Star of Vouliagmenis for decades it has been a common housing choice for some of the richest people on the planet, especially those from the Middle East. Its suites often house sheiks and billionaire princes, as well as their extended families and large retinues. Requesting reservations for even dozens of rooms is a common problem for executives and employees of luxury hotels.

Clients of this type will soon have another alternative and will not have to abandon Asteras.

Until the end of 2023, it is expected that the first villas built by Diamantis Diamantidis on the plots he acquired last year in Asteras Vouliagmenis will begin to be commissioned. According to market sources, the shipbuilder and real estate investor is expected to create high-end luxury and glamorous properties that will include some of the largest homes close to the urban fabric in the entire world.

For tourist use

Those who follow the relevant developments note that some of the properties that will be created will be for the personal use of Mr. Diamantidis and members of his family. It is expected that part of the villas under construction will be used for tourism purposes. In other words, they will have the size and necessary conditions to accommodate elite guests.

To this end, some of the 11 lots owned by Mr. Diamantidis will be merged. Combining two or three plots makes it possible to build villas with an area of ​​2500-3000 sq.m. or even more. It also offers even more privacy, which this type of customer wants and is willing to pay for. As a reminder, Mr. Diamantidis has proceeded to acquire 11 of the 13 plots sold by AGC Equity Partners, paying an amount estimated in the range of 450 to 500 million euros. Combined with the construction of villas, it is estimated that the total investment could exceed 600 million euros.

The project in question is the second largest investment in the country’s real estate market after the investment in Elliniko, which indicates the attractiveness of the coast of Attica in terms of luxury residential complexes. The Athenian Riviera has now clearly become a target for domestic and foreign multimillionaires and billionaire investors. In this context, another important investment concerns the construction of villas on 27 plots sold by Lamda Development on the coast in the Elliniko area. Only from the sale of plots, the listed company received a revenue of 190 million euros. During this period, the companies that will take over the construction of these facilities are pre-selected, while, of course, the owners also have the opportunity to choose the manufacturer themselves.

Fiber optic pool and gallery with robotic archival works

But what are some of the special requirements of the “haves” on their properties in terms of their benefits? Aromatherapy room, Turkish bath, color therapy room, art gallery of 1000 sq. m, jacuzzi, spa and sauna – these are just some of them and probably more common. The most special of these include a robotic art storage room, where the robot automatically retrieves the desired piece of art (using codes) to place in the gallery. In addition, in another house, Berios built a pool with fiber optics to resemble a starry sky, and in another, she created an ion irradiation room. This is a space where all the walls and ceiling are made of special rock salt. In the basement of one house there is a bank vault, in another there is an eight-meter indoor jungle garden, as well as a car lift that automatically parks and organizes its owner’s cars. Separate kitchens have also been created in some villas for breakfast, for the chef and for catering companies.

However, the cost, although high by Greek standards, remains one of the most competitive internationally. This is the element that has begun to place Greece in the center of the luxury housing market, and companies operating in this sector have been able to export their know-how outside of Greece. For example, Berios has built houses of up to 16,000 m2, some of the largest in the world. However, in Greece, although construction costs start from 5 million and reach up to 80 million euros, this is still the minimum amount compared to abroad, where objects with an area of ​​​​1000 sq.m. are sold for more than 100 million euros, i.e. almost 10 times more than their corresponding price on the Greek market.

Another important factor in increasing the attractiveness of Greek real estate is the arrival of the first famous personalities and billionaires in Greece. The acquisition of real estate by those who live in certain parts of the country is the biggest incentive for the rest of their circle to establish a base in Greece. Using this database, they will be able to connect with people of similar height at various times throughout the year, also known as the “billionaire calendar”.

Wood from the Malaysian jungle and “curiosities” worth millions

When it comes to villas and mansions of multimillionaires, the requirements often go beyond the usual. According to Mr. Konstantinos Berrios, director of operations at construction company Berios, which specializes in this market, in an effort to meet the needs of their customers, they went to the jungles of Malaysia to find a specific timber supplier. In particular, in the residence, built by Berios on the order of the shipowner, the floors of the external premises had to be wooden and of the best quality in the world for a specific use. After appropriate research, the famous Burmese teak wood was found, originating from the forests of Myanmar (formerly Burma or Burma), a country that comes with special trade prohibition measures. For this reason, I had to go to Malaysia, where there was a specific supplier who brought wood from Myanmar and cut it there so that there were no trade restrictions. Thus, it became possible to import them to Greece to decorate this particular villa.

In another residential building with an area of ​​2000 sq.m. in Kifissia, and while the concreting of the building was completed, the owner decided to change the orientation of the house by 90 degrees. Consequently, everything that was built was demolished and built from scratch in accordance with the new orientation. In addition, in many cases, in order for customers to decide on materials and colors, the company conducts sampling of entire rooms. “Sometimes we had to make over 160 different color samples so that the owner could make the final choice. This is what we do as part of our work as this service, and our patience is needed to work well with people of this level,” notes Mr. Berrios.

Accordingly, during the construction of the palace of the royal family of the United Arab Emirates in Abu Dhabi and shortly before the delivery of the project, the company received a new study at the request of the sheikh himself. In it, he asked them to completely change all the rooms and build them from scratch, with different sizes and with different decoration. In the field of ultra-luxury facilities, service delivery also plays an important role. For example, this is a common occurrence when, in addition to construction, the installation of … pillows is also taken. But even after the owner moves out, the construction company is obliged to respond to any request regarding the construction of the property within 24 hours, even 30 years after the original construction.

Numbers

600 million euros the amount of the shipowner’s investment is calculated. Diamantides in Asteras Vouliagmenis.
190 million euros Lamda Development income from the sale of 27 plots for the construction of luxury villas in Elliniko.
€1.27 billion foreign capital was placed on the Greek real estate market in the first nine months of 2022.