The €1 million mark remains a key psychological threshold for buyers seeking luxury property in Attica, but the space their money can buy varies significantly depending on location, construction date and property type.
According to Korina Saia, chief executive officer of Premier Realty, the luxury housing market effectively operates at two speeds. Newly built homes offer modern technology and high energy efficiency but generally provide less space, while older properties can deliver more than twice the usable floor area.
A Premier Realty briefing examines what buyers can expect to purchase within a price range of €900,000 to €1.1 million across northern Athens and the Athenian Riviera.
1. Newly built properties: Modern technology, less space
In the northern suburbs, buyers with a budget of around €1 million will generally find apartments or entire-floor apartments in buildings completed from 2020 onwards.
In Kifissia, including the centre, Kefalari and Politia, newly built properties range from 111 to 167 square metres, with a median area of 140 square metres. Politia offers most of the available options, while newly built properties remain scarce in Kefalari.
In Filothei and Palaio Psychiko, limited land availability and strict building regulations restrict newly built apartments to around 100 square metres.
The picture differs along the Athenian Riviera, where stronger construction activity and a greater supply of new developments give buyers a choice of apartments and maisonettes. Location and proximity to the sea significantly influence the size of properties available.
In Ano Voula, apartments range from 120 to 172 square metres, with a median of 137 square metres. Maisonettes offer between 114 and 206 square metres, with a median of 161 square metres.
In Kato Voula, apartments range from 92 to 123 square metres, with a median of 105 square metres. Maisonettes range from 116 to 133 square metres, with a median of 124 square metres.
In Ano Glyfada, apartments measure between 120 and 158 square metres, with a median of 135 square metres. Maisonettes range from 130 to 170 square metres, with a median of 140 square metres.
In Kato Glyfada, apartments range from 90 to 150 square metres, with a median of 118 square metres. Maisonettes measure between 112 and 161 square metres, with a median of 135 square metres.
In coastal areas of Kato Voula and Kato Glyfada, the premium attached to proximity to the sea can push the size of newly built properties below 100 square metres. These locations also attract international investors seeking potential capital appreciation.
In the upper parts of Voula and Glyfada, maisonettes are a more common choice for families seeking practical outdoor spaces.
2. Properties built between 2000 and 2019: More space and privacy
Buyers who prioritise generous living areas and privacy can obtain considerably more space by looking at properties built between 2000 and 2019.
Maisonettes dominate this category, often forming part of residential complexes with private gardens or swimming pools.
Ekali offers the largest properties among the areas examined. Maisonettes range from 391 to 492 square metres, with a median of 450 square metres, making the €1 million budget go significantly further than in the other locations.
In Kifissia, maisonettes range from 249 to 383 square metres, with a median of 317 square metres, combining generous space with access to urban amenities.
Properties in Filothei and Palaio Psychiko remain scarce, with available maisonettes measuring approximately 270 to 280 square metres. Strong, long-standing demand helps sustain their value.
Along the Riviera, median maisonette sizes reach 258 square metres in Ano Voula and 229 square metres in Kato Voula. In Ano Glyfada, the median stands at 226 square metres, while Kato Glyfada offers a median of 208 square metres.
3. Four factors that determine a property’s real value
Beyond the purchase price and floor area, buyers must consider several technical, financial and practical factors when assessing a property worth €1 million.
Renovation costs
For properties that are 15 to 20 years old, the purchase price may represent only the beginning of the investment. Energy upgrades, including heat pumps, solar panels, external thermal insulation and modern windows, together with mechanical system upgrades and aesthetic renovations, can add between €500 and €1,000 per square metre.
A 300-square-metre maisonette could therefore require an additional €150,000 to €250,000, significantly increasing the overall budget.
Running costs and shared expenses
Properties exceeding 300 to 400 square metres, particularly in Ekali and Kifissia, often involve substantial ongoing maintenance costs. Heating and cooling, swimming pool maintenance, gardens and lifts can all add to household expenses.
By comparison, a newly built apartment with an A+ energy rating can offer very low energy consumption and reduced shared building expenses.
Land value versus building value
Limited land availability and strict building regulations in areas such as Filothei, Politia and Psychiko help support land values over time. Buyers in these locations pay a premium for location and scarcity, which can also provide some protection against market fluctuations.
The impact of major infrastructure projects
Along the Athenian Riviera, progress on the Ellinikon development and the redevelopment of the coastal front are driving demand. These projects contribute to higher property prices and reduce the floor area buyers can acquire for €1 million, while potentially offering greater prospects for future capital appreciation than the more established northern suburbs.
4. The choice comes down to the buyer’s priorities
Saia says the final decision depends on the buyer’s profile and practical needs.
Buyers must decide whether they prefer a newly built property of approximately 100 to 170 square metres, with high energy efficiency, modern amenities and lower running costs, or an older maisonette measuring around 220 to 450 square metres, offering more space, privacy and a garden but potentially requiring substantial modernisation.
Ultimately, the €1 million budget can secure a compact, energy-efficient home in a prime coastal location or a much larger family property in the northern suburbs. The right choice depends on how buyers balance location, space, maintenance costs and future investment potential.
(Source: Premier Realty)
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