In Attica, there are a growing number of residential development projects targeting very high incomes. Villas and luxury apartments with superb architectural features to match the particularly high levels of sustainability. The scarcity of such houses and the high demand, not only for private use, but also as an investment option for future capital gains, is driving the market and creating very high prices by Greek standards.

Luxury and water features dominate most of these developments, whether they are located on the seafront or simply include swimming pools or small man-made lakes. Most of them feature open spaces, great views and advanced digital automation.

While one would expect demand to be mostly from abroad, in fact, foreign individuals are in the minority, realtors explain to K. On the contrary, a large number of Greek private individuals are interested in such property, either for the purpose of future capital gains or for the purpose of generating income from its rental and sometimes ownership.

The emphasis in development is, of course, on coastal real estate. And that’s because the margin for future growth in this category is very significant: according to a recent assessment by Sotheby’s International Realty, “although Greece has the longest coastline in the Mediterranean and one of the longest in the world, there is a very limited number of beachfront homes available for sales”. According to Sotheby’s, which specializes in more expensive real estate, “while prices for established second homes of this type in the Mediterranean, such as Italy, the south of France and the Balearic Islands, range from 25,000 euros per square meter to more than 60,000 euros per square meter. meter, in Greece they still range from 12,000 to 15,000 euros.

At the moment in Attica, a significant number of such houses are under construction either at the stage of maturation or under construction. These include properties in Asteria tis Glyfada, a major new project in Saronida that also includes more affordable valuations, residences in Asteras tis Vouliagmeni that have recently set record prices, properties being developed by Lamda Development in Elliniko, private homes that will is considering building two hotels on the Ellinikos coastline and several smaller projects in the southern suburbs as well as eastern Attica, according to real estate sources. However, important luxury housing projects have also been launched in the metropolitan centre, the most typical example of which is the conversion of approximately 40% of the Hilton hotel into apartments by TEMES.

Great interest from the Greeks for the purpose of either future capital gains or income from their rental and sometimes home ownership.

The most expensive development so far concerns thirteen prime properties in Asteras Vouliagmenis, each sold for an average of $40 million. Adding construction costs and taking into account the built-up area exceeding 1,000 square meters on a plot of 6 acres, the price of such villas will approach 60-70 thousand euros per square meter, market circles have calculated. The same sources add that 11 of the 13 specific properties were bought by a Greek private individual who apparently sees them as an investment.

One of the most attractive projects, according to market circles, is the project in the old Asteria of Glyfada, where Grivalia Hospitality is developing the One & Only Aesthesis integrated complex. The tourist resort is expected to develop in 2023 and its architectural study foresees that independent, energy-sustainable residential buildings with private outdoor areas and parking will be built on the western border of the area.

The houses here, which may include a pool and a fireplace, have not yet officially gone on sale – this will happen when the hotel opens. However, interested buyers have been given a tour of one of the sample homes built and may also express their interest in writing. The One & Only Aesthesis project is scheduled for completion in the first half of 2023 and has a budget of over 150 million euros. 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.

Further north in the center of Athens and specifically at the Hilton, TEMES, which has been successfully implementing important residential projects in the Costa Navarino area of ​​Messinia in recent years, has begun the renovation of the Hilton buildings complex, which includes the creation of 50 luxury residences that will operate under the brands Hilton Conrad Residences and Waldorf Astoria Residences. 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.

TEMES has also started the construction of two new luxury residential complexes on the seafront in the area of ​​the former airport in Elliniko. To this end, she entered into a majority-owned joint venture with Lamda Development. These are residences that will be located on the pier of Agios Kosmas, where one of his two hotels is located, and residences next to the hotel complex on the other side of the beach area.

New project in Saronida and 7.4 million euros for a villa in Elliniko

Among the most ambitious residential developments currently maturing in Attica is the one that has been christened the Saronida Olympos Golf Project. A few weeks ago, the Interdepartmental Committee on Strategic Investments approved its inclusion in the accelerated regime. This is a project to develop a hotel complex, holiday homes and a golf course on an area of ​​6,000 acres in Saronida with a budget of 840 million euros. In practice, we are talking about creating a new direction with significant infrastructure. And that’s because it includes important paid projects for the local community, including medical centers, schools and other infrastructure, as well as extensive reforestation of the mountainous and semi-mountainous part of this coastal zone. It also provides for a tourist port as well as facilities for the production of renewable energy. The investment operator is Beta Real Estate Development SA, also known for its cooperation with Arab interest funds involved in the Asteras project and in Mykonos.

Perhaps an indicator of the price level at which new luxury homes are being built across Attica – and beyond – are the prearranged deals for seaside villas north and west of the area of ​​the former airport in Elliniko.
Considering that the 27 prime location villas already sold will bring the former airport concessionaire about 200 million, as the company roughly reported, it follows that their average sale price was 7.4 million. Lamda also expects $250 million in revenue from 100 maisonettes located directly behind 27 beachfront villas. About 2.5 million euros each.

The development of luxury and ultra-luxury residential projects is certainly not the prerogative of Attica: the most important investment projects are also underway in other high demand locations in Greece. Villas at Amanzoe Resort and Killada Hills in Porto Heli are two obvious examples of such projects, and one of the most ambitious luxury residential developments is managed by TEMES in Costa Navarino. This is a serviced apartment model that first fully launched in Greece at Costa Navarino with The Residences at The Westin Resort Costa Navarino.

In addition, many projects that provide an integrated tourist complex now include the development of holiday homes. The One & Only Kéa Island resort is one such example, while many others are currently under construction in Mykonos.