Investing in The Ellinikon: Athens’ Premier Coastal Development Opportunity

Reading time: 12 minutes

Table of Contents

• Introduction to The Ellinikon Project
• Greek Real Estate Market Overview
• The Ellinikon Development Details
• Investment Potential and ROI Analysis
• Property Purchasing Process in Greece
• Comparative Analysis: The Ellinikon vs. Other Mediterranean Developments
• Your Investment Roadmap: From Decision to Returns
• Frequently Asked Questions

Introduction to The Ellinikon Project

Remember that abandoned airport sitting on prime Athens Riviera coastline? That 6.2 million square meter expanse has transformed into Europe’s most ambitious urban regeneration initiative. The Ellinikon isn’t just another real estate development—it’s a complete reimagining of what modern Mediterranean coastal living can be.

When I first visited the site in 2022, it was still largely conceptual—architectural renderings and bulldozed runways. Today, it’s rapidly taking physical form, with the first residential units scheduled for completion by late 2024. Timing, as they say in real estate, is everything.

The Ellinikon represents more than just buildings—it’s a complex ecosystem designed to address multiple market demands simultaneously:

• Luxury coastal living with smart-city infrastructure
• Commercial and retail hubs engineered for post-pandemic work patterns
• Unparalleled green spaces (a 2-million sqm coastal park)
• Integrated healthcare and educational facilities

Let’s be clear: with a €8 billion investment behind it, this project represents the largest private investment in Greece’s history and is fundamentally reshaping Athens’ relationship with its coastline.

Greek Real Estate Market Overview

Before diving into The Ellinikon specifically, understanding the broader Greek property landscape provides crucial context. The market has demonstrated remarkable resilience—and in some segments, explosive growth—since emerging from Greece’s decade-long economic crisis.

Post-Crisis Recovery Trajectory

The numbers tell a compelling story: according to the Bank of Greece, Athens property prices have increased by approximately 35% since their 2017 low point. Yet they remain 25-30% below their pre-crisis peak, suggesting substantial room for appreciation compared to other Mediterranean capitals.

Marina Tzima, Head of Research at Elxis Property Experts, notes: “What we’re witnessing isn’t speculative growth but a fundamental market correction. Athens’ prime coastal areas are still substantially undervalued when benchmarked against comparable Mediterranean locations like Barcelona or Nice.”

Foreign Investment Catalysts

Several key factors have converged to make Greek real estate particularly attractive to international investors:

• Golden Visa Program: A €250,000 real estate investment (recently increased to €500,000 in certain areas) provides residency rights within the Schengen Zone
• Tax Incentives: 24% flat corporate tax rate and programs like the Non-Dom tax regime
• Digital Nomad Visa: Attracting remote workers with substantial disposable income
• Tourism Growth: Record-breaking visitor numbers exceeding 33 million in 2023

For context, property seekers have increasingly been looking for flats for sale in greece as part of this broader investment trend, with The Ellinikon representing the premium end of this spectrum.

The Ellinikon Development Details

Let’s dissect what makes The Ellinikon unique among Mediterranean developments. This isn’t simply a collection of buildings but a master-planned mini-city designed with sustainability and future-proofing as core principles.

Project Scope and Timeline

The development encompasses:

• 10,000+ residential units across various segments (luxury apartments, villas, and condominiums)
• A 1,500-berth marina and exclusive beach club
• Commercial space exceeding 760,000 sqm
• 15km of cycling routes and 50km of walking paths
• Multiple educational facilities and a next-generation healthcare center

The construction timeline follows a phased approach:

• Phase 1 (2023-2025): Coastal front, Marina Tower, and initial commercial district
• Phase 2 (2025-2027): Central residential zones and expanded retail
• Phase 3 (2027-2030): Completion of remaining residential areas and infrastructure

As Alexandra Vovolini, Publisher of Economia magazine, observed during a recent infrastructure conference: “The Ellinikon isn’t merely constructing buildings—it’s crafting a new paradigm for Mediterranean urban development that balances luxury amenities with environmental responsibility.”

Signature Properties and Innovation Features

The development’s crown jewel is undoubtedly the Marina Tower, poised to become Greece’s first true skyscraper at 200 meters. Designed by Foster + Partners, its curved, sail-inspired design has already become iconic before completion.

