Investing in Real Estate in Alimos: The New Epicenter of the Athenian Riviera

Published on April 24, 2026 and written by Cyril Jarnias

Just a few kilometers from downtown Athens, Alimos has established itself as one of the most strategic real estate markets on the Athenian Riviera. Between the spectacular transformation of the marina, the ripple effect of the mega-Ellinikon project, and the upscaling of the entire southern coastline, this once-quiet neighborhood is undergoing a major shift in scale. For an investor, the question is no longer whether to look at Alimos, but how to position yourself wisely.

A Pivotal Location Between Central Athens and Ellinikon

Alimos, also known as Kalamaki, holds a key geographical position on the southern coast of Athens. Located about 8–9 km from the center, on the Saronic Gulf, it sits literally between two driving poles of value appreciation: the capital’s center on one side, and the Ellinikon zone on the other, which is being transformed into one of the largest urban projects in Europe.

By metro, the trip to the city center takes around a quarter of an hour (Alexandros Panagoulis station), while the coastal tram offers a direct link to the center and other Riviera neighborhoods. The international airport is about 30 km away, or 30 to 40 minutes by car depending on traffic. For an investor, this means an extremely varied pool of tenants: professionals working in the city center, families, expats, maritime professionals, and also transient tourists.

A Residential Market in Full Upscaling

Alimos is increasingly described as one of the most attractive residential destinations on the Athenian Riviera. The real estate landscape remains very diverse: there are still many buildings from the 1970s–1990s, often renovated, but also a new generation of contemporary residences, especially around the marina and in the wealthier sectors of Kato Kalamaki.

Across the municipality, “physical” property values (i.e., excluding recent speculative peaks) generally range between 2,700 and 4,200 €/m², with a clear premium for waterfront properties or those close to transport. However, the most recent data on asking prices show that Alimos has already crossed a threshold.

Price Levels by Area in Alimos

Statistics from October 2025 indicate an average asking price of 4,745 €/m² for properties for sale in the municipality. Internal disparities are significant depending on the micro-neighborhood.

Alimos Area	Average Sale Price (€/m²)	Average Rent (€/m²/month)
Center	5,264	13.59
Kefallinion	5,317	14.45
Kalamaki (incl. Kato Kalamaki)	4,854	13.34
Ano Kalamaki	4,296	12.72
Ekteloniston – Eforiakon	4,252	12.24
Trachones	3,809	12.93
Alimos Overall (average)	4,745	13.23

The areas near the sea and the marina (Kalamaki, Kefallinion, Center) are clearly above the 4,800–5,300 €/m² mark for listings, while more inland neighborhoods like Trachones remain more affordable.

Micro-Geography: Ano vs. Kato Kalamaki

Another element for an investor to consider is the socio-spatial structure of Alimos, which is divided into two main clusters:

– Kato Kalamaki, on the sea side, concentrates the marina, the waterfront, coastal parks, cafés, and beach clubs. It is one of the most expensive residential areas in Greece, particularly in the sectors of Ampelakia, Lofos Pani, or the zone simply called “the beach.” Incomes there easily exceed €50,000 and can reach very high levels. You’ll find villas, luxury apartments, lofts with sea views, and high-end residences.

For an investor, Ano Kalamaki offers more reasonable entry points and a stable rental market, while Kato Kalamaki targets a wealthier clientele with strong appreciation prospects, but also more moderate gross yields due to price levels.

An Already Very Complete Urban Environment

One of the major assets of Alimos lies in the maturity of its infrastructure. The neighborhood does not rely solely on future projects: the urban fabric already functions very well.

The proximity to top-tier cultural hubs like the Stavros Niarchos Foundation park or the Hellenic Cosmos center further enhances its appeal to families or expats seeking quality of life.

For an investor, this means that rental demand does not rely solely on the tourist season, but also rests on a solid residential base.

The Transformation of Alimos Marina: A Value Catalyst

The real “game changer” for Alimos, however, is the radical transformation of its marina, the largest in Greece and even the Balkans. With 210,000 m² of land area, 428,000 m² of sea area, and approximately 1,100 berths, Alimos Marina is already the main yacht charter hub in Athens and a major node for pleasure boating in the Eastern Mediterranean.

A €100 Million Project

A 40-year concession contract, managed by the Hellenic Republic Asset Development Fund (HRADF) and awarded to the ELLAKTOR group via its subsidiary AKTOR Concessions, provides for an investment of approximately €100 million to transform the site. REDS, another group subsidiary, oversees the design and execution of the project.

The plan is ambitious: about 18,000 m² of new buildings on the landside, a modernized marina that can accommodate larger yachts (up to 80 m according to some projections), and a transformation of the area into a fully-fledged urban destination.

Announced elements include:

The stated goal is to make it one of the most modern tourist marinas in the Mediterranean, while opening it up more to residents: a space where boating, urban life, culture, and leisure coexist.

