Neo Faliro
Area Overview, Quality of Life & Real Estate Market 2025
Location & Historical Background
Nea Faliro is a coastal neighborhood of Piraeus, located at the entrance of the Faliro Bay. It sits on the border between central Piraeus and the southern suburbs, bordered by Moschato to the east and Piraeus to the west. The area developed in the mid-19th century as Athens' first seaside resort, originally connected to the city via railway and tram. By the late 19th to early 20th century, it flourished during its "Belle Époque," becoming a fashionable destination for affluent Athenian families. It was known for its luxurious hotels such as the famous Aktaion Hotel, theaters, countryside mansions, and the first organized sea baths.
The area also gained significant infrastructure during that time: the Faliro railway station (Athens-Piraeus line), a large pier on the beach (1891), and a velodrome (1895) used in the first modern Olympic Games of 1896. The old velodrome was later transformed into the Georgios Karaiskakis Stadium (1964), home to Olympiacos FC, which was completely rebuilt in 2004. In the early 20th century, Nea Faliro began to lose some of its glamor, as industries (ELAIS, ION, CHROPEI) developed around the Kifissos River and Piraeus Avenue, turning parts of the area into an industrial zone. Nea Faliro was briefly an independent community (1925) and municipality (1946) before being re-incorporated into the Municipality of Piraeus in 1968 due to its small population. Today, it remains a historic neighborhood with landmarks such as the Tomb of Georgios Karaiskakis in front of the train station, blending its illustrious past with the modern urban landscape.
Nature & Green Spaces
Despite its highly urbanized environment, Nea Faliro offers sea breezes and access to the coast. Green spaces within the neighborhood are limited to small parks and plazas, such as the square in front of the Karaiskakis Stadium and residential gardens. However, the privileged seaside location allows residents access to open sea views and the coastal front for walking. A large redevelopment project is underway along the Faliro Bay: the new Metropolitan Park "Aenaon," spanning ~540 acres, expected to be completed by 2028, will offer an extensive green and recreational area. Though located administratively in Paleo Faliro/Kallithea, the park is only minutes away and will provide ample space for walking, cycling, and nature activities. Additionally, the Stavros Niarchos Park at the SNFCC is also a popular nearby green and cultural destination. While Nea Faliro lacks large forests, nearby coastal and cultural zones ensure sufficient contact with greenery and water.
Daily Life & Leisure
Daily life in Nea Faliro combines urban living with a sea breeze. It is a residential area with apartment buildings but also hosts significant entertainment and sports venues. On non-event days, the area maintains a calm pace, with locals relying on neighborhood shops, bakeries, pharmacies, and mini-markets for daily needs. Larger supermarkets and malls like the Factory Outlet on Piraeus Street are within close reach. The Karaiskakis Stadium and the Peace and Friendship Stadium (SEF) bring vibrancy during sports matches or major events, with crowds filling nearby cafes and eateries.
Residents have many leisure options. The coastal area of Mikrolimano, just west of Nea Faliro, is a top destination for dining and nightlife, featuring renowned seafood taverns, bars, and cafés by the sea. Proximity to the Stavros Niarchos Foundation Cultural Center (5-10 minutes by car) provides access to concerts, events, one of the most modern libraries, and urban parks. Piraeus city center is only 1-2 stations away, offering cinemas, theaters (e.g., Piraeus Municipal Theater), and a shopping district. For family outings, Allou! Fun Park and Village Cinemas in Rentis are nearby. Nea Faliro thus balances the tranquility of a seaside neighborhood with immediate access to sports, culture, and dining experiences.
Transportation & Accessibility
Nea Faliro has excellent public transportation links, one of its strongest assets. The neighborhood connects easily to both Athens' center and Piraeus and is served by multiple public transport options including metro (ISAP), tram, buses, and suburban railway. It's also strategically located in the road network of Attica, offering direct access to major arteries and highways.