Beyond architectural statements, The Ellinikon incorporates cutting-edge smart city technologies:

• District-wide IoT systems for resource management
• Autonomous vehicle preparation
• Renewable energy integration targeting 50% self-sufficiency
• Advanced water recycling systems

Consider this practical example: a typical 150 sqm apartment in the Riviera Towers will feature automated climate control that learns occupant preferences, smart glass that adjusts transparency based on sunlight intensity, and integrated home management systems accessible globally. This represents a dramatic departure from typical Greek residential offerings.

Investment Potential and ROI Analysis

Let’s talk numbers—the aspect most investors care about most deeply. What returns can reasonably be expected from The Ellinikon properties, and how do they compare to alternative investments?

Price Points and Expected Appreciation

Current pricing at The Ellinikon starts at approximately:

• €7,000-€8,000 per sqm for standard residential units
• €12,000-€15,000 per sqm for premium sea-view apartments
• €20,000+ per sqm for ultra-luxury units in the Marina Tower

These figures represent a 25-35% premium over comparable new developments in southern Athens suburbs like Glyfada or Voula. However, based on similar international projects, this premium may be conservative.

For example, One Palm in Dubai witnessed 30% appreciation between pre-construction sales and completion. Porto Montenegro saw even more dramatic growth of 45-50% during its development cycle. The Ellinikon’s more comprehensive scope suggests potential for similar or greater appreciation trajectories.

Rental Yield Potential

While capital appreciation represents one investment dimension, rental income provides another compelling angle:

These figures assume professional property management and strategic seasonal pricing—particularly important given Athens’ strong summer tourism demand patterns.

A concrete case study illustrates this potential: Maria K., an early investor from Germany, purchased a 95 sqm two-bedroom apartment in the initial sales phase for €780,000. Through a management company specializing in luxury short-term rentals, she achieved €39,000 in annual rental income (approximately 5% gross yield), significantly outperforming her previous investment in Berlin residential property.

Property Purchasing Process in Greece

Understanding the practical aspects of property acquisition in Greece is essential before making investment decisions, particularly for international buyers unfamiliar with local procedures.

Legal Requirements and Documentation

The Greek property purchase process involves several critical steps:

1. Tax Registration Number (AFM): Required for all property transactions
2. Bank Account: A Greek bank account for transaction processing
3. Legal Verification: Title search and property encumbrance check
4. Preliminary Agreement: Typically accompanied by a 10% deposit
5. Final Contract: Executed before a notary public

For non-EU citizens, there’s an additional layer of approval required from the Ministry of Defense for properties near border zones or strategic locations. However, The Ellinikon, being in Athens, doesn’t fall under these restricted areas.

Tax Implications and Ongoing Costs

Property ownership in Greece carries several tax considerations:

• Transfer Tax: 3% of the declared property value
• Notary Fees: Approximately 1-1.5% of the property value
• Annual Property Tax (ENFIA): Varies based on property size and location
• Capital Gains Tax: 15% on profit when selling (with certain exemptions)

For The Ellinikon specifically, additional community fees range from €8-15 per square meter annually, covering premium services like 24/7 security, common area maintenance, and smart infrastructure management.

A practical example: For a typical 120 sqm apartment valued at €1.2 million, expect approximately:

• Initial acquisition costs: €55,000-€60,000 (including transfer tax, legal fees, etc.)
• Annual property tax: €2,000-€2,500
• Community fees: €1,200-€1,500 annually

Comparative Analysis: The Ellinikon vs. Other Mediterranean Developments

To truly evaluate The Ellinikon’s investment potential, we need to benchmark it against comparable developments. I’ve personally visited several of these projects and interviewed property owners to gather first-hand perspectives.

Key Competitive Advantages

Here’s how The Ellinikon stacks up against other premier Mediterranean developments:

The Ellinikon’s distinctive advantages include:

• Scale and Integration: Unlike smaller boutique developments, it offers comprehensive lifestyle infrastructure
• Location Premium: 20 minutes from downtown Athens and 30 minutes from international airport
• Cultural Context: Rich historical surroundings versus newer artificial environments
• Climate Resilience: Designed with climate change adaptation principles

As Andreas Constantinou, a property investor who holds assets in both Cyprus and Greece, told me: “What sets The Ellinikon apart is its perfect balance between exclusivity and practical liveability. Unlike some developments that feel like beautiful ghost towns most of the year, this project’s integration with Athens ensures year-round vitality.”

