Athens has a new “smart city.” Taking up 6.2 million square meters, this new city will be in the “Athens Riviera,” which starts at Piraeus Port and ends at Astir Vouliagmenis. The project will take 20 years to complete and €8 billion in private investments, featuring luxury hotels, high-end restaurants, a retail mall, and a massive “smart park.”
About the Ellinikon
The Ellinikon neighborhood will become a new destination for locals and tourists, with 10,000 residential units for rent or sale. A 2 million square meter park called Ellinikon Park will connect everything with 50 kilometers of walkways, bicycle paths, and suburban roads.
The middle of the Ellinikon will have a kilometer-long public beach, which leads to the Cove Villas, a set of 100 custom-designed beachfront homes. All together, this project will bring over a million more tourists to Athens than before. Investors and project leaders say it will create thousands of jobs for the Greek economy.
Opening Timeline
The first stage of The Ellinikon will open in 2026, with a residential tower and retail area. Next will come a sporting complex, and marina. The athletic area will have 20 tennis courts, 6 training halls for gymnastics and fencing, nine basketball courts, and three Olympic-sized pools.
The Tallest Residential Building in Greece
The Riviera Tower will be the most unique section of the new development and the first residential skyscraper in Greece. It will have a collection of apartments and penthouses with incredible views and easy access to the beach. The building is already pre-certified with LEED certification at a Gold Level.
Also in the Riviera Tower will be the Riviera Galleria, a shopping center with international fashion houses, designer stores, and fine dining restaurants, all with a waterfront view. The Riviera Galleria also is LEED pre-certified.
The Tallest Commercial Building in Greece
Also part of the Ellinikon neighborhood will be a skyscraper office tower called the “Vouliagmenis Mixed Use Tower.” When complete, it will be Greece’s tallest commercial building. Although the name doesn’t sound as nice as the Riviera Tower, tt will have office space and a hotel for business travelers, as well as connection to 2 metro stations. It will be 40 stories tall (150 meters) and will be located next to the Vouliagmenis “Commercial hub” and Mall which will take up 180,000 square meters. The tower will have a sky atrium on the top floor and a number of amenities for business visitors and permanent tenants.
Cost to Live in the Ellinikon
And now, the Ellinikon district is trying to take advantage of the same market. The developer, Lamda, has already started selling residences in the Riviera Tower (the upcoming tallest building in Greece), and the average price is 14,000 euros per square meter. Compare this to the average of 1,809 euros in the center of Athens at the start of 2023, and 3,368 in some of the neighboring suburbs of the Ellinikon district. Although the price difference is large, it is a reasonable price compared to some other European cities’ top real estate.
Other Projects in Athens
The Ellinikon project is happening at the same time as a lot of renovation comes to the city of Athens. For example, in 2017, the Stavros Niarchos Foundation Cultural Center, a home for arts, education, and sports, is now open, and it hosts the National Library of Greece and the Greek National Opera. In 2020, the National Museum of Modern Art opened in Athens in a former beer factory. The 150-year-old National Archeology Museum will be renovated, and the city of Athens has now started construction of a 4th metro line. It should be open by 2029. The city has also gained nine new 5-star hotels between the years 2019 and 2022, making the total 30.
