By Teti Igoumenidi

Prices are reaching new record highs along the Attica coastline, particularly in the Vouliagmeni area, known as “the jewel of the Athenian Riviera.”

A typical example is the recent purchase of a luxury penthouse apartment–maisonette, part of the Serenity Living project, which sold for 40,000 euros per square meter (it remains unclear whether the buyer was a Greek or foreign investor).

This example of a luxury home sale illustrates that prices for high-end properties on the Athenian Riviera appear to have no “ceiling.”

A few months ago, Naftemporiki reported the sale of a 285 sq m residence in Vouliagmeni at 33,000 euros per sq m, totaling 9.6 million euros - or 10 million including parking and storage.

These figures confirm that the Athenian Riviera has become one of the most dynamic luxury real estate markets in Europe, attracting wealthy buyers from around the world. In fact, according to Corina Saias, CEO of Premier Realty Greece, each area caters to different profiles of high-end buyers.

Vouliagmeni, in particular, draws High-Net-Worth Individuals (HNWI) from the US, UAE, and Northern Europe, who seek beachfront villas with private access, concierge services, and proximity to the Asteras Marina and Four Seasons Hotel.

These buyers value privacy and discretion.

Glyfada has emerged as a luxury living hub for affluent professionals, digital entrepreneurs, and second-home buyers.

Voula offers seaside luxury with a more tranquil, residential character and, according to the same real estate executive, attracts affluent families - mainly from the Greek Diaspora in the USA, Australia, and Canada - who are returning for permanent residence or retirement.

Hellinikon, with Lamda’s smart city development, attracts progressive, tech-savvy investors primarily from Israel, China, and Germany, while further south, Varkiza and Sounio appeal to high-profile retirees, sea lovers, and those in search of absolute peace and privacy.

Foreign buyers are driving prices up

According to data from the Bank of Greece, foreigners have invested 5 billion euros in Greek real estate - mainly residential - over the past two years. Soaring demand, especially for luxury homes, has pushed prices to new record levels.

Specifically, foreign investments in Greek real estate - whether through the Golden Visa program or not - rose by nearly 30% in 2024 compared to 2023.

According to a report by the Governor of the Bank of Greece, net receipts from foreign real estate purchases reached 2.75 billion euros in 2024, up from 2.133 billion in 2023. In total, foreign capital of 4.9 billion euros flowed into the Greek property market over two years.