Increasing demand for luxury homes in Attica from individuals with special financial means and the limited supply of such properties, even taking into account projects that are underway but will take time to enter the market, have begun to shape prices. over 20,000 euros per square meter. In addition, this demand causes self-sustaining growth, as investment funds are placed in such objects with the aim of reselling them.

Since the number of such apartments and houses under construction is currently limited and mainly driven by projects at Hilton, Elliniko and one or two other large projects, real estate sources believe that the market will see even higher prices in the coming years. . Especially since Athens remains cheap compared to other cities that know the high demand for luxury apartments. The discussion, of course, concerns the main objects of special architectural value, whether historical or current, in very good areas. However, it is noted that now the demand has spread from the Attic Riviera to the center of the capital. The only European capital with direct access to the sea and a rich history with unique archaeological and other world-class attractions.

The recent history of transactions in such apartments and houses shows prices that just a few years ago would have been unthinkable even for the most optimistic. A more typical example is the recent sale of a 320 square meter apartment on Herodou Attiku Street in the Palace area, which changed hands for 18 million euros, a record 58,000 euros per square meter. According to K., is a penthouse at number 17 Herodou Atticus, next to the Presidential Palace, built in the early 1960s by the eminent architect Takis Zeneto. The buyer of the property is Thomas Flor, father-in-law of Prince Philip, son of the former King Constantine of Greece.

Recently, an apartment on Herodos Atticus street was sold for a record price of 58,000 euros per square meter.

The sellers were the heirs of Karolos Fix. Here, the combination of the architect, the area, the characteristics of the apartment, the view, as well as its history contributed to the formation of such a price. However, this is not the only deal at a price far exceeding 20,000 euros per square meter in the center of Athens. Ten million euros for the purchase of a luxury apartment on the same street was reportedly paid for a smaller property by Greek billionaire metal and commodity trader Telis Mistakidis. After these changes, the street of Herodos Attikou regained its status as the most expensive street in the capital, comment on real estate agents working in this part of the market.

These are not isolated cases. Prices unprecedented in Athens so far have also been recorded in transactions for the sale of apartments designed by TEMES in the building of the historic Hilton Hotel. The all-inclusive tourist complex, hitherto known as the Hilton, is expected to open its doors in early 2025, but the vast majority of the 50 apartments on its top four floors have already been sold.

Most of the buyers, according to the same data, are Greeks. The top two floors, located under the old Galaxy, are the most sold. The average price per square meter is approaching 24,000 euros. These levels house apartments of various types, mostly conservative in size, but also very large residential buildings.

The next two floors were sold at a price of 21,000 euros per square meter. The apartments on the top two floors are owned by the Waldorf Astoria brand, while the next two floors are owned by Conrad. The work began a year and a half, from January 2022, and is expected to be completed in late 2024 – early 2025.

Similar prices, about 20,000 euros per square meter, were obtained from transactions with luxury seaside villas in Elliniko, as well as with the best apartments located in the Marina Tower, still under construction, in Elliniko. And here the vast majority of houses are sold.

It is becoming clear that Athens and Attica in general have come under the radar of portfolios looking for luxury homes. An additional reason, in addition to the significant recovery in investment confidence in the country in recent years, is the number and scale of ongoing urban redevelopment, which promise to radically renew the look of the city and its suburbs for the first time in half a century. , notes the Greek investor in a conversation with “K”. aggressively positioned in the field of luxury real estate.