A budget of €1 million remains a key benchmark for buyers seeking high-end residential property in Attica, the region that includes Athens and its surrounding suburbs. But what that amount can buy varies considerably depending on where a property is located, when it was built and whether the buyer prioritizes modern amenities or more living space.
According to Korina Saia, CEO of Premier Realty, the luxury housing market is increasingly divided into two categories: newly built, energy-efficient properties that offer fewer square meters, and older homes that can provide more than twice the usable space.
The difference is particularly visible between Athens’ northern suburbs and the coastal areas of the Athenian Riviera.
New apartments offer energy efficiency over space
In the northern suburbs, a budget of €900,000 to €1.1 million is generally directed toward apartments or entire-floor residences rather than larger houses.
In Kifissia, including the central area, Kefalari and Politia, newly built apartments in this price range typically measure between 111 and 167 square meters, with a median size of 140 square meters. Politia accounts for many of the available options, while new properties in Kefalari are harder to find.
In Filothei and Palaio Psychiko, the scarcity of available land and strict building-density limits mean that newly built apartments in the same price bracket can be as small as 100 square meters.
The Athenian Riviera offers a broader range of new developments, including both apartments and maisonettes, or multi-level residences. The amount of space available for €1 million depends heavily on the specific location and the property’s distance from the sea.
Older maisonettes offer significantly more space
For buyers who prioritize larger living areas and privacy, properties built between 2000 and 2019 present a different set of options. Maisonettes, often located in residential complexes with private-use gardens or swimming pools, dominate this segment.
The size differences between areas are substantial:
- Ekali: Maisonettes range from 391 to 492 square meters, with a median of 450 square meters.
- Kifissia: Properties range from 249 to 383 square meters, with a median of 317 square meters.
- Filothei and Palaio Psychiko: Available maisonettes are scarce and typically measure 270 to 280 square meters.
- Ano Voula: The median size is 258 square meters, compared with 229 square meters in Kato Voula.
- Ano Glyfada: The median size is 226 square meters, compared with 208 square meters in Kato Glyfada.
- Ekali offers the largest properties among the areas listed, while Kifissia combines substantial living space with accessibility, according to the market analysis.
Renovation costs can add hundreds of thousands of euros
The purchase price is only part of the financial equation, particularly for homes that are 15 to 20 years old.
Energy upgrades may include heat pumps, solar panels, exterior thermal insulation and new window frames. Buyers may also need to modernize mechanical systems and carry out aesthetic renovations.
These improvements can cost an additional €500 to €1,000 per square meter. For a 300-square-meter maisonette, that could mean another €150,000 to €250,000, significantly increasing the total investment.
Operating costs are another consideration. Properties measuring more than 300 to 400 square meters, particularly in Ekali and Kifissia, can involve substantial ongoing expenses for heating and cooling, pool and garden maintenance, and elevator upkeep.
By contrast, a newly built apartment with an A+ energy rating can offer very low energy consumption and common-area maintenance charges, according to Saia.
Location and infrastructure shape property values
Land scarcity and strict building regulations help sustain land values in areas such as Filothei, Politia and Psychiko. In these locations, buyers are paying not only for the building itself but also for the location and the limited availability of land.
Along the Athenian Riviera, the development of the Ellinikon project and redevelopment initiatives along the coastline are influencing the market. According to Saia, these projects are helping drive demand and limiting the amount of space buyers can obtain for €1 million, while potentially offering greater prospects for future capital appreciation than the more established northern suburbs.
Choosing between modern amenities and more space
The decision ultimately depends on buyers’ priorities and financial capacity.
A newly built apartment of approximately 100 to 170 square meters can offer energy efficiency, modern amenities and lower operating costs. An older maisonette measuring roughly 220 to 450 square meters can provide substantially more space, greater privacy and, in some cases, a garden, but may require significant additional spending to modernize.
As Saia emphasizes, buyers need to consider not only the advertised price and square footage but also renovation requirements, ongoing maintenance costs, energy performance and the long-term value of the location.
Source: tovima.com
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