Areas Affected
Rises in property prices in the immediate areas of Exarchia, Vathis Square, Victoria Square, and Kypseli are said to be a result of this expansion. Museum updates not only create a new reason for tourists to visit, but also create a place for locals to gather, and often include extensions with green spaces. For example, the new expansion will include an underground extension to connect the museum with a nearby cultural center known as the “Acropole Across.” The boost in the local real estate market is coined the “Bilbao effect.” In the Spanish city of Bilbao, the founding of the Guggenheim exhibition in 1997 made the primarily industrial city an international attraction for art and luxury almost overnight.
More Changes Coming
One other area of Athens undergoing change is Akadimia Platonos, in the inner west side of the capital. This area has historically been underdeveloped but will be the new home to Plato’s Academy, an underground museum that will soon house thousands of ancient artifacts. In all, it will span 13,500 square meters and will come complete with an amphitheater, as well as connected parks and picnic areas.