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Economy

Greek Shipowners Buy Up More Seaside Plots, Close Off Beaches

ATHENS – Much of the coastline in Greece’s capital – allegedly public beaches – has long been unreachable to the public because of private clubs and developments blocking access and now 13 plots for villas along the so-called Athens Riviera have been sold for 500 million euros ($526 million.)

It’s at Astir Beach in Vouliagmeni, southern Athens, the deal more than covering the price of 400 million euros ($420.79 million)  that AGC Equity Partners paid to acquire the accommodation complex, complete the public offering and delist Astir Palace from the Greek stock market, said Kathimerini.

For now the sales do not concern actual villas but 13 plots of land on the southwestern side of the Vouliagmeni peninsula, where the Afroditi Hotel once stood, the report said.

The owners of the plots, which overlook the sea from a cliff and give them expansive views, will have to pay for the construction of the villas, the total area amounting to some 80,000 square meters (861,112 square feet.)

That comes out to 39 million euros ($41.03 million) just for the land of each plot and given that hefty price all but two of them were bought by the companies belonging to the family of shipping oligarch Diamantis Diamantidis.

The other two are also expected to go to shipping families, the paper said, including people linked with Marianna Latsi, the daughter of shipowner John Latsis.

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