In a groundbreaking development, Lamda Development's ambitious project for Ellinikon, situated on the southern coast of Athens, is swiftly gaining momentum, heralded as Europe's most extensive smart city endeavour.
Despite enduring a decade of setbacks, signs of progress abound as Greece's inaugural skyscraper, the Riviera Tower, and steel-framed apartment complexes begin to take shape. Odysseas Athanassiou, CEO of Lamda, acknowledges initial skepticism but emphasises the transformative potential of the project, envisioning a future metropolis adorned with open spaces, sustainable energy solutions, and verdant landscapes.
Spanning a vast 6,200 acres and located just a 20-minute drive from Athens, Ellinikon promises to redefine both the coastal landscape and the nation's economic trajectory. Regarded as a venture typically seen in countries like China or the United Arab Emirates, the project symbolises Greece's resurgence following years of economic turmoil.
Developers project that upon completion in 2037, Ellinikon will contribute a substantial 2.5 percentage points to Greece's GDP, foster the creation of up to 80,000 jobs, and yield tax revenues exceeding €10 billion. Additionally, it is anticipated to attract an extra million tourists annually, with accommodations ranging from the luxurious Mandarin Oriental hotel to an integrated casino-resort.
Already, 243 units have been offered for sale, with 140 units already claimed. Sales revenues have soared to €641 million since March last year, primarily driven by domestic buyers. It is estimated that the burgeoning city will house approximately 20,000 residents in around 10,000 residences over the next 13 years.
Built upon the urban concept of the 15-minute city, Ellinikon is poised to offer its inhabitants access to essential amenities, including schools, parks, offices, shops, and beaches, all within a short commute. The city will be equipped with advanced software for monitoring waste, water, and energy services, earning it the moniker of a "smart city from end to end," according to Lamda Development's CEO, Mr. Athanassiou.
While the journey to bring Ellinikon to fruition has been fraught with challenges, including licencing delays and labour shortages exacerbated by Greece's financial crisis, Lamda remains undeterred in its mission. By leveraging innovative solutions and strategic partnerships, the company aims to overcome these hurdles and deliver on its vision of a thriving, sustainable metropolis.
As construction progresses, with seven new apartment buildings set to grace the skyline by summer's end and plans for a vibrant sports center to open by 2025, Ellinikon stands as a testament to Greece's resilience and capacity for transformation.
