Athens Riviera – Elite Greek Neighborhoods

Greece has more than its fair share of Mediterranean coastline, and the Athens Riviera can hold its own even against Mykonos and Santorini. 

Athens encapsulates Greece’s storied history and the beauty of its cultural heritage. It is also home to some of the most prestigious addresses in Greece, each epitomizing modern luxury living.

Athens is a unique mix of yesterday and tomorrow, all wrapped up in a contemporary metropolis that is only too happy to reveal its many layers to those seeking limitless rewards. 

You can enjoy masterpieces of classical architecture such as the Parthenon, shop in the myriad of designer stores, appreciate the region’s culinary delights, immerse yourself in the upmarket cafe culture, or just spend a day fully immersed in the most spirited European city.

For those seeking the highest levels of luxury with a prestigious address along one of the Mediterranean’s most sought-after coastlines, the Athens Riviera is the only place to look.

Athens Riviera – Luxury urban living in Greece

Athens is the largest city and capital of Greece. It is hugely popular as a holiday destination and a hub for European business. 

Athens is not only a destination. Many HNW entrepreneurs, investors, and families choose to call it home and enjoy the climate, culture, luxury lifestyle, and ROI of one of the oldest cities in the world.

Luxury is synonymous with the Greek lifestyle and comes with diversity.

You can choose mainland Greece or any of its islands—live on the coast, in the suburbs, or right in the city center. 

The question of where is solely a matter of preference, but for urbanites, it is impossible to go wrong with Athens. 

Kolonaki

Athens’ most upmarket neighborhood is Kolonaki, where fashionistas, up-and-comers, and political movers and shakers come to see and be seen. 

Kolonaki offers a wide range of luxurious residential properties, upscale amenities, and a sophisticated cafe culture unrivaled anywhere else in Athens. 

Though not exactly on the Athenian Riviera, the 10-minute drive to the beach actually compliments Kolonaki’s central location. 

Kolonaki Square is the focal point, but the surrounding area also offers a wide range of venues that are the mainstays for the power brokers on the upper side and the glitterati on Milioni and Kapsali Streets.

The area is renowned for its high-end designer shopping – the best Greek designers and the latest creations from famous international fashion houses and labels. 

Kolonaki Square hosts the flagship store of Nikos Koulis, one of Greece’s most internationally renowned jewelry designers and an artisan in opulence.

Kolonaki has the advantage of being nestled in the shadow of the magnificent Lycabettus Hill – the highest point in the center of Athens. Standing at the apex of Lycabettus Hill during sunset offers a spine-tingling perspective of an ancient city ablaze with modern illumination. 

Kolonaki is home to several Michelin-starred restaurants, and Tudor Hall provides an eye-level view of the Acropolis that almost outdoes the food. 

Athens Concert Hall offers lovers of opera, ballet, and classical music an opportunity to enjoy a variety of performances all year long in a modern setting where the superb acoustics match the quality of the decor. 

The Hall’s wine bar and cafe are prime locations for networking and getting the inside scoop about what is or about to happen across Greece and the EU. 

Kolonaki properties are less about new construction and development and more about maintaining a facade of old-world Greece with a state-of-the-art interior. 

In 2023, property prices in Kolonaki averaged between €4,200 and €4,300 per sq. meter—or approximately $430 per sq. ft. 

Glyfada

Glyfada is the beating heart of the Athens Riviera, offering everything expected of a prestigious address along one of the Mediterranean’s coveted Riviera locations.  

Glyfada’s prime waterfront location is a magnet for HNW investment and residency. 

Chic living, the best seafood, dynamic investment conditions, and exclusive residences on Greece’s Saronic Gulf are the standard in Glyfada.

Investors can choose from select high-end beachfront villas or penthouse apartments with stunning views of the Aegean Sea.

Glyfada has been compared to Beverly Hills, and for good reason. The tree-lined Kyprou and Laodikis Streets, with their designer boutiques, evoke Rodeo Drive.

Though surrounded by fine dining options, Glyfada’s location makes it the go-to destination in Athens for sushi. 

Glyfada’s Blue Flag beach is among the best in the region and instantly transports you from the mainland to the Greek Islands. The boardwalk along Glyfada Beach is a melting pot of cuisines and cultures reminiscent of an American seaside city. 

