Investments in the beaches of the Attica Riviera

• The new dynamic of the coastal zone of Attica as a high-value tourist and investment asset

The Athenian Riviera, the coastal front of Attica that extends from Paleo Faliro to Sounio, is experiencing a rapid transformation, in which investments in public beaches play an important role. High-profile financial groups, public bodies and local authorities are dynamically entering the “coastal chessboard”, redesigning the relationship of the capital with the sea — and at the same time opening new chapters in the country’s tourism, urban and investment planning.

2nd Voula Beach: The first implementation

The project that has come closest to implementation is that of 2nd Voula Beach. The investment scheme of the TEMES, Intracom and Prokopiou groups, through the company Athens Beach Club S.A., has already secured the long-term lease and is awaiting the official handover of the site by the Municipality of Vari - Voula - Vouliagmeni in order to begin work in the immediate future. The project, with a budget of 12 to 15 million euros, is expected to be completed in May 2026 and will cover an area of ​​74 acres.

The investment incorporates architectural regeneration, environmental restoration (with the addition of sand and drainage works), as well as recreational and sports infrastructure, such as a new municipal swimming pool. Part of the beach will be organized and accessible to the public with a ticket, while the rest will serve members of a private club.

From an investment perspective, the project is a model of Public-Private Partnership (PPP) with a careful balance between public benefit and private development, while project management has been undertaken by Arbitrage Real Estate, specialized in high-end projects.

Varkiza: The next stage of regeneration

The coast of Varkiza is in the planning phase. The investment has been assigned to Back Wave Varkiza, while the presentation of the final plans to the Municipality is expected soon. The project — which will begin in November 2025 after approval by KESYPOTHA and YPEN — concerns both the organized and the free part of the beach.

The creation of a multi-purpose seaside park is planned, with four restaurants in the former Yabanaki, three snack bars, an open-air cinema with 300 seats, an open-air theatre, cycle paths, walking paths, and sports fields. Varkiza beach is intended to function as a “multi-modal recreational hub” of the Athenian Riviera, enhancing the value of the coastal front and its investment prospects.

Vouliagmeni Beach: The iconic case awaiting an investor

The most talked-about case, however, is that of Vouliagmeni Beach. The Public Property Company (PTC) has announced a long-term lease process, with the first phase of expressions of interest to be completed on May 15. The location of the coast, in one of the most strategic locations of the Riviera, makes it an asset of great investment importance.

Investment interest is intense, however, the development framework is absolutely restrictive: hotel use is excluded, as there is no remaining building space, while shops cannot exceed 5% of the buildable area. Only mild uses are permitted, such as changing rooms, refreshment areas, and small gyms.

The municipal authority expresses reservations, pointing out that the development conditions must protect the character of the area and ensure public access. Although the ETAD incorporated the Municipality's proposals in the final announcement, concerns remain strong.

From a financial perspective, prospective investors are asked to submit three-year audited financial statements, without the possibility of using a letter of guarantee. The requirement for documented experience in one of four operating sectors — including beach or hotel operations — is a prerequisite for participation.

The investment dimension of the Riviera

The coastal front of Attica is now acquiring characteristics of an investment ecosystem. The Riviera is now becoming a meeting point between tourism development, strategic synergies and high added value. Unlike previous times, new investments are not limited to the massive exploitation of the beach, but are enriched with elements of quality, environmental care and multifunctionality.

The only thing that is certain is that the Riviera is changing — and Attica is changing with it. From an untapped coastal advantage, to an international-scale axis of tourism, urban quality and investment value.

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