Booming times for Greek real estate

The year 2006 was the one where majoe plans in the real estate sector were unravelled for Athens.

Up until now there are four  major developments that will transform the Athenian peripheral urban centres and will create quite a few businesses.

Firstly the area of the old airport in Hellinikon. It has a total surface of 5,300,000 Sq. Metres. The main bulk(4,3 million) will become a park which is going to be one of the largest city parks in Europe. The rest will become a large housing complex of around 2,000 homes. In the park area recreational activities and sport installations are going to be constructed as well as open theatres and artificial lakes. Since the whole area is nearby the sea the interest of the main real estate corporations will be great in order to participate in the deal and their profits as well. If one is to assume that the average price for a 120 Sq Metre house is 360,000 Euro then the proposed 2,000 houses of approximately this size; would worth 720 million Euro. The total investment -Park and houses- will exceed 1,5 billion Euro.

A second real estate project is the area of the ex-hippodrome in  Phaliro. It is owned by the municipality of Kalithea and by the Greek state. It is also nearby the Athenian shore and thre are multiple plans for its use. The value of the property exceeds 300 millio Euro.

Moreover in the Drapetsona area which is close to Piraeus port 300,000 Sq. Metres owned by the National bank of Greece, BP and Heracles Cement, await for ivestment. The immediate plans include the creation of a park, recreational activities complex plus houses. The nearby area is considered imporvised, but should the plans go ahead the low prices of the realty in the area will skyrocket. Along with the current developments in the Pireaus port it seems that Drapetsona would become a gold mine over the next decade.

Lastly in Thracomakedones area, just outside Athens, 51,800 Sq. Metres of land belonging in the Olympic village-Where the athletes were hosted during the 04 Olympic games- is being developed. Two competing consurtiums: TEB-Aktor And J&P Avax-Gek-Terna-Bioter, want to acquire rights and have plans for the creation of shopping malls along with houses.

Apart from those four real estate developments there also some other notable projects in Athens. This weblog will inform readers on every noteworthy event by always taking into account the motto ” If you want to predict future create it!”

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