The tourist landscape in the South Suburbs is changing drastically

There will be a drastic change in the tourist landscape of the South Suburbs of Attica in the next few years with a series of investments that are coming to overturn the existing scene. Investments that, apart from the Athenian Riviera, will overall affect the tourist product of Attica, while simultaneously improving aesthetically what we all knew in previous years.

Despite occasional objections, rigidities related to bureaucracy, appeals, and other obstacles that occasionally appear in the way of such investments, the change not only seems but is now inevitable. The beginning was already made in previous years with the Asteras Vouliagmenis, which changed hands, was renovated, and entered its new era. At the same time, however, the construction of the new Marina of Vouliagmenis, known as Astir Marina, which will host a large number of significant retail businesses of global prestige and luxury, comes to set the bar even higher for the coming years.

The Villas in Laimos Bay

Here we should remind that apart from the famous Asteras hotel complex, construction works are underway and heading towards completion for the 13 villas that will be created in the bay of Laimos in Vouliagmeni by the shipowner Diamantis Diamantidis and the Latsis family. It is noted that the revenue generated for the Astir Pallas company, which manages the Asteras Vouliagmenis, from the sale of the plots where the luxurious residences are being built, is indicative of the value these particular properties have. Specifically, the total revenue that Astir Pallas received in 2022 was 114 million euros. The first moves to sell plots, of the total 13 located alongside Astir Pallas’ hotels, took place in 2020 when three of them were made available, while another was sold in August 2021 and the rest within 2022. The value of the plots sold in 2020 was 21.43 million euros, and that of the one sold in 2021 was 7.17 million euros.

Also, the construction and redevelopment of the second Voula Beach is in progress, which has remained inactive and underutilized for the last 30 years. This is an investment totaling 16 million euros that will be made by TEMES of the Konstantakopoulos group of the Olayan group, while Dinos Kokkalis-Georgios Prokopiou, who maintain residences in adjacent areas to the beach to be utilized, also participate in the investment scheme and therefore have an interest in the smooth development and operation of the second Voula Beach. This investment is managed by the Athens Beach Club SA.

However, Elliniko will play a decisive role in the development of Attica and in attracting tourists in the coming years. In this case, the sub-foundation and the reinforcement of the Marina Tower residential tower have already been completed, and the first floors will be visible by the end of the year.

Things are moving forward for the two iconic shopping centers that are to be constructed. In Vouliagmenis Mall, in August 2023, AKTOR company was chosen as the contractor for the excavation and preliminary construction works, while Heads of Terms (HoT) have already been signed/agreed upon for over 57% of the Gross Leasable Area (GLA). In the case of Riviera Galleria, which will be located on Poseidonos Avenue and will extend over 23,000 sq.m., Heads of Terms (HoT) have already been signed/agreed upon for at least 36% of the Gross Leasable Area (GLA). The signing of commercial cooperation contracts is expected to begin by the end of 2023. Riviera Galleria is planned to develop nearly 19,000 sq.m. of leasable spaces. These will host luxury fashion brands, stores of famous designers, premium boutiques, luxury restaurants and bars, cultural events, and unique performances.

The two hotels in Elliniko

TEMES also has other significant fronts open on the coastal front. It has planned two more important investments within the area of Elliniko through a partnership established with Lamda Development. Through this partnership, two new hotel units are going to be constructed with a total capacity of 350 keys and an investment exceeding 400 million euros. In these two complexes, holiday homes will also be created, where buyers will have the opportunity to participate in a real estate rental program, similar to what happens with the residences constructed or under construction by TEMES in Costa Navarino in Messinia. Athens Beach Club has already leased the area at Voula B’ Beach since 2019.

In addition, we should mention the impending operation of the One & Only Aesthesis complex at Glyfada's Asteria, where once the nightclubs of the Papatheocharis group were located. This investment exceeded 300 million euros and represents the most significant purely tourist move on the coastal front of Athens so far. The complex is situated on an area of 278,000 sq.m. of protected forest area, with a coastline of 2.2 km, and the investment was implemented by Grivalia Hospitality, in which the major investor and head of the Canadian group, Fairfax, and of Eurobank, Prem Watsa, are the main shareholders.

It is estimated that this luxurious resort will bring high-income tourism to the southern suburbs and Attica, which, in combination with the investment in Elliniko, will create a new landscape in the broader area.