Greece’s tallest skyscraper is rising into the sky in the coastal suburb of Ellinikon, Athens. 20 floors have already been completed, and 50 are planned. On the site of the former Athens airport, the real estate developer Lamda Development is building a green, smart city with an investment of around eight billion euros.
On a 620-hectare area — three times the size of Monaco — shopping centers, hotels, schools, a university campus, sports facilities, the largest casino in Europe, and 10,000 residences are being developed along the coast of the Saronic Gulf.
Typically, residential real estate in Greece is associated with holiday islands like Mykonos, Rhodes, Corfu, or Crete. These destinations remain popular, but the Attica Riviera, also known as the Athens Riviera, is increasingly catching the interest of international buyers.
Increasing Interest from Foreign Buyers
Greek real estate is increasingly sought after by foreigners. According to the Bank of Greece, around three billion euros of foreign direct investment flowed into the real estate market last year — partly due to Greece’s “Golden Visa” program introduced in 2013. Non-EU citizens investing at least 400,000 euros in real estate can obtain a residence permit allowing travel within the Schengen area.
In some regions, like Athens and popular islands, the minimum investment threshold was raised to 800,000 euros last September. However, brokers report this has had little impact, as most luxury properties already fall into this price range. In 2024 alone, 9,411 foreign investors applied for a Golden Visa — half of them from China.
Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, also anticipates continued strong demand and rising prices along the Attica Riviera. He attributes the boom to climate, quality of life, political stability, Greece’s upgrade to investment-grade credit status, and growing economic confidence.
Following the rating upgrade by S&P and more recently Moody’s, Greece has moved out of the junk bond category, attracting more solid investments.
Savvaidis observes that today’s buyers are less focused on speculative gains and more on acquiring investment properties that also offer high living quality. There’s a "consistent demand for spacious villas offering privacy, outdoor space, and modern amenities" in the three to seven million euro price range. Sotheby’s sees strong interest, especially from buyers in the USA, the Middle East, and Germany.
Ellinikon: A Gamechanger Project
At Lamda Development, officials report that demand for residential units at Ellinikon has far exceeded initial expectations. Prices there start at 7,500 euros per square meter.
The master plan for the city comes from Foster + Partners (London). More than two-thirds of Ellinikon's land will be green areas, sports facilities, and recreational spaces. Its centerpiece will be a coastal park spanning two square kilometers — larger than London’s Hyde Park.
Ellinikon is designed as a “15-minute city”: all daily necessities — schools, shops, restaurants, and public transport — will be reachable on foot within 15 minutes.
Savvaidis from Sotheby’s, predicts that Ellinikon will "set new standards for urban living" and serve as a "catalyst for broader market growth and demand."
Lamda Development has no problem selling its properties: by the end of 2026, the first residents are expected to move into the Riviera Tower. However, it’s already too late for interested buyers — the 170 luxury apartments have been sold out for two years, at prices ranging between 9,000 and 32,000 euros per square meter.