Greek: Will Swedish retirees and Arab businessmen come?;

The Greek, the project on which Athens’ revival hinges is based on a pre-pandemic vision of paradise. But will foreigners be so eager to invest far from home, especially after the coronavirus; ? Bloomberg wonders.

With the prices of seaside homes in Elliniko being out of reach for most Greeks, the country is banking on the fact that The sun and the sea can attract Swedish retirees, Saudi businesspeople, and digital nomads.

As Bloomberg reports, the early signs are promising. Real estate prices have already begun to rise in anticipation of the start of construction at Elliniko, in some cases even doubling, exceeding 7,000 euros per square meter, as the mayor of Elliniko told the news agency, Yiannis Konstantatos. «Property owners are pleased with the rise in prices. Nea Elliniko may be the most expensive area to buy a home in right now», he notes.

With the Elliniko project nearing the start of construction, other investors are showing interest and planning projects in this area, which is full of old and run-down buildings.

«There aren't many cities like Athens that combine such a rich culture and heritage with the amenities of a major city and an attractive waterfront.". When it comes to its prospects, Athens is one of a kind», he tells Bloomberg, Paul Gomopoulos Hines, which, in partnership with Henderson Park, plans to build 400 homes on a 71,000-square-meter lot in Voula.

Just a short distance away, City 1 Group has already sold 15 units in the ultra-modern Icon residential building, which will overlook the Glyfada golf course once it is completed.

However, more needs to be done. «The so-called Athenian Riviera isn’t really much of a Riviera.”. Greece's coastline isn't as beautiful as it could be», explains Dimitris Potiropos, an architect at Icon.

As Bloomberg reports, Elliniko risks becoming the Athenian version of Barcelona’s Barceloneta neighborhood—a crowded, trendy enclave that coexists uneasily with the Catalan city.

Real estate development companies, meanwhile, are monitoring how market conditions will evolve in the wake of the coronavirus, but there is optimism that demand remains strong. «We’ll see a lot of people coming to buy real estate in the southern suburbs of Athens,» says George Iliadis of Algean Property.