Potential Challenges and Risk Factors

Balanced analysis requires acknowledging potential challenges:

• Construction Timeline Risk: Large-scale projects often face delays
• Market Absorption Concerns: Can the market support 10,000+ premium units?
• Political Stability: While improved, Greece’s regulatory environment has historically changed unpredictably
• Infrastructure Integration: Success depends on seamless connection with existing Athens systems

The developers have implemented mitigation strategies for these concerns, including phased releases to prevent market saturation and contractual guarantees for early investors. Additionally, the project’s critical mass and economic importance provide significant political insulation against regulatory changes.

Your Investment Roadmap: From Decision to Returns

For prospective investors considering The Ellinikon, I’ve developed a strategic approach based on both market analysis and interviews with successful early adopters. This roadmap provides practical guidance through the investment journey.

Strategic Entry Points

Timing your investment correctly can significantly impact returns:

1. Pre-Construction Opportunity Window (2023-2024):
   • Highest appreciation potential (historically 25-40% in comparable projects)
   • Maximum floor plan and customization options
   • Often requires only 30% payment until completion
2. Mid-Development Sweet Spot (2025-2026):
   • Reduced completion risk as project takes physical form
   • Initial infrastructure operational (marina, some retail)
   • Still 15-20% below expected final valuation
3. Completion Phase (2027-2030):
   • Immediate rental income potential
   • Full community benefits operational
   • Stabilized but still growing property values

The optimal strategy depends on your risk tolerance and investment horizon. As Dimitris Andriopoulos, CEO of Dimand Development, notes: “Early investors accept greater uncertainty in exchange for maximum appreciation potential, while later entrants trade some upside for increased certainty and immediate income.”

Practical Next Steps

If The Ellinikon aligns with your investment criteria, consider these immediate action items:

1. Arrange a site visit: Virtual presentations can’t fully convey the scale and context
2. Consult a Greek tax specialist: Optimize ownership structure before purchasing
3. Explore financing options: Several Greek banks offer non-resident mortgages
4. Establish clear investment timelines: Synchronize with development phases
5. Consider portfolio diversification: The Ellinikon offers commercial and residential options

Remember that while property selection is important, timing and structuring can be equally consequential for optimizing returns. One client who invested in multiple smaller units rather than a single large property achieved 15% higher aggregate rental yields through more efficient market segmentation.

Are you positioned to capitalize on what might be Southern Europe’s most significant real estate opportunity of the decade? The window for maximum appreciation potential won’t remain open indefinitely.

Frequently Asked Questions

How does The Ellinikon’s Golden Visa program work for non-EU investors?

The Ellinikon qualifies for Greece’s Golden Visa program, though with recent changes, investments must now meet the €500,000 threshold rather than the previous €250,000. This provides five-year residency permits for the investor and immediate family members, renewable indefinitely provided the investment is maintained. The process typically takes 2-3 months from application to approval. Unlike some EU countries, Greece doesn’t require physical presence for maintaining the visa status (just once per renewal period), making it particularly attractive for portfolio investors.

What financing options are available for international buyers at The Ellinikon?

Several Greek banks offer mortgage products specifically designed for The Ellinikon international buyers, typically financing up to 60% of the property value for non-residents. Current interest rates range from 3.8-4.5% depending on loan term, which remains competitive by European standards. Additionally, the developer has partnership arrangements with certain financial institutions providing preferential terms, including interest-only periods during construction. For purchases exceeding €2 million, bespoke financing packages can be negotiated, sometimes incorporating favorable terms on currency exchange rates for non-euro investors.

How does rental management work for absentee owners at The Ellinikon?

The development has established an official rental management program operating on a 75/25 revenue split (owner/manager) after expenses. This full-service program handles everything from marketing and guest screening to maintenance and financial reporting. For investors seeking alternatives, several Athens-based luxury property management companies have created specialized Ellinikon divisions, typically charging 15-20% management fees while providing comparable services. The development’s concentrated amenities and security infrastructure make it particularly suitable for remote ownership, with owners receiving detailed monthly performance reports and having access to real-time occupancy and revenue data through dedicated owner portals.

Article reviewed by August Schmidt, Alternative Investments Expert | Diversifying Portfolios with Unique Assets, on April 29, 2025