Real estate: The demand for luxury homes in the center of Athens is increasing – 2024-02-25 07:27:29

The time when the distinguished residences in Athens were “the poor relative” compared to the villas in the glamorous Mykonos or the unique Santorini have passed forever.

Based on the demand data from affluent foreign buyers or High Net Worth Individuals (HNWI), it is clear that in 2023 the prime housing market of Athens will show its true potential.

The biggest increase pan-European

The Savills analysis is indicative. According to the international real estate consulting company, the prices of prime homes in Athens in 2023 reached 11,200 euros per sq.m. recording an increase of 4.6%, the highest pan-European in terms of percentages.

Of course, both in the historical center of Athens and in the southern suburbs, the prices of unique properties are clearly higher.

The sale for 18 million euros of a 320 square meter penthouse in the area bounded by Herodos Attikou, Rigillis and Stisichorou streets is typical.

However, it is not the only transaction with a price that far exceeds 20,000 euros per square meter in the center of Athens. The purchase price of a luxury apartment also in the area of ​​the Old Palaces reached 10 million euros. The new owner is a Greek billionaire metals and commodities trader.

Additionally, with an asking price of 50 million euros, the legendary property-fillet at the corner of 9 Dionysios Areopagitou and 1 Makrygiannis, with a total area of ​​2,450 sq.m., is up for sale again. This time it is even accompanied by a neighboring plot of 720 square meters.

At the same time, based on the data of the Greek real estate agents, the prices on the beachfront range between 11 and 15 thousand euros per square meter depending on the view and the amenities of the property.

the paradox

However, despite the upward trend, which is even estimated to continue this year with prices rising between 2% and 3.9%, the Greek capital is still the 8th cheapest among the 30 cities examined in the Savills study. For example, in Lisbon the prices of prime homes amount to 13,100 euros per sq.m. Hence the continued rise coupled with low supply.

Based on these estimates and given that the new homes developed by Lamda Development in Elliniko are sold at lower prices compared to other prime homes on the Athenian Riviera (Voula, Glyfada, etc.), the listed company underlines in its latest corporate presentation that the increase of the average selling price by 1,000 euros per sq.m. will bring it around 1 billion euros in additional revenue by 2026.

According to what Odysseas Athanasiou, managing director of Lamda Development, reported last November, the average cost per square meter in terms of construction amounts to 4,500 euros, while sales prices in the first pilot launch started from 6,500 per square meter.