By Teti Igoumenidi

 

 

Successive multi-million-euro investments have been announced in the real estate sector over the last months, with new residential and tourist developments opening one after the other, from the northern suburbs to Sounio and all along the Athenian Riviera.

 

According to published surveys, data and public reports from executives in the field, supply and demand are mainly focused on modern luxury homes, with strong interest from foreign investors as well. However, it is not strictly limited to the high income classes, as, according to companies in the sector, there are also constructions for middle incomes in progress.

 

More specifically, in the largest urban redevelopment  underway of Greece but also of Europe, Elliniko, more apartments/houses are being built, which exceed 1,100 in number, in the framework of the development of Little Athens. It is noted that the first 500 apartments/houses have already been sold.

 

Regarding the construction / residential part of the wider urban renewal in Elliniko, seven new residential buildings will be visible from the beach by the end of the summer, alongside the skyscraper that is under construction. By the end of the year, the skyscraper will have reached 100 meters and the number of waterfront residential buildings under development will have increased to 15, according to an extensive Bloomberg report.

 

New residential and tourist developments from Maroussi to Voula

 

Among the new residential developments announced is the start of construction on Apollo Hills, a 200-million-euro investment in Voula, announced by Henderson Park and Hines, in partnership with Greece Sotheby’s International Realty, which is handling the sale of the residences of the new luxury residential complex. As stated by Savvas Savvaidis, president and CEO of Greece Sotheby’s International Realty, a significant number of pre-bookings have already been recorded, which are expected to intensify with the official start of sales.

 

A few days ago Project VORIA was also announced, an investment of 250 million euros to create a modern multi-purpose complex that brings the northern suburbs of Athens to the center of business and tourist interest.

 

The origin of the investors

 

Investors are mostly foreigners as well as Greek expatriates looking for homes in Greece. These are mainly from European countries such as Germany, Switzerland and England but also from America and Australia.