Luxury realty rates soaring
The increasing demand for luxury homes in Attica from wealthy individuals and the limited supply of such real estate stock, even if ones takes into account projects under way that will take time to come on the market, has started to shape prices above of 20,000 euros per square meter. Furthermore, this demand causes self-sustaining growth as investment funds are placed in such properties with the aim of reselling them.
With the number of such residences under development currently limited, and essentially determined by the projects at Hilton, Elliniko and one or two other large developments, real estate sources estimate that the market will see even higher prices in the coming years, especially since Athens remains cheap compared to other cities that are observing high demand for luxury apartments.
That concerns prime properties of particular architectural value, whether historical or contemporary, in upmarket areas. However, it is noted that demand has now spread from the Attica Riviera to the center of Athens, the only European capital with direct access to the sea and a rich history with unique archaeological and other world-class attractions.
The recent history of transactions in such apartments and houses reveals prices that just a few years ago would have been unimaginable even to the most optimistic. A typical example is the recent sale of a 320-square meter apartment on Irodou Attikou Street, which changed hands for €18 million, a record rate of €58,000/sq.m.
However, it is not the only transaction with a price that far exceeds €20,000/sq.m. in the center of Athens. Prices unheard of until now in Athens have also been recorded in the sales of apartments developed by TEMES in the building of the historic Hilton hotel. The integrated tourism complex, still known as the Hilton, is expected to open in early 2025, but most of the 50 apartments on its top four floors have already been sold. According to the same sources, most buyers are Greek.
Similar prices, around €20,000/sq.m., have emerged in transactions for Elliniko’s luxurious seaside villas and the Marina Tower.
