The figure of €1m (within a broader range of €900,000 to €1,100,000) remains the main benchmark for the high-end property market in Attica.
However, as Premier Realty chief executive Korina Saia points out, the market is effectively split in two: new-build properties with high energy ratings and less floor space, and older homes (2000-2019) offering up to more than twice the usable area.
1. New builds (2020 onwards): Less floor space, higher energy ratings
In the northern suburbs, a budget of €1m goes almost exclusively towards flats or whole-floor apartments.
A scarcity of available land and low floor-area ratios in Filothei and Palaio Psychiko limit new-build flats to just 100 sq m.
In Kifisia (the centre, Kefalari and Politeia), floor areas range from 111 to 167 sq m, with a median of 140 sq m.
On the Athenian Riviera, supply is greater, but the “premium” for proximity to the sea means smaller homes in the coastal districts of Kato Voula (median 105 sq m) and Kato Glyfada (median 118 sq m), attracting international investors. By contrast, in the upper areas (Ano Voula and Ano Glyfada), maisonettes are the most common choice, with median floor areas of 161 sq m and 140 sq m respectively.
2. Homes built in 2000-2019: Larger spaces take centre stage
For buyers who prioritise spacious homes and privacy, turning to properties built between 2000 and 2019 changes the equation entirely, with maisonettes the dominant type:
Ekali: Offers the most generous floor areas, with maisonettes ranging from 391 to 492 sq m (median 450 sq m).
Kifisia: Floor areas range from 249 to 383 sq m (median 317 sq m).
Filothei & Palaio Psychiko: Hold their value, with rare maisonettes ranging from 270 to 280 sq m.
Southern suburbs (Voula/Glyfada): Median floor areas range from 208 sq m to 258 sq m.
3. Four factors that determine a property's true value
Beyond floor area, Ms Saia highlights four key factors to consider when assessing a property:
Hidden renovation costs: The energy-efficiency upgrades and modernisation needed in properties aged 15-20 years add €500 to €1,000 per sq m, increasing the budget for a 300 sq m maisonette by €150,000-€250,000.
Running costs & service charges: Large properties of more than 300-400 sq m come with high fixed maintenance costs, unlike a new-build with an A+ energy rating and an almost zero energy footprint.
Land value vs building value: In Psychiko, Filothei and Politeia, buyers are paying mainly for the scarcity of land, which acts as a buffer against market fluctuations.
Infrastructure projects: Progress on the Ellinikon project and the redevelopment of the seafront are reducing the available floor space on the Riviera, while offering greater prospects for future capital appreciation.
ANA-MPA