Expected Economic and Real Estate Impact

Beyond prestige, the numbers give the measure of the stakes. On a national scale, marina-related activities generated €2.3 billion in GDP in 2022, up 12% year-over-year. Yacht arrivals have been increasing by about 15% per year since 2018, with a peak of 22% in 2022. According to a study by the Athens University of Economics and Business, each euro invested in marina development generates an additional €1.80 in the local economy.

We are already seeing average prices over €5,100/m² for new developments in Alimos (all neighborhoods combined), placing the municipality just below coastal stars like Voula (€7,274/m² on average for new builds) or Glyfada (€6,398/m²), but above Palaio Faliro (€4,422/m²). In other words, Alimos has become a “premium mid-range” segment: more affordable than the most exclusive addresses, but already well established in the upper tier.

The Ellinikon Effect: An €8 Billion Neighbor

A few minutes south of Alimos, the gigantic Ellinikon Project is reshaping the entire Athenian coastline. On the former international airport site, an investment of approximately €8 billion plans to create a vast metropolitan park of nearly 500 hectares, residential neighborhoods, offices, shops, a casino, luxury hotels, an ultra-premium marina, and “smart city” infrastructure (renewable energy, smart buildings, pedestrianization, digital networks, etc.).

Projections from real estate analysts forecast for Athens a cumulative price growth of about 25% over five years (until the early 2030s), driven by these large projects and strong foreign demand (nearly 40% of transactions in Athens already involve international buyers). In this context, neighborhoods directly exposed to the Ellinikon dynamic, like Alimos, are serious candidates for outperformance.

Prices, Rents, and Yields: Where Does Alimos Stand?

For an investor, the crucial question remains yields and liquidity. Recent data provide a solid basis for getting an idea.

Prices and Rents: Recent Snapshot

At the Alimos municipality level:

– Average asking price for sale (October 2025): €4,745/m² (peak at €4,885/m² in May 2024, low at €4,603/m² in December 2024).

– Average asking rent (October 2025): €13.23/m²/month (peak at €14.32/m² in June 2024, low at €12.50/m² in March 2025).

For the highly sought-after Kalamaki subzone (coastal side):

– Average price: €4,890/m²

– Average rent: €13.04/m²/month

– Indicative gross yield: 3.2%

At first glance, this gross yield may seem low, especially compared to the 6–9% seen in some central Athens neighborhoods. But one must keep in mind the nature of the product: Alimos sits in a more wealth-preservation and coastal segment, where the emphasis is more on capital appreciation and stability than on immediate cash flow.

Comparison with Other Athenian Neighborhoods

Comparative data show that Alimos ranks below some areas in terms of gross yield, but also at a price level significantly more attractive than the “trophy” addresses of the Riviera.

Area / Neighborhood	Sale Price (€/m²)	Rent (€/m²/month)	Approx. Gross Yield
Alimos – Kalamaki	4,890	13.04	3.2%
Vouliagmeni – Center	7,278	20.07	3.31%
Voula – Dikigorika	6,173	17.61	3.42%
Glyfada – overall	5,154	16.53	3.85%
Palaio Faliro	3,916	12.08	3.7%
Kallithea – Center	2,569	10.04	4.69%
Piraeus – overall	2,552	10.36	4.87%

We see that gross yields remain concentrated between 3.2% and 3.9% for most coastal municipalities, with a slight advantage for cheaper areas like Palaio Faliro or Kallithea. Alimos is closer to the ratios of Voula or Vouliagmeni than those of Piraeus or Peristeri, confirming its positioning on the high-end fringe of the market, without however reaching the price extremes.

Yield Potential: Long Term, Renovation, and Short Stay

Market analyses for Alimos indicate that on average, the gross yield for a well-located apartment is more like 4–6%, with possible peaks at 7–8% for more opportunistic strategies: buying off-plan at a good price, heavy renovation of an older property with repositioning on a high-end clientele, or exploiting it as furnished seasonal or medium-term rentals for expats.

Seasonal Rentals: Sustained but Highly Seasonal Demand

Alimos also benefits from the boom in coastal tourism and yachting in Greece. The rise of pleasure boating, coupled with the development of the marina, fuels sustained demand for short-term accommodation, especially in summer.

Data from platforms like Airbnb distinguish the municipality of Alimos from the tighter area around the neighborhood.

