Athens’ former airport is being rebuilt as an €8 billion coastal city: a 2,000,000 square metre park, new residences, retail and offices on the Riviera, directly next to Glyfada.
The Ellinikon is built around a 2,000,000 square metre park, one of Europe’s largest urban green spaces. The plan pairs it with eco-friendly infrastructure, smart-city systems and green corridors running through the residential districts.
The Ellinikon is forecast to draw an additional one million tourists a year and to create between 70,000 and 80,000 jobs, making it the largest single addition to the Athens economy in decades. The district next door: our Glyfada guide → Attica, district by district →
The Ellinikon is Europe’s largest urban regeneration project, rebuilding Athens’ former airport as a mixed-use coastal district. The investment exceeds €8 billion, with €14 billion in anticipated tax revenues and a projected 2.4% addition to Greece’s GDP. Residential, commercial and leisure allocations are released in phases.
The master plan is drawn by Foster + Partners, Kengo Kuma and Sasaki, working to a brief that combines residential density with continuous public green space and public access to the coast.
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Short answer: new homes at The Ellinikon are priced at the very top of the Athens Riviera. Greek business press reported average pricing of about €13,700 per square metre in the Riviera Tower, around €11,000 at Park Rise and at the Cove Residences, and €7,000–€8,000 in the low-rise Little Athens neighbourhood (reports from May 2025; the developer prices each release separately and figures move). By comparison, BUY GREECE tracks the surrounding resale market, the Kato Glyfada border, Elliniko and Argyroupoli, at €3,500–€10,000 per square metre. The premium buys a new build inside a 2,000,000 m² park with a marina and retail at the door, and a delivery date in 2027 rather than now.
The 200-metre residential tower on the coastal front and the project's first phase. Launch pricing was above €10,000/m² and the first releases sold out in 2022–2023; upper floors and penthouses trade well above the average. Construction is on schedule for completion in 2026–2027.
The premium tier after the tower: coastal-front and marina-side homes, priced per asset, with sea-front villas and branded residences at the top of the project's range.
Mid-rise apartments on the park edge of the Little Athens neighbourhood; the first fully finished showcase residence at Promenade Heights was unveiled in 2026 and the first homes are scheduled for delivery in early 2027.
The entry point to the project: apartments and maisonettes around the park, phased delivery through 2027. Still well above the neighbouring resale market, which is the price of being inside the plan rather than next to it.
Existing apartments and new small developments on the project's edge, priced by distance, age and sea view. This is where most buyers who want the Ellinikon effect without the Ellinikon premium actually end up, and where BUY GREECE does most of its work on this coast. BUY GREECE Greek Property Monitor, Q3 2026.
A dated timeline from the tender to the planned openings, based on the developer's public announcements and Greek business press. Filled markers are done; the dark marker is now; open markers are scheduled.
A 6,200,000 m² site on the Athens coast, idle since the airport moved to Spata in 2001, is awarded for redevelopment as a mixed-use coastal district.
After years of approvals, works begin on the ground and the first public space, the Experience Park, opens at the end of the year as a preview of the 2,000,000 m² park to come.
The 200-metre tower is released at pricing above €10,000/m² and its first phase sells out; foundation works start in early 2023 and the Ellinikon Experience Centre opens to show the plan.
The park-side residential neighbourhood goes on sale (Park Rise reaches 93% sold or reserved by 2025), and construction begins on the integrated resort with an 1,100-bed hotel tower and a casino of about 15,000 m².
Work begins on the large-format mall on Vouliagmenis Avenue, due 2028, while Riviera Galleria on the coast is about three-quarters pre-let before it opens; registered buyer interest in the residences passes 17,000.
The Ellinikon Sports Park opens to all, the first fully finished showcase home is unveiled at Promenade Heights, and the Riviera Tower and Riviera Galleria are in their final construction phase.
The first homes in Little Athens are due for delivery in early 2027, with further phases handed over through the year.
The tower is on schedule for 2026–2027; the coastal retail galleria is due to open in the second half of 2027; the integrated resort is targeted for 2027.
Completion of the large-format mall, the second major retail piece of the plan.
The remaining neighbourhoods, the marina build-out and the completion of the 2,000,000 m² park roll out across the following decade; dates for these phases are the developer's to announce.
The Ellinikon sits in Attica, so the Golden Visa minimum is €800,000 for a single property of at least 120 m² under Law 5100/2024; most tower, marina and Park Rise units clear it, many Little Athens apartments do not. Golden Visa property cannot be short-let. Delivery is phased from early 2027, so an off-plan buyer today is paying for a 2027–2028 home; the perimeter market delivers now. Buyers are largely Greek diaspora, North American and Middle Eastern families and investors who want a new build on the Riviera with the park and marina at the door, and who are comfortable paying the premium for it.
For a buyer who wants a new-build on the Riviera inside a masterplanned park, with retail and a marina in the plan, and who is comfortable with top-of-market pricing and a 2027 delivery, yes. For a buyer who wants value or income now, the perimeter is usually the better answer: the same coast, existing stock, €3,500–€10,000/m², no short-let freeze, and the Ellinikon effect on prices without the Ellinikon premium. BUY GREECE's Greek office is in Glyfada, a few minutes from the site, and most of our work on this coast is exactly that perimeter.
BUY GREECE is an independent real estate company. We are not the developer's sales agent and we do not sell Ellinikon units on its behalf; new releases are sold by the developer and its appointed agents. What we do: source and verify property on the perimeter (Kato Glyfada, Elliniko, Argyroupoli, Voula), track resale and assignment opportunities in the completed phases as they appear, run the six-check due diligence on anything you are considering, and handle AFM, banking, notary and Golden Visa by power of attorney from Chicago and Glyfada. If your brief is the Ellinikon itself, we will tell you plainly what is and is not available, and at what price.
Independence notice: BUY GREECE LLC is not affiliated with, endorsed by, or acting for Lamda Development S.A. or The Ellinikon. "The Ellinikon", "Riviera Tower", "Little Athens", "Park Rise", "Cove Residences", "Riviera Galleria" and related names are trademarks of their respective owners and are used here only to identify the project. Prices and dates are taken from public company announcements and Greek business press as dated, are indicative, and change by release.
No. As of August 2026 the Experience Park and the Sports Park are open, the Riviera Tower and Riviera Galleria are in final construction, and the first homes are due in early 2027. Later phases run into the 2030s.
Reported averages: about €13,700/m² in the Riviera Tower, about €11,000 at Park Rise and the Cove Residences, €7,000–€8,000 in low-rise Little Athens (2025 press). A 100 m² Little Athens apartment is therefore roughly €700,000–€800,000; the tower starts well above €1M. The perimeter resale market runs €3,500–€10,000/m².
New releases are sold by the developer and its agents, not by us. We source resale and assignment units as they appear, and the perimeter market around the site, and we run the legal and Golden Visa process for either. Ask us and we will tell you what is actually available.
If the single property costs €800,000 or more and is at least 120 m², yes; that is the Attica tier under Law 5100/2024. Golden Visa property cannot be short-let.
Sources: Lamda Development announcements (Sports Park opening, August 2026; construction progress releases); Greek business press on delivery and retail timelines (To Vima, 2025–2026); reported residential pricing (Greek City Times, May 2025; GTP, October 2025); Hard Rock Hotel and Casino Athens public filings; neighbouring price bands from the BUY GREECE Greek Property Monitor, Q3 2026. Published by BUY GREECE LLC, Chicago and Glyfada, Athens; reviewed by Kirill Samarits, Founder and CEO. Not legal, tax or investment advice.