The largest public project in the history of Greece, the construction of Line 4 of the Athens Metro was officially launched last June. The project is expected to be completed within a period of five to seven years. According to experts, once completed, it will significantly improve the everyday life of the Athenian population, since its design aims to serve an additional 340,000 residents and commuters in Attica region. As a result, the extra metro line will alleviate a significant amount of traffic congestion, noise, smog, and car accidents, and make disparate parts of the large, sprawled out city more accessible and interconnected.

Line 4, as seen in the picture below (yellow line), will comprise 15 new stations, over a distance of nearly 13 kilometers. It is expected to connect a total of 35 stations and include four new central locations to help ease congestion in already running stations. Line 4 will also serve many important buildings and facilities, including a prominent judiciary, one of Athens’ largest university campuses, hospitals, and museums.

The project, “the largest construction project in Greek modern history”, according to Minister of Transport, Karamanlis, includes several stations in central Athens, such as Alexandras Avenue, Exarchia and Kolonaki squares, and Evangelismos Station, where Line 4 will meet Line 3. The operation of the line will have a significant environmental impact: 60,000 fewer cars will be on the streets and carbon dioxide emissions will be reduced by 318 tons per day.

Taking a closer look at the planning announcement of the new Metro line, it is important to note some key facts:

• The line will consist of five sections in total, extending 38km. The first section of Line 4 will serve areas starting from Veikou Park in Galatsi to Goudi extending some 13km.
• 15 new stations will open at Veikou Park, Galatsi, Elikonos, Kypseli, Dikastiria (Court area), Alexandras Ave, Exarchia, Akadimia, Kolonaki, Evangelismos, Kaisariani, Panepistimioupoli, Zografou, Ilisia, and Goudi. It will, therefore, include some of the most prominent and commonly visited parts of the city.
• Four out of the total 15, new stations will be constructed in inner-city central neighbourhoods (Exarchia, Akadimia, Kolonaki, and Evangelismos).
• A new control center will be constructed to cover the needs of Line 4. It will later intercorporate the operation of Lines 1, 2, and 3, and of tram cars.
• A new site for maintenance and repairs will also be constructed under the plan.
• Two new line terminals will be constructed before Alsos Veikou and Goudi stations.
• The project will also include the operation of 20 four-car driverless trains with cars made of recyclable materials.

Investor’s Perspective

The new line is poised to further improve the quality of life for Athenians, and in turn, this bodes well for property investment near its stations. In the late 90s to early 2000s, there was an explosion of demand for housing in areas where metro stations were planned, and there are promising signs of the same pattern for the new metro Line 4.

Following last year’s announcement of the areas and streets where the new metro stations will be constructed, property portals recorded increases of up to 58% in the asking prices of real estate offers in those areas. Proximity to a currently running or planned metro station has a demonstrable record of securing demand for a property.

Moreover, even an investment in a relatively rundown part of Athens is likely to increase in value due to proximity to a new station. Areas close to the metro not only attract strong buying or rental interest, but if underprivileged or underdeveloped, they are regenerated and urbanized.

Metro Line 4 is projected to be completed within 5-7 years. Construction is currently underway and is reported to be on schedule, with no delays besides the continual discovery of ancient artifacts; a striking feature of underground construction in one of the world’s oldest cities.

26 January 2022