Short-Term Rental Performance

For the Alimos municipality:

– Median monthly revenue: ~$1,239

– Top 10%: ≥ $3,558 / month

– Median occupancy rate: ~40%

– Top 10%: > 80%

– Median ADR (average daily rate): ~$102

– Top 10%: ≥ $231

For Alimos proper (more touristy, closer to the sea):

– Median monthly revenue: ~$1,991

– Top 10%: ≥ $3,609 / month

– Median occupancy rate: ~45%

– Top 10%: > 68%

– Median ADR: ~$136

– Top 10%: ≥ $206

However, market indicators (rental demand, revenue growth, regulation) show high scores for Alimos, with demand rated at 82/100 and revenue growth around +4% year-on-year. The majority of listings are for 1- or 2-bedroom apartments, with an average capacity of 4 people, which perfectly matches the profile of couples and families on beach holidays or short stays in Athens.

A Hotbed of New Developments and High-End Renovations

The supply of new developments in Alimos is growing rapidly, driven by local and foreign demand. Nearly 600 new homes are listed on the main portals for the municipality, with residences focusing on contemporary architecture, energy performance, and sea views.

Developers like AXIACON are multiplying operations in the Pani area and around the marina (ALIMOS 5, ALIMOS 7, recent buildings with rooftop terraces, pools, private gardens, underground parking). These projects clearly target a high-end clientele: penthouses with rooftop pools, duplexes with gardens and ground-floor pools, lofts with large bay windows and bioethanol fireplaces.

For the investor, these “turnkey” products have high per-square-meter prices but offer very strong desirability, reduced energy costs (A/A+ ratings), and superior appreciation potential, especially among an international clientele.

Alongside this, the older stock from the 70s and 80s, often well-located but energy-intensive, offers value-add opportunities through renovation: buy cheaper than new, renovate heavily (insulation, windows, kitchens, bathrooms), and reposition the property for furnished rental or resale to a higher segment.

Comparison with Other Southern Suburbs: A Price/Quality Balance

The choice between Alimos and other southern Athens municipalities depends on the investment profile sought. Overall data for new properties well illustrates the hierarchy:

Municipality (south Athens, new builds)	Average Asking Price (€/m²)	Approximate Number of New Builds
Voula	7,274	~699
Glyfada	6,398	~1,392
Alimos	5,129	~596
Palaio Faliro	4,422	~594
Ilioupoli	3,915	~395
Kallithea	3,415	~436
Nea Smyrni	3,604	~293
Agios Dimitrios	2,887	~394

Alimos occupies the middle of the table: more expensive and more coastal than Palaio Faliro or Nea Smyrni, but more affordable than Glyfada or Voula. Its greater proximity to central Athens compared to Voula/Vouliagmeni, and its calmer atmosphere than Glyfada, make it a particularly attractive compromise for families and expats who want the sea without sacrificing accessibility.

For an investor, this translates into:

– a significant entry point but still lower than the most exclusive areas,

– upside potential linked to the ongoing revaluation of the Riviera and the development of Ellinikon,

– a more diversified rental base (tourism + permanent residents), – sustained liquidity: homes in southern Athens generally sell faster than in the rest of the country, and the scarcity of developable land accentuates this phenomenon.

Golden Visa: Alimos in the “Expensive Zone” but Still Strategic

The Greek residence by investment program, the Golden Visa, has significantly contributed to the renewed interest in real estate in Attica. Figures indicate that nearly 75% of applications concern the Athens region, with a marked preference for the southern suburbs.

Recent reforms have however tightened conditions in so-called high-demand areas, which includes the Attica region and therefore Alimos:

A key point: properties acquired for the Golden Visa in these expensive zones can no longer be exploited as short-term rentals (Airbnb and the like). They must be used as a residence (primary or secondary) or rented under a standard lease, under penalty of sanctions (fine of up to €50,000 and revocation of the residence permit).

For an investor targeting Alimos and the Golden Visa, several strategies emerge:

Despite these constraints, the Golden Visa + Athenian Riviera combination remains particularly attractive for non-European investors seeking both a foothold in Europe, real estate in a dynamic capital, and a capital gains perspective linked to the repositioning of the entire southern coastline.

Taxation: An Overall Favorable Environment for Investors

From a tax perspective, Greece today offers a relatively clear framework for real estate, with several elements favorable to the foreign investor.

On Purchase

– Older properties (not subject to VAT) incur a transfer tax of 3%, plus a municipal surcharge of 3% on that tax, for an effective rate of about 3.09% of the taxable value.

– New properties meeting certain criteria were traditionally subject to 24% VAT, but this regime is suspended, allowing in many cases to benefit from the same 3.09% rate as an older property (suspension extended until end of 2025 and possibly beyond).

One must add notary fees, cadastral registration fees, and possible agency commissions, so that an overall budget of 5 to 7% of the purchase price in fees and taxes is a good estimate.

On Holding

All owners (residents or non-residents) pay the ENFIA annually, a property tax calculated on the basis of the property’s “objective” value and various coefficients (surface area, location, age, floor, etc.). Rates vary between about €2 and €16.20/m² for buildings, which in practice represents between 0.15% and 0.60% of the property’s value per year for a standard apartment, generally between €300 and €1,500 per year for a home.

