Days of Future Past (Part 3)
For our third MI4 blog post of the ‘Days of Future Past Series’ we focus on the past, present and future of a very special Athenian neighbourhood, rich in history, stories and splendour: ‘Kolonaki’.
The evolution from past to present shown in the two pictures is remarkable, and we found the contrast to be as fascinating as the way cities grow and evolve like living organisms.
The upmarket and fashionable area of Kolonaki, located on the southern slope of Lycabettus Hill opposite the Acropolis, is considered to be amongst the wealthiest districts in Athens. The name, literally translating into ‘little column’ or ‘little pillar’, originated from a small 2-meter column that was placed there before the area was built up. Strikingly, the column still sits at the middle of Kolonaki Square, the main square of the district.
Kolonaki is a prime example of a historical solid investment and the transformation that can come at a time of growth. A place outside the boundaries of the historical city of Athens during the antiquity, these slopes with the fantastic views over Athens and most of its monuments were known to be populated by sheep and goat herders, until the late 19th century, when the city started expanding outwards. The area progressively transformed into the in-town region for the most wealthy and influential people in the social, financial, and political scenes of the Greek capital.
A short walk away from the Parliament and Syntagma Square the area boasts elegance and class. The location of many foreign embassies, the British and American Archaeological Schools, several museums and galleries, a hotspot for exclusive shopping brands and boutiques, Greek and international haute couture, and a number of trendy upscale bars, cafes and restaurants, often makes Kolonaki a prime choice for all those seeking quality and class, in an urban city landscape. The green, often pine-adorned slopes of Lycabettus Hill above and the paved walkways spread around it, offer opportunities for a rejuvenating morning jog or a relaxing stroll with the feeling one is in the countryside, rather than in the middle of a busy metropolis.
At walking distance from most places worth linking to in Central Athens and currently served by two metro stations, its smaller, more picturesque streets are lined with a plethora of outdoor sitting areas served by the quality local bars, cafes and restaurants. The atmosphere is indeed unique, and often provides the perfect getaway in a busy city centre. This is attracting an ever-growing number of foreign visitors to the area, who, after discovering the area simply cannot let go.
Many invest in local residential properties, either as their own pied-a-terre in a city that keeps attracting interest and offers one of the best holiday choices and experiences globally, or as a solid investment in a market that after a period of stagnation, is again starting to attract increasing attention and international investor excitement. The location, the elegant and exclusive feel, the vibrant day and nightlife, the pleasant contrast from the busy city centre and the class and international business feel are just a few among Kolonaki’s top selling points.
Contact our MI4 team of real estate expert specialists here for an interesting discussion on solid investment opportunities in the wider Kolonaki area, this exclusive part of the Greek capital of Athens, as well as access to our local property portfolio.
5 June 2018