Redevelopment projects taking place along Athens' southern coastal area, referred to as the Athens Riviera, signal the biggest changes to take place along the beach stretch in 60 years, says Algean Property in a report.
The report, titled: Athenian Riviera: Gazing Into the Future, looks at the each of the areas along the southern coast including Piraeus, Palaio Faliro, Alimos, Elliniko, Glyfada, Voula and Vouliagmeni through to Sounio.
"The radical change in the image of the city is expected to have multiple benefits for its economy, simultaneously improving the standard of living for its citizens. The constant rise of the tourist figures of the city in conjunction with all these works marks the next chapter for Athens and its consolidation as a center of growth and prosperity for the Mediterranean," it says.
The most expensive real estate long the Athens Riviera is located in Vouliagmeni, with asking prices ranging between 4,000 - 6,000 euros per square meter, while exclusive properties can go for as high as 8,000 euros per square meter.
Glyfada and Kato Elliniko come next with prices ranging between 2,500 - 4,500 euros per square meter. In the areas of Alimos, Varkiza, Saronida and Sounio, prices range between 2,000 - 4,000 euros per square meter, while in the remaining areas (Palaio Faliro, Vari, Lagonisi, Palaia Fokaia, Legrena), asking prices range between 1,500 - 3,500 euros per square meter.
The report highlights that the area stretching from Lagonissi to Sounio is perhaps the least developed part of the Athens Riviera in terms of large residential and hospitality projects.
"The area’s prospects, however, are vast as its natural beauty leaves tremendous scope for development," says Algean.
In Anavyssos, the 4-star hotel “Eden Beach Resort” has started renovation works on its existing structures, amounting to 19.5 million euros, with projects scheduled to be completed in the spring of 2019. The new 4-star hotel will operate as “Evereden Beach Resort Hotel” and will have a capacity of 260 rooms and suites in three buildings, bars, beach bars, and restaurants.
"The new marina in Sounio has given great impetus to the area, which, coupled with the extraordinary “Cape Sounio” hotel, has created a luxury hub which can be a springboard for new tourist and residential investments in the region," it adds.
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