Major regerneration schemes are planned in coming years that will change the image of Athens. Among the projects that stand out is PYRKAL project, the double renovation on Alexandras Avenue and the Botanical Garden as well as the development of the former royal palaces in Tatoi. These large projects are seen leading to major changes in the real estate market.
One of the most important changes is the renovation of the old PYRKAL factory in the area of Ymittos, which includes the transfer of ministries and the creation of a park of 80 acres, as announced by Prime Minister Kyriakos Mitsotakis a few days ago. According to government planning, the state will save more than 1 billion euros in the long run, based on the rents it pays today. The project is expected to be delivered in about five years and the relocation of public services is expected to take place in the period 2025 - 2026. The investment will be made through PPPs and is estimated to amount to 250 million euros.
According to the plan, the development of the property allows for the substantial upgrade of many public services, which are currently scattered in 141 rented buildings. The annual operating costs and rents of the ministries and services that will be moved to the new park exceed 33 million euros, while in many cases the facilities that are rented do not meet the current environmental criteria.
The renovated complex is located a very short distance from the "Dafni" Metro station, which means that there will be no traffic congestion, while the plans for the new Line 4 provide for the construction of another station in the area.
The new face of Alexandras Ave, Eleonas
Through the Recovery Fund, 175 million euros will be raised to support this double regeneration project that has been a topic of discussion in recent years without having managed to enter the implementation phase. Recently, the financial committee of the Municipality of Athens sent a request to the Ministry of Environment for financing the new stadium of Panathinaikos in Votanikos, with a budget of 88,915,440.00 euros.
In Alexandras Avenue, where today stands Panathinaikos stadium, changes include:
- free green and recreational area of 4.5 acres
- PAO sports museum
- recreation and dining areas
- underground parking for up to 700 parking spaces
With the new landmark park on Alexandras Avenue, the opportunity will be given for changes to be made to the Refugee quarters and connections to free existing spaces, with Lycabettus and the Eleftheria Park.
In Votanikos, as provided by the current Presidential Decree, the following is seen being created:
- A 40,000-seat soccer stadium, 4-star FIFA international standard
- sports facilities for PAO’s amateur club covering 7,500 sq.m.
- An Olympic size swimming pool for Panathinaikos
- sports facilities of the Municipality of Athens 4,800 sq.m.
- 52,000 sq.m. at the property of Eleonas AEP
- 20 acres of green areas
According to an analysis by the president of the Panhellenic E-Real Estates Network Themistoklis Bakas, the real estate market in the Attica region seems to be facing a series of new investment opportunities in the midst of a pandemic due to the major regeneration and infrastructure projects already planned. As noted, the renovations as a whole will approach billions of euros of investment and will upgrade areas that for years were seen as being forgotten or degraded.
At the same time, emblematic buildings in the center of Athens that for many years had housed historical newspapers and / or hotels remained closed and sought the right buyer - investor for decades, have now begun to be used and are helping shape a new image for the Greek capital.