Engel & Völkers at the White Paper event "The Greater Riviera: Building the Next Metropolitan Coastline of Europe"

A new era for Attica's coastline

Attica's coastline is undergoing an unprecedented transformation. Stretching from Faliro and Piraeus to The Ellinikon, Lavrio and Cape Sounio, this approximately 70-kilometre waterfront forms the natural extension of the Athens metropolitan area towards the sea. Today, it is evolving into one of the Mediterranean's most dynamic development ecosystems.

Against this backdrop, Engel & Völkers Greece once again took part in a high-level event dedicated to highlighting this remarkable transformation. On Wednesday, July 1, 2026, Fortune Greece and NouPou Media hosted The Greater Riviera: Building the Next Metropolitan Coastline of Europe at The Ellinikon Experience Centre - an evening focused on investment, infrastructure, innovation and sustainability.

Engel & Völkers at the centre of the discussion

Konstantinos Grintzalis, Head of Sales Athens at Engel & Völkers Greece, contributed to two of the event's key sessions. During the fireside chat titled The Riviera Effect: Real Estate, Capital and the New Demand Story, he shared insights into the latest residential market trends, the evolving profile of buyers drawn to the Athens Riviera, and the opportunities created by the emergence of a globally recognised coastal destination.

He also participated in the panel discussion The Ellinikon: Building a City Within a City, alongside leading industry executives, moderated by Tasos Zachos, CEO of Fortune Greece. The discussion focused on The Ellinikon's role as a catalyst for the future of the Athens Riviera and the wider metropolitan area's development.

Mr Grintzalis' contribution extended beyond the local market, highlighting Greece's broader position within the European real estate landscape and reinforcing the country's growing presence as a key destination for international investment.

From an affordable alternative to one of the Mediterranean's prime markets

According to Engel & Völkers' latest Athens Market Report (2026), the capital's residential market has entered a new stage of maturity. The era when Greece was internationally perceived as an affordable, exotic alternative has firmly come to an end. Market data points to a clear convergence with leading Mediterranean destinations such as Costa del Sol and the Algarve, particularly in the high-end new-build segment.

The Athens Riviera's unique competitive advantage lies in its accessibility. It is located just 20 minutes from the centre of a major European capital and approximately 30 minutes from Athens International Airport, one of the region's leading aviation hubs. No other competing waterfront destination in Europe offers this combination of connectivity and lifestyle.

In Vouliagmeni, average sales prices range from €8,500 to over €12,000 per sq.m., while landmark properties can command well above €20,000 per sq.m. In Glyfada, average values range between €5,300 and over €9,000 per sq.m. Across the southern suburbs, annual price growth currently averages between 6.5% and 8%, although the pace has become more selective compared to the rapid growth recorded during 2023 and 2024.

A younger, lifestyle-driven premium buyer

Today, the strongest purchasing motivation is no longer the Golden Visa or opportunistic investment. Instead, quality of life has become the defining factor. Buyers are no longer simply acquiring an asset - they are establishing a base for living six to eight months of the year, supported by remote working opportunities and continuous improvements in local infrastructure.

The profile of today's buyer differs significantly from the traditional stereotype of the retired European relocating to the Mediterranean. Today's purchasers are affluent, lifestyle-driven and, perhaps most notably, considerably younger.

As Mr Grintzalis explains, "Today, a typical transaction in Voula may involve a 40-year-old multinational CEO from London relocating permanently with their family, seeking a complete ecosystem that combines international schools, safety and immediate access to the sea."

Foreign buyers now account for approximately 55% to 60% of market activity across the southern suburbs.

The Ellinikon as a catalyst for transformation

At the heart of this development story stands The Ellinikon - the largest urban regeneration project currently underway in Greece and one of the most significant in Europe. Total investment in buildings and infrastructure is expected to reach €1.64 billion by the end of 2026, confirming The Ellinikon's position as one of Europe's largest active construction projects.

The next milestones include the gradual opening of the first facilities within The Ellinikon Sports Park from July 2026, followed by the arrival of the first residents in the new residential developments from early 2027.

Beyond The Ellinikon, numerous residential and hospitality developments worth hundreds of millions of euros are progressing across the wider Athens Riviera, further enhancing the area's international appeal.

Institutional capital, branded residences and the market's new momentum

According to Engel & Völkers' market analysis, liquidity is increasingly driven by institutional capital, including family offices, private equity funds and sovereign wealth funds. Hospitality and premium residential developments continue to attract the strongest investor interest.

Major family offices from the Middle East are actively seeking entire residential complexes suitable for branded serviced apartments - a model that combines luxury residences with five-star hospitality services.

This reflects a broader market trend in which international investors are no longer purchasing homes alone. They are investing in lifestyle, status and service. Demand increasingly focuses on branded residences, smart homes, LEED-certified developments and properties with a net-zero environmental footprint.

What is still needed: the Riviera's software

Although the Athens Riviera already possesses exceptional "hardware" - an outstanding coastline, premium real estate and an enviable climate - its evolution into a truly world-class European lifestyle destination requires continued investment in its "software": public infrastructure, upgraded transport networks, improved coastal accessibility, high-quality public spaces and resilient utility systems.

One of the flagship initiatives is the development of a continuous pedestrian and cycling network connecting the coastline. The Urban Promenade will extend approximately 22 kilometres, representing a major step towards integrating the waterfront, while future expansion is expected to connect the wider coastal corridor.

At the same time, as Mr Grintzalis notes, the most influential factor over the next two years will not be interest rates or broader macroeconomic conditions, but future planning regulations and urban development policies, particularly in the areas extending south towards Cape Sounio. These regulatory decisions will play a decisive role in shaping both future supply and long-term pricing across the entire coastal market.

Local expertise in a global market

For 49 years, Engel & Völkers has specialised in premium real estate services. Today, the company brings together more than 16,700 professionals across over 35 countries, operating from approximately 1,100 locations worldwide.

Participation in the White Paper event reflects Engel & Völkers Greece's ongoing commitment to contributing to the public dialogue on the future of the Greek real estate market while strengthening Greece's position as a truly premium investment destination in Europe and beyond.