Psychiko is a strictly residential suburb of Athens, with commercial businesses allowed only within two small designated zones, the "Nea Agora" (New Market) and the "Palia Agora" (Old Market), with current regulations also restricting buildings to full detachment, and a maximum of 3 floors. Psychiko was formerly home to a number of aristocrats and members of the greek royal family. The area remains one of the wealthiest suburbs of Athens, with very high land value, and a number of embassies, particularly of Middle Eastern countries, to be found located in Psychiko, Neo Psychiko and neighbouring Filothei. This was once home to Queen Frederika of Greece, until the military coup d'etat of 1967. A number of Greek private schools are located in the area: the Athens College, the Moraitis School, the Arsakeio, and the area's most historic public school, the Varvakeio. Public municipal facilities, for their part, include a very active cultural center, a 6-court tennis club, an indoor basketball/volleyball stadium, an outdoor basketball and volleyball venue, and a rollerskating rink.
A popular legend about the battle of Marathon and the Marathon run was recorded by Andreas Karkavitsas in the 19th century, and also by Linos Politis. " On the plain of Marathon a major battle was once fought; Persians with large fleets came to enslave the land and from there pass to Athens...the blood turned to a river, and reached from the roots of Vranas to Marathon on the other side; it met the sea and painted the waves red. Much lamentation and evil took place. Finally the Greeks won... and two men ran to bring the news to Athens; one travelled on horseback and the other on foot in full gear. The rider headed towards Halandri and the messenger of foot towards Stamata; swift-footed he ascended Aforesmos and down towards the village. As women saw him, they ran towards him:
"Stop", they shouted, wanting to know the outcome of the battle. He stopped a moment to catch his breath and then took the road again. Finally, he reached Psychiko; there he was almost near death, his feet were shaking, he felt like falling down. But he composed himself, took a deep breath, continued, and finally reached Athens.
"We won," he said, and immediately fell down dead. The rider had yet to come. But there where the foot runner stopped and took a breath his act was recorded. The first village remained a 'stop' and the second Psychiko."