In 2026 the former Athens airport will undergo an astonishing transformation, rendering it unrecognizable. While the iconic Eero Saarinen-designed East Terminal will remain, the obsolete hangars and runways will give way to a groundbreaking mixed-use project, twice the size of New York's Central Park and hailed as a smart city.
Bloomberg pays homage to the vision of Hellinikon, revealing that within three years, the 650-acre site on the southeast coast of Athens will encompass approximately 10,000 luxury beachfront homes and apartments, a prestigious Mandarin Oriental hotel, one of the largest shopping centres in Southern Europe, a marina catering to large yachts, a Hard Rock-branded casino, an advanced sports complex, a private school, cultural and entertainment hubs, an expansive beach, and an awe-inspiring two million square meters green space that is poised to become the largest coastal park in Europe. All of this will be graced with panoramic views of the enchanting Saronic Gulf.
This privately funded endeavour is set to revolutionize the Greek capital, as reported by Bloomberg.
During the project's launch event last October, Prime Minister Kyriakos Mitsotakis described Elliniko as "the prelude to a new era for the coast." It is anticipated to generate over €14 billion in tax revenue over its 25-year development cycle, serving as a symbol of Athens' renaissance as the country recovers from a decade-long debt crisis.
While many regions worldwide face obstacles like escalating construction costs, surging interest rates, and labour shortages that hinder major construction projects, Greece finds itself in an unusually strong economic position. The country benefits from a revival in tourism, robust sales of residential and commercial properties, and investor optimism surrounding the pro-business leadership of Prime Minister Mitsotakis, who recently secured re-election.
This resurgence has coincided with a wave of infrastructure and cultural ventures. These include the Stavros Niarchos Foundation Cultural Center, which opened its doors in 2017 and now houses the National Library of Greece and the National Opera. The National Museum of Contemporary Art debuted in 2020, repurposing a former beer factory. Notably, plans are underway for a significant renovation of the National Archaeological Museum. Athens has also initiated the construction of a fourth metro line, with the first section scheduled to open in 2029, connecting densely populated neighbourhoods such as Kypseli and Galatsi to the city centre.
The energy of this transformation is palpable on the city streets. Athens' cafes and taverns bustle with life every night of the week while tourists explore squares where once clashes between rioters and the police occurred. This revitalization has brought a new level of prosperity, with the city welcoming nine new 5-star hotels between 2019 and 2022, raising the total count to 30. Conrad and Waldorf Astoria are collaborating on a luxurious complex that combines hospitality services with upscale residences.
Elliniko seizes the opportunity to capitalize on this flourishing market. To generate early momentum, construction firm Lamda has commenced the sale of residences in the 200-meter Riviera Tower, poised to become the country's tallest building. These apartments carry an average price of €14,000 per square meter. While significantly higher than the first-quarter averages of approximately €1,809 per square meter in central Athens and €3,368 in the neighbouring southern suburbs of Ellinikos, as reported by Greek property website Spitogratos, they still present an enticing offer compared to luxury property prices elsewhere in Europe.
Thus far, all 170 apartments in the tower have been sold, with the majority finding Greek buyers among the local residents and the Greek diaspora. Sales of leases and properties in Elliniko have already reached €1.2 billion, causing residential property prices in adjacent suburbs to also experience an upswing. Lamda intends to expand marketing efforts beyond Greece starting next year.
As rising property prices remain a sensitive political issue in Athens, with residents vying against affluent foreigners, Airbnb owners, and investors for limited housing, concerns over unpredictable rent hikes and potential evictions arise.
In an effort to address this situation, the government introduced a scheme earlier this year, offering low-interest or interest-free loans to individuals under the age of 39 aspiring to purchase their first property. Effective July 1, regulations will also be enacted, raising the minimum property investment required for obtaining a golden visa from €250,000 to €500,000 in various parts of the country, including sections of Athens.
While Athens has only recently emerged as a weekend destination, Konstantinos Zouzoulas, the managing director of Axia Ventures Group Ltd, specializing in Cyprus, Greece, and Italy, anticipates that Helliniko will propel this trend forward and potentially extend the tourist season throughout the entire year.
Lamda CEO Odysseas Athanasiou remarked in an interview that Elliniko is a "landmark project that will be a game-changer for Athens, the greater Attica region, and Greece as a whole." Mr Zouzoulas further added that this self-contained city would attract new residents to the area.
Given its location within Athens' urban grid, merely 11 kilometres from the city centre, the coastal project will reshape the ambience of the capital and its adjacent municipalities. The vast park proposed for the area is a much-needed addition to a city that lacks sufficient green space, according to Mr Zouzoulas.
Athens now faces the challenge of integrating Hellinikon while connecting the city's existing services with the region. This necessitates the construction of new roads and metro lines, demanding significant infrastructure investment, both financially and temporally. Nevertheless, the positive impact on the city's overall landscape and the quality of life for its residents will make the endeavour worthwhile as Elliniko gradually becomes an integral part of Athens' daily fabric.
