Athenian Riviera Real Estate Prices Surge
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Loading... - Frieda Wagner
- 02 Dec 2024
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The Athenian Riviera is experiencing a remarkable surge in real estate prices, positioning itself as a competitive player in the international property market. Recent analyses by Savills and Axia Research indicate that new homes in the southern suburbs of Athens are now priced at an impressive €11,200 per square meter. This figure places the Athenian Riviera ahead of other notable global cities, including Dubai (€8,400/sq.m.), Amsterdam (€9,500/sq.m.), Madrid (€7,500/sq.m.), and Barcelona (€7,400/sq.m.).
While Hong Kong remains the most expensive real estate market globally at €39,100 per square meter, the rapid growth of property values in the Athenian Riviera is noteworthy. For perspective, the cost of just 3 square meters in Hong Kong could cover the price of a 100 square meter older apartment in the heart of Athens. New York City follows as the second most expensive market, with prices averaging €25,300 per square meter.
The significant price increase in the Athenian Riviera can be attributed to a variety of factors. The Bank of Greece’s price indices highlight a remarkable 55.4% increase in property values in the southern suburbs of Attica from 2017 to 2023. The most substantial growth began in 2019, when prices surged by 11.8%, followed by increases of 8% in 2022 and 7.4% in 2023. Notably, even during economic downturns, these areas have shown resilience, with price declines being less severe than the national average.
A key driver of this upward trend is the substantial investment by Lamda Development in the Elliniko project, which has attracted considerable international interest and further heightened demand in the southern suburbs of Athens. This combination of rising demand, strategic investments, and a robust real estate market is positioning the Athenian Riviera as a desirable destination for property investors worldwide.
