Real estate: High demand with a focus on new construction

In recent months, significant investments amounting to millions of euros have been announced in the real estate sector. New residential and tourism projects are being implemented one after another, covering areas from the northern suburbs to Sounion and along the Athens Riviera. According to published studies and public reports from industry representatives, demand and supply are mainly focused on modern luxury homes, and there is also a high interest from foreign investors. However, this is not limited to just high-income classes: companies report on the construction of affordable housing for middle-income individuals.

Significant projects

Among the most significant projects is the largest urban redevelopment in Greece and Europe, taking place in Elliniko. More than 1,100 new apartments and houses are currently being built as part of a project called Little Athens. Notably, 500 of these units have already been sold. Speaking of the residential aspect of the large-scale urban overhaul in Elliniko, by the end of summer, residents and tourists will be able to see seven new residential buildings located near the beach.

New projects

There are also many new residential and tourist projects that have started from Marousi to Vula. Among them, work has begun on the Apollo Hills project - with investments amounting to200 million eurosIn Vula. This project was presented by Henderson Park and Hines in partnership with Greece Sotheby’s International Realty, which is responsible for selling apartments in the new luxury residential complex. According to Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, a significant number of pre-bookings have already been recorded, and this demand is expected to become even more active after the official start of sales.

Investment project VORIA

Recently, the VORIA project was also announced – an investment project worth250 million euroson the creation of a modern multifunctional complex that will be able to integrate the northern suburbs of Athens into the center of business and tourist life. The investors are mainly foreigners and Greek emigrants who are looking to find housing in their home country. Most of the investors come from European countries such asGermany,SwitzerlandandUnited Kingdom...but there are also buyers from...AmericaandAustralia.