Athenian Riviera Projects Worth €10bn Pick Up Pace

Alimos Marina, Photo Source: Hellenic Republic Asset Development Fund

Already home to some of the country’s finest hotels, nightclubs, recreational and cultural spaces, the Athenian Riviera is set to see impressive growth in the coming years with investments budgeted at a total of 10 billion euros taking shape.

Investors are seeking to tap into the first rate coastal location with the construction of luxury resorts, casinos, holiday villas, shopping centers, business hubs and high standard marinas.

Paleo Faliro/ Photo © NIKOS DANIILIDIS – Wikipedia

From Piraeus all along the southern Attica coast to Sounion, dozens of projects are under way. Once completed the Athenian Riviera will be among Europe’s prime destinations. Indicatively, prices for seaside properties in the suburbs of Kavouri, Voula and Varkiza have soared.

Besides the highly anticipated Hellenikon project,  a 7 billion euro plan to transform Athens’ former airport into a world-class tourism destination that will attract an extra one million tourists per year, other major ventures include the re-launch of the legendary Asteria Hotel in Glyfada as an ultra luxury facility by its new owners, Grivalia Properties REIC.

At the same time, another landmark hotel, the Astir Palace Resort in Vouliagmeni is now in the hands of AGC Equity Partners with the aim to include renovation of its hotels and bungalows and a significant upgrade of the marina. The plan also includes the development of 13-15 luxury residences, restaurants, bars, shops, cultural and sports as well as conference facilities and is set to open in June just in time for the prestigious Posidonia Sea Tourism Forum 2018.

The Hellenikon project

Other plans include transforming the Faliro suburb into a shipping center and hub for marine tourism with the privatization  of the Alimos Marina – one of the largest in Eastern Europe.

Meanwhile, a number of first class properties between the suburbs of Vouliagmeni and Varkiza belonging to the Archbishopric of Athens will be leased out long term for similar projects.