Caterina Kosmatou, Realtor, on Buying Smart on Athens’ Coast
Caterina Kosmatou, a specialist in Athens’ southern suburbs, shares her insights based on first-hand experience. With deep knowledge of the local market, she provides practical guidance for buyers and investors, from property trends and neighborhood dynamics to everyday life, helping both locals and foreigners navigate the complexities of this sought-after area. Her advice reflects real conditions on the ground, giving a clear picture of what it’s like to live, invest, or retire in these vibrant coastal neighborhoods.
How has the real estate market in the southern suburbs changed in recent years, and what makes it so expensive?
The real estate market in Athens’ southern suburbs, areas like Paleo Faliro, Alimos, Elliniko, Glyfada, Voula, and Vouliagmeni, has seen significant growth in recent years, with property values rising by 7 – 8% annually between 2023 and 2025. Along with the Cyclades, these suburbs hold some of the highest prices in Greece. Their prime coastal locations, easy access to beaches, the expansion of the metro, and the mega project in Elliniko with parks, residences, and leisure spaces have all boosted demand among high-income buyers and investors.
What is the profile of buyers today: residents, investors, or second/third-home buyers?
High property values make it harder for average buyers to enter the market and push up rental costs, making the southern suburbs a stable and secure investment. Buyers are diverse: high-income residents, such as families seeking quality of life and beach access, or professionals purchasing a primary or seasonal home, form a significant part of demand. At the same time, foreign investors look for luxury properties for long-term investment or rental income, with access to premium sea-view locations.
Which areas of the southern suburbs are the most expensive and why?
Vouliagmeni is the priciest area due to its seaside character, stunning views, high-quality homes, and constant demand. Voula balances urban living with coastal life, attracting both families and investors. Glyfada, known for its shopping, services, and beaches, draws both families and international buyers. Elliniko is upgrading the region through its mega project, boosting infrastructure and demand for high-end new properties. Paleo Faliro remains a steady coastal area with high prices and consistent demand.
Which types of properties are most in demand among foreign retirees in your area?
Foreign retirees prefer apartments in good locations near the sea or with easy access to services, medium-sized (70 – 120 m²) for permanent living. Townhouses and units in new complexes are also popular for comfort and low maintenance, while retirees with larger budgets look for luxury homes with sea views or close to green spaces. Access to supermarkets, healthcare, and social activities is important, as retirees seek a calm, high-quality lifestyle.
How easy is it to find a sea-view property without paying an excessively high premium?
Finding a sea-view property is possible but challenging without paying a high price. In Vouliagmeni, prices can reach €25,000/m², and in other popular zones of the Athens Riviera, beachfront properties are priced significantly above average. Demand from foreigners keeps prices high, with luxury properties remaining premium choices.
How does the Elliniko development affect prices and property availability in the surrounding area?
The Elliniko project raises prices and limits availability due to increased demand. Its “halo effect” pushes surrounding area prices up 20–30%. New infrastructure and leisure spaces enhance the area’s appeal, attracting investors, especially foreigners. Demand for mid-range properties is limited, while high-quality or new-build homes are increasingly sought after, driving prices up. Golden Visa buyers and the tourist market further strengthen prices, suggesting continued growth.
How “Greek” is Glyfada today, given the demographic changes?
Glyfada remains Greek at its core, with many local residents, families, and professionals. It has become cosmopolitan due to European retirees, expats, and high-income buyers, without replacing the Greek population. Developments and high rents have changed some neighborhoods, limiting access for younger Greeks with average incomes. Culturally, Glyfada stays very Greek; socially, it is mixed; economically and aesthetically, it leans international and premium.
Is there a risk that the area becomes purely commercial and tourist-oriented?
Glyfada has maintained basic services like local markets and bakeries in inner neighborhoods with lower rents. Showpiece areas cater more to visitors, but schools, government offices, clinics, and permanent residents act as a buffer against full commercial-tourist transformation. The risk only grows if commercial rents rise unchecked and the permanent population declines.
Which areas are most practical for access to healthcare, public services, and daily needs?
For daily life without a car, Paleo Faliro stands out with clinics, diagnostic centers, pharmacies, markets, and public offices. Alimos combines housing with service access, including large hospitals and shops, while Argyroupoli offers metro access and lower property prices. In Glyfada, the most functional zones are around the center and squares, while premium areas near the marina require a car. Healthcare infrastructure covers all southern suburbs, with public and private hospitals within 10–20 minutes and many private clinics.
How safe is the area, and how has safety evolved?
The southern suburbs are generally very safe, with lower crime rates than central Athens. Serious offenses are rare, and minor incidents have declined in recent years. The neighborhoods are considered safe for walking, daily errands, and family life, with only a few minor incidents.
What are the biggest challenges for a foreigner wanting to settle permanently?
Key challenges include bureaucracy, language, high property prices and limited availability, contracts and terms, credit issues, access to services and infrastructure, transportation and parking, social integration, safety, property maintenance, taxes, and seasonal rental fluctuations.
How often are off-market properties sold, and how can someone access them?
Between 10 – 40% of transactions can be off-market, depending on the area and market phase, with the highest percentages in premium coastal zones. Access is through local agent networks, associations, lawyers, notaries, and private sellers seeking discreet sales.
How important is it to have a lawyer and an engineer?
Having an experienced lawyer and engineer is almost essential for safe transactions. The lawyer checks property titles, encumbrances, contracts, taxes, and represents the buyer during the transfer. The engineer evaluates technical condition, verifies legality, and prepares a report, protecting the buyer and strengthening negotiation power.
What are the most common misconceptions for foreign buyers?
Underestimating costs —including legal, agency, and transaction fees— insufficient legal and technical checks, reliance on photos or online listings, ignorance of short-term rental restrictions, language barriers, and expecting high yields. Avoiding issues requires a local agent, legal and technical checks, and possibly a trial rental period.
What is the investment outlook for Glyfada or Vouliagmeni?
Investment focuses on capital preservation and appreciation rather than immediate income. Gross yields for prime properties are around 2 – 4% (net 1 – 3%), while smaller or value-add properties can reach 3 – 6%. Long-term capital growth is likely due to limited supply, infrastructure, and international demand, with steady appreciation sensitive to macroeconomic factors.
What advice would you give a foreign retiree considering moving here?
For foreign retirees thinking about relocating to the southern suburbs, preparation is key. Understanding the local bureaucracy, learning some Greek, and knowing the housing market are essential first steps. It’s wise to visit the area beforehand to explore neighborhoods, amenities, and lifestyle. Finding a reliable local real estate agent, a lawyer specialized in property and contract law, and an experienced engineer is crucial to ensure safe transactions and proper property evaluation.
Retirees should consider access to healthcare, daily services, and transportation, and think about proximity to the beach or green areas for quality of life. Renting before buying can be a useful way to test the area and settle comfortably. Overall, careful planning, local expert advice, and balancing lifestyle needs with investment considerations will help retirees enjoy a smooth transition and a high-quality, relaxed life by the sea.
C&K Real Estate
Caterina Kosmatou
Public Commercial Registry Number (ΓΕΜΗ): 067069003000
Leof. Kalyvion 85, Saronikos 190 10, Greece
kosmatou@gmail.com
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