On Resale and Income

A particularly interesting point for buy-to-sell strategies: the capital gains tax on real estate for individuals is currently suspended until end of 2026. During this period, gains realized by individuals upon the sale of a property are not taxed in Greece, subject to certain conditions (notably not making resale a commercial activity). This opens an interesting window for investments with a 3–5 year horizon.

Rental income is taxed at progressive rates:

– 15% up to €12,000 in annual rents,

– 35% between €12,001 and €35,000,

– 45% above.

For companies holding properties, rents are integrated into the profit subject to corporate income tax (22%), with the possibility of deducting expenses (works, loan interest, management fees…). In some cases, it can therefore be more advantageous to hold a portfolio of homes through a structure than directly in one’s own name, especially for investors heavily taxed in their home country.

Special Tax Regimes

For large estates, Greece has introduced a highly attractive non-dom regime: for a minimum investment of €500,000 in the country (real estate, businesses, securities…) and the transfer of tax residence, a taxpayer can opt for a lump-sum tax of €100,000 per year on all their foreign-source income, regardless of its amount and origin, for 15 years. This regime naturally pairs with a substantial investment on the Athenian Riviera, including Alimos.

Intermediaries, Agencies, and Local Expertise

Alimos concentrates a significant number of agencies and specialized firms: from well-established local structures (Anastassiadis Properties, Royal Home Real Estate, ELINIC, Loftland Realty Group, etc.) to large international networks like Engel & Völkers or RE/MAX Plus, as well as players highly focused on foreign investors and the Golden Visa.

This density of intermediaries is a useful indicator for an investor: it reflects an active, highly competitive market where it is possible to find:

– “off-market” properties or pre-launch deals on new developments,

– specialized advice on taxation, structuring (personal or via company), and the Golden Visa,

– property management services (long- or medium-term), even concierge services.

In a Greek context where procedures (E9, ENFIA, cadastre, Golden Visa) can seem complex, surrounding yourself with a real estate lawyer + experienced local agency is often the key to a smooth and secure investment.

Risks, Limitations, and Points of Vigilance

As promising as it is, the Alimos market is not without risks or constraints that any serious investor must factor in.

Among the main points of vigilance:

– Already high price level: with averages around €4,700–5,100/m² and peaks over €7,000/m² for some new builds, Alimos is no longer a “cheap” market. The challenge shifts from simply buying cheap to fine selection of locations and products that still offer revaluation potential (rare sea view, immediate proximity to the future renovated marina, highly energy-efficient programs).

– Regulation of short-term rentals and Golden Visa: for properties used as a support for residence by investment, the ban on Airbnb-type rentals must be taken seriously. Even outside the Golden Visa, Greece, like many tourist destinations, could tighten the framework for seasonal rentals in the future.

– Dependence on macro and tourism trajectory: part of Alimos’s value rests on the rise of high-end tourism in Greece, yachting, and the development of Ellinikon. A major macroeconomic shock or a sustained drop in international tourist demand could affect this trajectory, even if, for now, the fundamentals remain solid.

What Investor Profile for Alimos?

Cross-referencing all the data, Alimos particularly suits several profiles:

– The international wealth-preservation investor who wants a quality pied-à-terre by the sea, in a European metropolis, with the possibility of personal use several weeks a year and long-term rental the rest of the time. New developments with sea views, parking, and high-end finishes are tailored for this profile.

– The value creator who targets well-located older apartments to be heavily renovated to bring them up to current standards (energy, design, equipment). By playing on the purchase discount and post-renovation revaluation, it is possible to target higher yields, especially if the exit is planned before the possible reactivation of the capital gains tax.

– The “mixed” rental investor who accepts a slightly more modest gross yield than in the central zone but bets on rent growth driven by the marina’s rise, the neighborhood’s upscaling, and the development of Ellinikon.

Conclusion: Alimos, a Market Already Mature but Still Far from Reaching Its Full Potential

Alimos is no longer an insider secret. The price figures, the proliferation of new projects, and the density of real estate agencies show that it is now a market fully integrated into Athens’ high-end segment. However, several factors suggest that the municipality has not yet exploited its full potential:

– the redevelopment of the marina, which will reshape the landscape and attract more boaters, tourists, and capital;

– the immediate proximity of Ellinikon, a true structural value driver on the scale of the Riviera;

– the continuation of infrastructure improvements (22 km urban promenade, transport development, greening and soft mobility projects) along the coast.

In a country where real estate prices have already risen by over 60% in ten years, and where the capital seems set on a trajectory of annual increases of around 4 to 6% for the coming years, Alimos offers a rare combination: a coastal location, mature urban infrastructure, an environment undergoing a high-end transformation, and a market still slightly below the price peaks of its most exclusive neighbors. For those who can read the dynamics at play on the Athenian Riviera, the window of opportunity is still open.