There are developments, and then there are projects that redefine an entire city’s trajectory. The Ellinikon is the latter. On the site of Athens’s former international airport — 620 hectares of prime coastal land that sat vacant for over twenty years after the airport’s closure in 2001 — LAMDA Development is building what is now confirmed as Europe’s largest urban regeneration project: a €8 billion smart city that will eventually encompass 9,000 residences, Europe’s largest coastal park, a new marina, the continent’s largest casino, luxury hotels, international schools, a university campus, and a kilometre of public beach on the Saronic Gulf.

Having followed the project since its inception, our perspective is shaped by direct involvement — including one of our founding members being part of the core residential sales team of The Ellinikon. Few people outside LAMDA Development know this project the way we do. Our connection to The Ellinikon runs deeper than anyone else in the market— long before construction began, long before the first residences were launched to market, long before the Riviera Tower became the tallest structure in Greece. That history gives us not just knowledge of what The Ellinikon is, but a genuine understanding of how it has evolved, how it is sold, how it is priced, and what the secondary market for completed and near-completion units looks like in 2026.

This article is our honest account of the project — what it is, where it stands, what it will become, and what it means for buyers who are entering now.

The project in numbers

The scale of The Ellinikon requires context to appreciate. The site covers 6.2 million square metres — for reference, that is three times the size of Monaco, and the park alone will be larger than Central Park in New York. Construction is currently active across more than 40 sites simultaneously, employing over 3,000 workers and 18 contractors.

Phase 1 is expected to begin delivery by the end of 2026, with the first residents anticipated to move into The Cove Residences — specifically Urban Blocks 5 and 6, designed by BOBOTIS+BOBOTIS Architects — from 2027 onward.

Throughout 2027, the neighboring Urban Blocks 7 and 8 at The Cove Residences are also expected to be completed, followed by the delivery of Promenade Heights, Trinity & Atrium Gardens within the Little Athens district of The Ellinikon.

The full buildout has a 25-year horizon, running to approximately 2037.

The economic impact projections are significant: 85,000 new jobs, €14 billion in incremental state tax revenues, a contribution of approximately 2.5% to Greece’s total GDP. Nothing comparable has been attempted in modern Greek economic history.

The Ellinikon is the most significant privately financed investment in Greece’s history. It is also, in our view, the defining real estate story in Athens for the next decade.

What is actually being built

Understanding The Ellinikon requires understanding that it is not a single development but a city — a collection of distinct precincts, each with its own character, purpose, and real estate profile.

The Ellinikon Park

The park is the spine of the project — 2 million square metres of public green space that will eventually connect the seafront to the interior of the site. It is also the element that most distinguishes The Ellinikon from a conventional luxury development. Two-thirds of the site is being devoted to public parkland, beaches, and recreational infrastructure. The Sports Park — 287,000 square metres, already the largest coastal sports facility in the Mediterranean — is opening in phases starting from most probably the end of 2026, with football pitches, tennis and basketball courts, a track-and-field arena, and a swimming complex built to international standards. The centrepiece of the park is a 14,600 square metre lake built on the site of the 2004 Olympic canoe-kayak events, surrounded by 900 metres of walking paths and over 11,000 trees.

The Poseidonos Avenue underpass project — burying the coastal road to restore the seafront connection — is already 80% complete and is expected to be delivered within 2027 to the public, fundamentally transforming pedestrian access to the water.

The Riviera Tower

The Riviera Tower is the project’s most visible symbol — and at 50 floors and 200 metres, it is now the tallest building in Greece. Designed by Foster + Partners, it will hold 173 luxury apartments and penthouses on its upper floors.

The tower reached the 44th floor as of Q1 2026, with full completion anticipated in the second half of 2027. Prices averaged €13,700 per square metre at launch, and the entire residential allocation is 100% sold. Resale opportunities exist, and BELL — given our early involvement with the project — has the market context to evaluate and facilitate them.

The Cove Residences and The Cove Villas

The Cove Residences comprise 115 homes along the beachfront. They are 100% sold. The beachfront zone also includes 27 villa plots — the only standalone private villa opportunities within The Ellinikon. These are among the most coveted real estate parcels in Athens.

Together, the entire coastal zone – 315 residences including the Riviera Tower, The Cove Villas and The Cove Residences – is 100% sold. The primary market for these units is closed. The secondary market is where the opportunity now lies and this is where BELL can help.

