From ultra-luxurious beachfront residences with unobstructed views to mainstream apartments for middle-income families, around 2,000 new homes will be built on the Athenian Riviera over the next three years dominated by the new “smart city” mega project of Ellinikos.
It should be noted that the big business of the big “players” in the housing market in the southern suburbs is green in color, i.e. construction of high energy class houses, either on the top “shelf” (luxury homes) or on the middle (houses for families with medium to high incomes ).
Of course, Lamda Development has the lion’s share, as by Christmas 2026 they will have built 1,500 apartments.
Little Athens, which will be created in the project of “The Ellinikon”, is the largest residential development in Greece, with more than 1,000 apartments, developed in multiple modern residential complexes, designed by Greek and foreign architects.
At the same time, the joint company Ellinikon Park Tower SA was established. of Brooklane and Lamda that will run the new project of the 150-meter Mixed-Use Tower, a project of more than 200 million euros.
Based on the design, the project will include a luxury five-star hotel (166 rooms and 80 condo-type rooms, which will be available for sale) and 130 “branded” residences.
It is noted that Lamda has already proceeded with the pre-sales of all the residential projects on the beach front, namely the 171 apartments in the skyscraper Riviera Tower, the 115 three-storey residences (The Cove Residences) and the 28 plots for villas (The Cove Villas), with the revenues amounting to 1.118 billion euros.
Regarding the progress of the construction works, by the end of the summer at least 10 condos will have reached the first floor, as Mr. Odysseas Athanasiou mentioned, while at the same time, the construction of the Riviera Tower, the highest green residential skyscraper in the Mediterranean, is progressing rapidly. .
“In August, the tower will have reached 17 meters”, according to the words of Mr. Athanasios, noting that the first floors are already visible from Posidonos Avenue.
The 200-meter-high, 50-story Riviera Tower was designed by the internationally renowned architectural firm Foster+Partners and built by the consortium Bouygues Bâtiment International and Intrakat.
It should be noted that by the end of March 2024, 641 million euros had been collected from real estate sales, of which 537 million euros from residential developments and 104 million euros from the disposal of plots, with the Hellinikon project achieving within 2.5 years from the signing of the transfer of the area to Lamda to show operating profitability (EBITDA) before valuations and adjustments of 65 million euros against a loss of 67 million euros.
8,000 new homes until 2037
It is recalled that a total of 8,000 new homes will be built in Elliniko until 2037.
During the first phase of the project, i.e. within the next two years, the construction of 1,500 houses has been launched, while the remaining 6,500 will be built in various stages during the decade 2027-2037. The total area of the residential projects will amount to 1.2 million sq.m., of which 900,000 sq.m. from 2027 onwards.
Marina Residences by Kengo Kuma
The new “Marina Residences by Kengo Kuma” complex developed by Orilina Properties AEEAP of Tryfon Natsis next to the Agios Kosmas marina will start construction within the year.
These are 20 luxury residences, maisonettes and maisonettes with private pools and gardens, underground and above-ground parking spaces, but also recreational areas, available to all residents and fully guarded with a private entrance.
The project is part of the double investment by AEEAP for a residence and a private club, following the agreement with Lamda Development. The 80 million euro investment is scheduled for completion in 2026.
Apollo Hills
Meanwhile, four years after acquiring the approximately 80-acre site in Voula and following three appeals by the municipality of the same name to the Council of State, Henderson Park and Hines have announced the start of construction on Apollo Hills, a groundbreaking residential development project of 200 million euros. It is recalled that the project was previously known as Project Voula.
“This particular residential complex is practical proof of Hines’ commitment to Greece and dedication to quality projects and timeless architecture,” says Paul Gomopoulos, Senior Managing Director and Head of Hines Greece, noting that Apollo Hills puts Athens on the international map for discerning home buyers.
Investors have allocated more than 11,000 sq.m. for the creation of green spaces, sports facilities and parks in the area.
Based on the initial design, around 350 residences are expected to be developed, as well as gyms, swimming pools, playgrounds and underground parking.
The prices
At the moment the sale prices of luxury homes in Apollo Hills start from 8,700 euros per square meter and reach over 12,000 euros per square meter.
For the sale of the Apollo Hills residences, the two companies are collaborating with Greece Sotheby’s International Realty, on whose platform four different types of residences with an area of 125 sq.m. have already been posted. up to 343 sq.m.
Investor profile
Henderson Park is an international private equity real estate management firm that has invested approximately $13 billion to build a portfolio of iconic real estate assets across Europe and the United States. The company has presence in metropolises and developed urban centers in France, Germany, Greece, Ireland, Italy, Poland, Portugal, Spain, United Kingdom and USA. The company’s current portfolio includes offices, logistics, apartment buildings, student housing, hotels and retail, as well as real estate development projects.
On the other hand, Hines, which made its landing in Greece in 2017 with the acquisition of the Grand Hyatt hotel, is an international real estate investment, development and management company. Today it operates in 30 countries and manages nearly €87.1 billion in high-yielding assets spanning residential, logistics, retail, office and mixed-use buildings.
Great mobility
And Prodea, which is making its debut in the residential sector, aiming to develop houses for sale (BtS) and to rent (Built to Rent – BtR), maintains a lively interest in the southern suburbs.
AEEAP owns a plot of land of 2.5 acres in the Elliniko area, on which the development of apartments with a total area of 2,800 sq.m. is underway.
At the same time, Avax is proceeding with the utilization of a privately owned plot of 2.2 acres in the wider area of Hellinikon for the construction of a complex of luxury residences.
Recently, the Dutch real estate development company Ten Brinke has been showing significant activity in the residential real estate sector, with an emphasis on Elliniko, Glyfada, Argyroupoli and Voula.
“Athens Triton”, which is the largest project of QG Investments to date, is located a few meters from the property of the former airport, in the old “Kastalia” psychiatric clinic.
The aim is to create a modern residential complex that will include 38 serviced apartments from 120 to 640 sq.m., as well as luxurious amenities with a total area of 1,000 sq.m. which will also have gyms, swimming pools, spa, wellness area, private lounge bar.
Another complex of a total of 67 luxury serviced apartments is to be built by his company QG Investments on the 4.5 acre former Bank of Greece site in Paleo Faliro
The main characteristics of the housing market in the southern suburbs
The main general characteristics of the area regarding the real estate market are the following for the majority of municipalities:
-Advantageous position in relation to the sea.
-Relatively low building factors and adequacy of common spaces.
-Good transport service (Metro line and Tram line).
-Good quality and young average building potential (small and medium-sized buildings).
-Significant number of houses for sale, mainly newly built, of very good or luxurious construction of a large relative size. For example, in Glyfada, one out of three properties currently available for sale is newly built.
-The values of real estate are moving at the upper limits of the range of values, first in Attica and by extension nationwide.
According to the data of the SPI price index, the price index of Spitogatos, among the 5 most expensive areas of Attica to buy a house in the first quarter of 2024, 4 are located in the southern suburbs. These are Vouliagmeni, Voula, Glyfada and Alimo.
The same is true of renting, as the southern suburbs once again take center stage. Specifically, Vouliagmeni comes first with an average asking price of €18.1/sq.m., followed by Glyfada and Elliniko.
Source: OT
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