Greece is a prime destination for investors seeking overseas properties. One notable development is Ellinikon, Europe’s largest urban regeneration project. Umesh Patel explores how it aims to redefine luxury urban living with a strong emphasis on sustainability…
It’s been two years since I last visited Athens and much has changed: a new prime minister has taken office, the Greek economy is finally stabilising and growing after the severe debt crisis, and tourism is on the rise with 2024 expected to be a record-breaking year. These factors combined with competitive luxury property prices in coastal regions compared to other European countries make the Athenian Riviera an increasingly attractive proposition for investors.
One such opportunity is the Ellinikon, a multi-billion-dollar development situated on the site of the former international airport and its surrounding area. The urban area covers 6,200 acres, boasting a coastal park larger than London’s Hyde Park. Designed by the renowned British architectural firm Foster + Partners, this project is deemed by Lord Foster as one of the most significant urban regeneration projects today — it’s also the largest in Europe. Construction started in 2022, with the first phase scheduled for completion by the end of 2026.
The Riviera Galleria
This afternoon, however, construction will come to a temporary halt due to a severe heatwave. Normally, a two-shift system keeps the site busy around the clock, but temperatures soaring into the forties—unprecedented for this time of year—have gripped the city. The government has mandated the closure of schools, workplaces and even treasured landmarks such as the Acropolis.
The extreme heat has also necessitated a change to our site visit. Much to our relief, the tour now takes place within our air-conditioned coach, shielding us from the relentless sun outside.
As the tour begins, I am immediately struck by the sheer enormity of the project: vast underpasses, mountains of rubble piled high and expansive areas lying bare. It’s a scene of transformation on an epic scale, a dramatic contrast to my first visit, when one had to rely on one’s imagination. Back then, most of the site was a barren wasteland, except for the recently launched Visitor Experience Center and Park.
The project’s dedication to sustainability is evident. All materials are being repurposed or reused, with at least 75% of construction waste recovered and diverted from landfills. The soil is also being reclaimed and reused after decontamination; a necessary step given the pollution accumulated during its time as Greece’s main airport for over half a century. This commitment ensures that the development not only transforms the landscape but does so responsibly, setting a new benchmark for future projects.
Sustainability will be further achieved by utilising technology. All buildings will feature smart systems and solutions to ensure energy efficiency. The apartments will be equipped with digitally integrated and controlled appliances, including features like temperature and lighting control.
In addition to the Ellinikon Masterplan, Foster + Partners have also designed the Riviera Tower. This residential building is projected to reach a height of 200 meters, making it Greece’s tallest structure and reshaping the coastal skyline in the process. Approaching the construction site, a colossal concrete block looms before us – enormous walls rise from a dense forest of steel rods, catching the mid-morning sun. Two towering red cranes stand proudly side by side. At night, they will transform into glowing beacons reminiscent of lightsabres, visible to passengers taking off from the nearby airport.
Upon completion, the white stone and steel structure will be swathed in lush vegetation. Each of the 150 private apartments promises stunning vistas, while the grounds will be transformed into a fertile oasis, boasting landscaped gardens, glistening swimming pools and sports facilities. Nearby, you’ll have access to beaches and luxury retail outlets. The Mandarin Oriental Hotel will also be within walking distance. And for those wondering where to dock their yacht, a 400-berth marina below the tower will provide both convenience and a touch of nautical splendour.
Little Athens
But before you think about cashing in your cryptocurrency, you might like to know this: every private residence within the tower has already been sold off-plan, highlighting the immense interest in this ambitious venture. The same fervour extends to the Cove Villas and Residences, luxurious homes nestled in a prime beachfront, further emphasising the demand for these exceptional properties.
But wait, there’s more to consider. Nestled discreetly behind the villas, you’ll find Little Athens – an upcoming urban enclave promising a vibrant social scene, akin to a modern Greek interpretation of Greenwich Village. Scheduled for completion by 2027, this neighbourhood will feature a collection of contemporary apartments designed by the architectural firm BIG. Enter Park Rise: an architectural marvel comprising 88 luxurious residences, beautifully arranged in a cascading vertical design. From their lofty perches, these apartments will boast panoramic views of Ellinikon Park and the azure sea, with exclusive penthouses offering private pools where you can sip and enjoy your Ouzo Sour.
The Arrival Plaza at Little Athens
In addition, you’ll discover the Pavilion Terraces designed by Bjarke Ingels Group, showcasing an ensemble of organic architectural forms that look like wavy mushroom caps and house 156 apartments. Situated along the bustling pedestrian thoroughfare, these buildings will also be close to the beach where residents can enjoy access to a wealth of shopping, dining and wellness facilities. This reflects Ellinikon’s bold vision as a ’15-minute city,’ ensuring every essential daily need—whether it’s work, shopping, education, healthcare or leisure—can be conveniently reached within a 15-minute walk, bike ride or public transport journey from any part of the city.
We pass the old airport terminal—a masterpiece by Finnish-American architect Eero Saarinen, soon to be restored to its former glory as part of the development. The last time I visited, it was all hard hats as we ventured inside—a glimpse into a frozen moment of time. Dusty old personal computers still sat on check-in desks, evoking a sense of nostalgia. Plans are underway to transform this listed building into a museum, preserving its legacy while considering the fate of the Olympic Airlines Boeing 747 parked next to it.
As I gaze upon the ambitious landscape of Ellinikon, it’s clear that this development is not just a real estate project — it reimagines urban living. The prospect of a 15-minute city will soon become a tangible reality, where luxury seamlessly integrates with sustainability. This harmonious balance promises to redefine our perception of modern city life.
The demand surrounding the Riviera Tower and the Cove Villas is testament to the allure of this ‘new’ Athens – a city within a city – a place where every detail, from the lush interiors to the marina, speaks of innovation and elegance.
Cove Villas
Yet, amidst this grandeur, the Ellinikon does not forget the essence of its Greek roots – the development is a bold nod to the future while being deeply rooted in the heritage and beauty of Athens. It is a place where ancient history and modernity coexist, offering both residents and visitors a unique blend of cultural richness and cutting-edge contemporary living.
In essence, the Ellinikon is poised to become more than just a landmark in Greece; it’s set to be a beacon of progressive urban living. And as the sun sets over this burgeoning metropolis, one can’t help but feel a sense of excitement for what’s to come—a vibrant community that promises to be as dynamic and enduring as the city of Athens itself.
Umesh travelled to Athens with BA, flying direct to Athens from London Heathrow. For more information of schedules, prices and information on the city and its attractions, visit the BA website. While exploring the development, Umesh stayed at The Margi, a member of Small Luxury Hotels of the World situated along the Athens Riviera in Vouliagmeni.
And, of course, for information about the Ellinikon, please visit www.theellinikon.gr.