Little Athens — the residential neighbourhood

Little Athens is the project’s primary residential district: over 1,000 residences across multiple complexes, designed by a combination of Greek and international architects, positioned in the heart of the site next to the park and the beach. Six residential complexes have been launched so far, comprising 671 apartments across 34 buildings. Approximately 81% are already sold or reserved.

Prices in Little Athens range from €7,000 to €8,000 per square metre for standard units, rising to more than €11,000 per square metre at Park Rise — the complex designed by the internationally acclaimed architecture firm BIG, featuring 88 luxury residences with panoramic views of the park and sea from the upper levels. At the time of writing, almost all of Park Rise units are already sold or reserved. Expected delivery is H1 2028.

Pavilion Terraces is a unique residential complex steps from the coastline and the central pedestrian promenade, with ground-floor retail and dining. Designed by 314 Architecture Studio under lead architect Pavlos Chatziangelides, the development comprises 156 residences across seven six-storey buildings, defined by curved balconies and pergolas inspired by the layered forms of Japanese lanterns. Homes range from one to five bedrooms; Expected delivery is H1 2028.

Promenade Heights sits atop a coastal elevation just 200 metres from the sea, on the western edge of Little Athens. Designed by 314 Architecture Studio as nine sculpted circular and elliptical volumes that read as a single fluid composition, the development contains 79 residences with sea, park, and mountain views. Homes range from one to four bedrooms with penthouses offering jacuzzis. Expected delivery is H1 2027.

Trinity & Atrium Gardens are a paired residential release within Little Athens, located roughly 150 metres from the coastal front. Trinity Gardens, designed by Tsolakis Architects, offers 80 residences with sea, park, and mountain views, while Atrium Gardens, designed by Deda & Architects, comprises 56 apartments across four buildings of up to five storeys, with soft, organic forms inspired by waves and pebbles. Residences range from one to four bedrooms and were priced from €370,000 (Trinity) and €400,000 (Atrium), in line with the Little Athens average of approximately €8,500 per square metre. Expected delivery is H2 2027.

Sunset Groves is a collection set nearby Promenade Heights, designed by A&M Architects, the project comprises 99 residences across four low-rise, five-storey buildings, with 2.8-metre ceilings, oak flooring, and high-end kitchens and baths. Homes range from one to four bedrooms — including duplexes and penthouses. Delivery is phased: Sunset Groves East in H2 2027 and Sunset Groves West in H2 2028.

The residential mix in Little Athens has attracted buyers from over 100 countries. The current buyer profile is approximately 55% domestic purchasers and 45% international buyers, of whom around 22% are members of the Greek diaspora. Overall, more than 17,000 potential buyers from 110 countries have expressed interest in owning a residence within The Ellinikon — a figure that reflects both the project’s global profile and the sustained depth of demand.

East Village — a newly launched neighborhood

Skyline Havens is the project’s latest residential release – 150 residences across eight buildings in the newly launched neighborhood of The Ellinikon — East Village, the cultural and commercial heart of the site. Designed by Liakos Architects with dual frontage and sea views, residences range from one to four bedrooms and are priced between €485,000 and €4.5 million, with an average of approximately €9,400 per square metre. Expected delivery is 2028.

Commercial and hospitality

The Ellinikon Mall — set to be one of Europe’s largest retail destinations at roughly 155,000 square metres — is in development on the inland side of the site, with completion expected by 2028. Closer to East Village, on the coastal front, the Riviera Galleria is progressing steadily: a circa 22,000 square metre seafront retail and dining destination designed by Japanese architect Kengo Kuma, scheduled for delivery in the final quarter of 2026. Hospitality across the site is anchored by the Hard Rock Hotel & Casino Athens — the first integrated resort of its kind in continental Europe, home to Greece’s largest casino and more than 1,000 guest rooms, expected to open in 2027 — alongside Mandarin Oriental, Athens, debuting on the waterfront in summer 2027 with 123 rooms and 17 branded residences near Orilina Properties’ Marina Residences by Kengo Kuma. A third international hotel operator, yet to be announced, is planned for the Marina.

Education & Academic Infrastructure

A key component of The Ellinikon masterplan is the introduction of world-class educational and academic infrastructure designed to support both local and international residents. The development is expected to include new schools, educational facilities, and the presence of the University of Nicosia (UNIC) further strengthening the area’s appeal among families, expatriates, and long-term residents.

The integration of academic institutions within the wider Riviera transformation reflects the vision of creating a fully integrated urban destination where residential living, education, wellness, business, and leisure coexist within a connected community.

