Upturn in real estate breathes life into Athens 2004 venues

Upturn in real estate breathes life into Athens 2004 venues

A pick up in Greece's real estate industry looks to have sparked investor interest in sports venues built for the Athens 2004 Olympic Games, many of which have been shuttered up and closed down for more than a decade.

The Public Properties Company (ETAD), which owns and manages 68,000 state property assets, has indicated that it will renew a push to privatize an indoor stadium in Palio Faliro used to accommodate the taekwondo event, by launching a tender on it in coming days. This will be the first attempt to develop a games venue in recent years as the country's crisis brought investment activity crashing down.

Unlike other sports facilities, the taekwondo stadium had been in regular use since the games. Located a short drive from the Athens city center, it has been used to accommodate political conferences, theater performances, and concerts. A redevelopment of the highways stretching along the Faliro stretch has helped add shine to the real estate in the area.

Palio Faliro is part of the Athens Riviera, a coastal stretch running from Sounio to Piraeus, which has drawn significant investments in residential housing from foreign buyers.

Other thoughts to privatize sports venues remain frozen. There has been talk repeatedly of Greece privatizing equestrian center in Markopoulos, southeast of Athens, with no result on the cards.

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