For golf enthusiasts, the Glyfada Golf Club of Athens, an 18-hole course designed by renowned golf architect Donald Harradine, also provides tennis facilities, practice ranges, and a golf academy.

In 2023, property prices along the Glyfada coastline averaged between €9,000 and €15,000 per sq. meter—or approximately $1,050 to $1,750 per sq. ft. 

Kifisia

Once again moving away from the actual Athenian Riviera, but only a 30-minute drive, is the northern suburb of Kifisia.

It is impossible to think of Athens Riviera without mentioning Kifisia. The neighborhood was once a summer retreat for wealthy Athenians, drawn to its greenery, cooler temperatures, and relaxing lifestyle.

Kifisia provided Athenian affluence with urban luxury and easy access to one of the country’s best beaches—but without the noise of tourists. 

Kifisia is about exclusivity – a gated ambiance for outsiders with freedom of movement for its residents.

Residing in Kifisia means adopting a luxury lifestyle in a suburban setting. It is a tranquil escape from the concrete jungle of central Athens while still maintaining proximity to the city’s unmatched coastline.

Kifisia is as much about green space as it is prestige, with an abundance of well-maintained parks and squares and direct access to the largest nature reserve in Athens—complete with waterfalls, hiking trails, a cave, historical sites, native flora and fauna.

Platanos Square is the hub of Kifisia, with the nearby Kassaveti and Kolokotroni streets providing luxury boutique shopping. 

Though exclusive, Kifisia is a great place to immerse oneself in the Greek community, from pastry shops and cafes to the largest farmers’ markets in Athens or just taking your daily constitutional along the tree-lined streets of Alonia, one of the city’s oldest areas.

Due to its affluent heritage, Kifisia still has an excellent reputation for schools, community events, and untouched natural beauty.

In 2023, property prices in Kifisia averaged €2,550 per sq. meter—or approximately $237.50 per sq. ft. 

Vouliagmeni

If it were possible to outdo Glyfada, this is it. The chic coastal town of Vouliagmeni is a haven for those seeking a luxurious lifestyle by the sea, and the residents would argue that it is the genuine crown jewel of the Athenian Riviera, as presented in the article’s featured image. 

One thing is for sure: Vouliagmeni is for sailors and yacht owners. When they aren’t exploring the beautiful coastline of the surrounding area, seafarers can enjoy the very exclusive members-only yacht clubs that line Vouliagmeni Bay.

Vouliagmeni is also home to Athens’ most exclusive beach resort, Astir Beach, famous for being the preferred resort of Brigitte Bardot and Jackie Onassis in the 1960s and a host of other celebrities in modern times.

The highest echelon of luxury and service awaits – a private beach, butler service to your sun lounger, fine dining, and designer boutiques.

For those who wish to channel the ambiance of Mykonos, Krabo Beach is the spot. There are endless opportunities for fine dining, some of the best food along the coastline, and, arguably, the best mixologists of the Athens Riviera. 

Vouliagmeni is home to several Michelin Star restaurants, including Pelagos, located at the Astir Palace Four Seasons and across the bay from Vouliagmeni Lake.

Vouliagmeni Lake is a hidden gem along the Athens Riviera. Between the base of Faskomilia Hill and the Saronic Gulf shore, the lake is thought to be a millennia-old fountain of youth and healing.

Bathing in warm, mineral-rich waters is thought to have healing properties, among other benefits.

In 2023, property prices in Vouliagmeni averaged €6,250 per sq. meter—or approximately $620 per sq. ft. 

Psychiko

Nestled in between the exclusive neighborhoods of Kifisia and Kolonaki is the Athenian suburb of Psychiko.

The neighborhood of Psychiko is among the most expensive and exclusive in Greece. 

Lying only a 10-minute drive from downtown Athens, you could just as easily be in a different dimension.

Pyschiko is a quiet and green oasis from urban life – a paradise away from the city center.

Throughout Greek history, many of Greece’s wealthiest families have chosen to have their primary residences in Psychiko, drawn to this residential area’s unique luxury living and privacy. 

Psychiko is home to some of the best private schools in the country, including the world-renowned Athens College.

Today, Psychiko is best represented by the Greek god of Janus, as it has two faces.

Palaio Psychiko—exclusively residential—echoes back to old-world Athens, where lavish living is the standard of life.