Why The Ellinikon changes Athens permanently

Understanding the investment case for The Ellinikon — and for the surrounding Riviera corridor — requires understanding what the project does to the urban geography of Athens.

Athens has historically been organised around the Acropolis and the city centre. The southern coastal suburbs — Alimos, Glyfada, Voula, Vouliagmeni — have always been premium addresses, but they have existed at the periphery of the city’s cultural and commercial gravity. The Ellinikon permanently shifts that centre of gravity southward. When the project reaches maturity, the Athens Riviera will have its own mall, its own marina, its own beach clubs, its own sports infrastructure, its own hotel zone, and its own distinct urban identity. The relationship between the city centre and the coast will change from peripheral to co-equal.

For property owners in the surrounding corridor – Alimos, Glyfada, Ellinikon, Voula, Varkiza – this transformation is already visible in pricing. The Ellinikon’s ripple effect on adjacent micro-markets has been well documented: values in Glyfada and Voula have appreciated meaningfully in anticipation of the project’s opening phases, and the full effect on surrounding values will continue to build as each phase of the project opens and matures. The project’s buildout runs to 2037. We are at the very beginning of that appreciation curve.

The project is also deliberately designed as a 15-minute city – every amenity accessible within a 15-minute walk, bike ride, or transit journey from any residence within the site. Smart city infrastructure includes IoT-based water management, EV charging across the development, smart parking and mobility systems, and photovoltaic panels contributing to energy generation. All commercial and high-rise residential developments meet LEED standards. This is not architectural marketing language – it is the operating infrastructure of a development designed to be lived in rather than simply sold.

The state of the market in 2026 — what is available in The Ellinikon and what is not

For buyers approaching The Ellinikon in 2026, the most important thing to understand is that the primary market for the coastal front units in the Riviera Tower, The Cove Residences and The Cove Villas is substantially closed. The first six residential complexes in Little Athens are approximately 81% sold or reserved. To be exact and speaking as of today (May 2026), what is now in the primary market is concentrated mainly in Sunset Groves (Little Athens) and Skyline Havens (East Village) offerings, Park Rise has only one unit available and Promenade Heights penthouses are still on the market.

More projects are also expected to hit the market by the end of 2026 or in the first months of 2027 both from Lamda Development and other third-party developers.

For buyers who want completed or near-completion units in the project’s most desirable zones – Riviera Tower, The Cove Residences and Little Athens – the secondary market is also an available route. This is a market that requires specific expertise. This is precisely what BELL brings. Our involvement with The Ellinikon predates the public launch of any residential phase. We know the project not as observers but as participants. We know which units are worth pursuing in the secondary market, which are realistically available, and what a fair price for each looks like in 2026.

The Golden Visa dimension

The Ellinikon qualifies for Greece’s Golden Visa programme under the current €800,000 threshold applicable to the Attica region. All residential purchases within The Ellinikon are currently exempt from VAT under the suspension that applies to qualifying new builds until 31 December 2026 — meaning buyers pay the standard 3% transfer tax rather than 24% VAT. For a unit at €1 million, this represents a saving of approximately €210,000 against the standard VAT rate.

If residency is part of the motivation alongside the investment case, the timing — before the VAT suspension potentially ends — is meaningful.

The Ellinikon Residential Offerings – what BELL can do that others cannot

For buyers specifically seeking The Ellinikon exposure — whether for residency, capital appreciation, or the lifestyle of living in Europe’s most ambitious new city — BELL is the logical first call. Not because we say so, but because our track record with this project is longer than any comparable agency outside of it.

If you are interested in exploring what is available — primary, secondary, or adjacent to The Ellinikon in the surrounding Riviera corridor — speak with our team. The conversation will be more specific and more useful than anything a general market search can provide.

The broader Riviera context

The Ellinikon does not exist in isolation. Its effect on the Athens Riviera corridor — Alimos, Glyfada, Ellinikon, Voula, Varkiza — is cumulative and long-term. Buyers who cannot or choose not to enter The Ellinikon directly can still position to benefit from its trajectory by buying in the surrounding corridor at current pricing, ahead of the full appreciation wave that the project’s maturation will generate.

BELL’s active portfolio in the Riviera corridor reflects exactly this thesis: proximity to The Ellinikon’s transformation, at pricing that still represents genuine value against the project itself, and with the full benefit of the VAT suspension for buyers moving before the current window closes.

This article is for informational purposes only and does not constitute investment advice. Project details, timelines, and availability are subject to change. Always conduct thorough due diligence before making any investment decision.

By Fay Kastani  ·  Athens  ·  May 2026