a recent study conducted by the Institute for Tourism Research and Forecasting (ITEP) in collaboration with GBR Consulting on behalf of the Athens-Attica-Argosaron Hotel Association (EXAAA), over the last eight years (2015-2022) of hotel rooms only in the center of Athens increased by about 19%. In addition, there has been a sharp increase in the number of apartments and houses for short-term rent. But the vast majority of them are located in the urban area of ​​the capital. On the contrary, in the southern suburbs, the number of places in hotels for the period 2015-2022 decreased, even slightly, by 1%. In all other areas of Attica, including the Argosaronic Islands and Piraeus, a drop is recorded in the ITEP study.

Seventh, any new buildings on the Attic Riviera are a drop in the ocean of demand for luxury housing. Existing or planned major investments in seaside resorts can be counted on the fingers of two hands: Asteras Vouliagmenis, which has been handed over to Arab interests, Grand Resort in Lagonisi, Divani Apollo Palace in Glyfada and Cape Sounio. operates in the most southeastern point of Attica. Resorts are under development such as One & Only Aesthesis at Asteria in Glyfada, which is a €300 million investment and is expected to open later this year, as well as two new hotels that TEMES will develop with Lamda Development in Elliniko. , with a budget of about 300 million, but it will take at least another three years to enter the market.

The above along with other lesser known resorts on the beaches of Attica, i.e. the investment, which cumulatively exceeds two billion euros, is not only not enough to cover the existing demand for this type of luxury hotel infrastructure, but is “a drop of infrastructure supply in an ocean of potential travelers who want to visit Greece and spend most of their holidays in Attica”, – this is how the Greek hotelier plans to enter this market.

It is this gap that existing and new business groups from Greece and abroad will seek to fill in Attica in the coming years with large resorts.

Revival of abandoned complexes and new developments

The circles of the hotel real estate market have calculated that Attica can “raise” at least 10 more large luxury resorts. But interest comes not only from development companies, but also from international hotel chains. There are very few hotel complexes in Attica that cooperate with large international chains, which have been looking for such partnerships in the past few years, seeing an opportunity, the same sources explain. Speaking recently to K, Giorgos Chrysikos, President and CEO of Grivalia Hospitality, which develops One&Only Aesthesis in the old Asteria in Glyfada, noted that “Athens receives about 7 million visitors annually, while Rome receives 30 million.” . . And, of course, Athens has no shortage of sights and history, in addition, they are located at a very short distance from the sea. This is one of the reasons why Grivalia Hospitality is promoting a new project in Petalio, where it aims to build a luxury resort that will operate within 12 months. The development opportunities on the coast of Attica have not escaped the attention of Yannis Retsos, President of SETE, CEO and co-owner of Electra Hotels & Resorts. In a conversation with “K”, he notes that he is following the development of the Athenian coast, “because I believe – both as a hotelier in Athens and with considerable experience already in 3 apartments in Athens – that the city is changing its orientation towards its sea front.” “The development that we are seeing there will have a positive impact on it in the coming decades,” he emphasizes, noting that “Athens is the only European capital with access to the beach, so something like a resort business hotel can operate here.” .

However, other private Greek interests opposed these prospects, such as the Laskaridis family, who long ago purchased a large abandoned but historic complex at an iconic site on Sounio. At the same time, Israeli interests are entering the market for hotel complexes in the coastal regions of Attica. The interest shown in recent years in TAIPED for a large area in the Anavyssos salt marshes, both from a large French hotel group and from Greek interests, is also very great. This is an area of ​​more than 700 acres with access to the beach.

The same reasoning is used in the 6,000-acre leisure and tourism development project on Saronida, with an investment of around 750 million euros, which is included in the strategic investment regime.
Reviving old complexes across Attica, often left abandoned for decades, is the only path investors should follow, bank sources overseeing the process say. Another way, the construction of new hotels from scratch, is naturally limited by the availability of suitable land, as well as territorial, urban planning and environmental regulations.

And somewhere here lies the secret of success, but also the risk of the whole process, which has already begun: the development of luxury tourist resorts in Attica must be carried out “with absolute respect for the environment and with a sense of proportion so as not to turn into a new wave of its cementation” – emphasize architectural and environmental circles.