Mansions and villas mix harmoniously among neoclassical buildings from a bygone era, all separated by lush green squares. Palaio Psychiko is also home to Athen’s embassy row, hosting 25 embassies and the residences of international diplomats.

Regulations prohibit nearly all new construction in the neighborhood, preserving the old-world marble and stone as the masterpieces of Athens’ prestigious addresses. 

Contrastingly, Neo Psychiko is like a dimensional portal that transports you from the old to the new world. The atmosphere is of a modern city, with stylish contemporary apartment buildings rising into the sky and a host of upscale amenities to complement the contemporary lifestyle. 

Faros, in the center of Neo Psychiko, is home to a host of designer shops, cafes, and fine dining venues.

In 2023, property prices in Palaio Psychiko averaged €4,000 per sq. meter—or approximately $400 per sq. ft. 

In Neo Psychiko, property prices averaged €3,780 per sq. meter—or approximately $250 per sq. per sq.ft.

Best investment opportunity on the Athens Riviera

For domestic and foreign investors alike, the ground floor real estate investment opportunity in Athens, Greece, is Piraeus – the port area.

Piraeus is the epitome of the next big thing in luxury real estate and is a property boom waiting to happen.

Piraeus is a peninsula jetting off the Greek mainland and a coastal suburb of Athens. It is home to the city’s most important commercial ports, and as Glyfada is the southeastern bookend of the Athenian Riviera, Piraeus is the northwestern bookend. 

Piraeus hosts many fine dining venues, including the Michelin-starred Varoulko Seaside, a seafood venue that would impress any sailor. 

As the main port of Athens, Piraeus is host to several yacht clubs, including the exclusive Yacht Club of Greece—once the Royal Yacht Club of Greece under the rule of the Greek royal family—King George II, King Paul, and King Constantine II.

The Yacht Club of Greece (YCG) is affiliated with several prestigious yacht clubs, including:

• The Yacht Club of Monaco
• Yacht Club de France
• Yacht Club Italiano
• Yacht Club Gstaad
• Royal Canadian Yacht Club
• Royal Hong Kong Yacht Club
• Reale Yacht Club Canottieri Savoia
• St. Barths Yacht Club

The YCG also maintains reciprocal agreements with numerous other international clubs.

Due to the overwhelming interest and draw of foreign investment directed to the better-known neighborhoods along the Athens Riviera, Piraeus has been held as an insider secret and the go-to for HNW investors seeking maximum ROI from minimum investment on the Athens Riviera.

Over the past several years, Piraeus has become a focal point for urban redevelopment and the hub of new luxury construction on the Athenian coastline.

Piraeus is – without debate – the best property investment in Athens. 

In 2023, property prices in Piraeus averaged €1,800 per sq. meter—or approximately $170 per sq. ft. 

Piraeus property values have already begun climbing skyward in 2024, with prices currently averaging €2,300 per sq. meter—or approximately $235 per sq. ft. 

Greek Golden Visa real estate investment

Since its launch in 2013, the Greece Golden Visa program has been the preferred means of real estate investment in Greece. 

The Greek Golden Visa enables investors to purchase real estate anywhere in Greece and acquire Greek/EU residency with the investment. 

The Greek Golden Visa has two investment zones, which currently fall under the 2023 version of the program, but soon the 2024 version will become effective.

Under the current Greek Golden Visa, the investment zones require a minimum real estate purchase of €250K or €500K.

However, effective 1 September 2024, the required minimum investments will increase to €400K and €800K—with the added caveat that all properties must be at least 120 sq.m in size.

Until 31 August 2024, all of the above neighborhoods are in the €500K required investment zone, except Piraeus, which requires a minimum investment of €250,000 for the Greek Golden Visa.

However, on 1 September 2024, all the above neighborhoods, including Piraeus, will be in the €800,000 required minimum investment zone. 

Astons – Officially licensed Greece Golden Visa and luxury real estate partner

Astons and our Athens office have been connecting HNW entrepreneurs, investors, and families with luxury Greek real estate and residency since the Greece Golden Visa first launched.

Today, the Astons team continues to leverage the knowledge and skill-set of local expertise and internationally seasoned professionals to handle every step and aspect of the real estate and residency process for our clients.

Schedule your Free Confidential and Comprehensive Consultation with our team today.

 

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