Metro (ISAP – Line 1)
The "Nea Faliro" station on Line 1 (green line) of the electric railway is centrally located near the Karaiskakis Stadium. It provides:
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Direct access to Piraeus (1 stop, ~3 minutes)
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Connection to central Athens (Monastiraki in ~15 minutes)
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Easy transfers to:
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Line 2 at Omonia
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Line 3 at Monastiraki
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Extension to the port and transfer to the Airport at Doukissis Plakentias
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Trains run frequently (every 5–10 minutes), making it ideal for daily commuting.
Tram
Nea Faliro is also served by the tram network:
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Closest stop: "Karaiskakis Stadium"
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Linked to Line T7 (SEF–Voula) and the line toward Piraeus
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Offers a scenic coastal route (Paleo Faliro, Alimos, Glyfada, Voula)
While the tram is slower than the metro, it provides a relaxed, scenic ride with numerous stops.
Buses
Many bus lines serve the area, with stops along key roads like Ethnarchou Makariou, Piraeus Avenue, and Poseidonos Avenue. Notable routes include:
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040 (Syntagma – Piraeus): 24-hour service, connects to central Athens
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X96 (Piraeus – Airport): Express line to Eleftherios Venizelos Airport
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Local routes to Rentis, Kallithea, Paleo Faliro
Most stops are within 1–5 minutes walking distance, with a decent service frequency.
Suburban Railway (Proastiakos)
Though there is no stop within Nea Faliro, suburban lines P2A and P3B pass nearby via Piraeus junction, offering quick access:
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Toward Koropi – Airport
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Toward Kiato – Acharnes – Athens
This option is ideal for commuters traveling outside the basin or to the Attiki Odos and industrial areas.
Road Network & Car Use
Nea Faliro is strategically positioned:
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Direct access to Poseidonos Ave (coastal highway to Glyfada, Voula, Vouliagmeni)
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Easy exit to Syngrou Ave and Athens center (~10 minutes)
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Access to Athens-Lamia National Road (via Rentis interchange)
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Direct link to Attiki Odos and Airport via Kifisos Ave
Parking
Parking in Nea Faliro poses certain challenges but remains manageable compared to other dense urban zones. Narrow streets and older apartment buildings mean on-street parking may require patience, especially during major events at the stadium. Nonetheless, on non-event days or in the evenings, residents typically find parking near their homes. Many newer buildings include underground garages, easing pressure on public space. Around Karaiskakis Stadium and SEF, organized parking areas operate for visitors, reducing strain on residential streets.
Education & Infrastructure
Despite its small size, Nea Faliro provides essential educational infrastructure and is close to major city facilities. Public primary and secondary schools operate in the area: at least one elementary school (1st Primary School of Nea Faliro) and a junior high school (Gymnasium of Nea Faliro). High school students typically attend schools in neighboring Piraeus or Moschato. Broader educational options (public and private) are available nearby, and access to universities is easy – the University of Piraeus, for example, is just minutes away by bus or train.
Real Estate Market
The real estate market in Nea Faliro holds notable interest as the area combines seaside charm, historical value, and excellent transit access, at more affordable prices than other coastal suburbs of Athens. It is seen as a compact yet growing market, offering a more budget-friendly alternative to Palaio Faliro.
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Overall average price (all types): ~€2,800/sq.m.
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New builds (up to 5 years): ~€3,450/sq.m.
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Older homes (35+ years): ~€2,670/sq.m.
Average Sale Prices by Subarea
Nea Faliro is relatively uniform, with minimal variation in price between subareas:
| Subarea | Average Sale Price (€/month/sq.m.) |
|---|---|
| Nea Faliro | 2,761 €/sq.m. |
Average Rental Prices by Subarea
Rental prices are also rising due to demand. As of mid-2025, the average asking rent is about €10.4/sq.m. per month.
| Subarea | Average Rent Price (€/sq.m./month) |
| Nea Faliro | 10.42 €/sq.m./month |
⚠️ Disclaimer
The real estate prices mentioned above are based on secondary market data available as of August 2025. They reflect average asking prices per square meter from publicly accessible sources (ads, trends, averages) and do not represent official appraisals, binding evaluations, or actual contract values. Prices are indicative and subject to variation depending on property condition, location, and individual negotiations. This does not constitute financial advice or a substitute for certified property valuation.
