Elliniko attracts global interest: 17,000 buyers invest in Europe’s largest urban redevelopment project

Interest in the residential developments at Elliniko has surpassed all expectations, drawing around 17,000 prospective buyers from more than 110 countries, according to Lamda Development. The geographical distribution shows that 65% of potential buyers come from Europe, 15% from North and South America, and 12% from the Middle East. There is also strong activity from the United Kingdom, Australia, Canada, Germany, Turkey, and Switzerland.

Buyers present a wide variety of profiles and motivations. As the construction progresses and the area begins to take shape, the number of international investors continues to rise. Some are seeking a luxurious permanent residence near the sea, while others approach the project as a strategic investment, aiming for long-term returns and added value.

Approximately 47% of buyers view the purchase of a home in Elliniko as an investment yielding returns of 5% to 7% through rentals. 29% plan to use their property as a primary residence, 21% as a second home, and only 3% associate the purchase with the Golden Visa program. The greatest demand is recorded for two- and three-bedroom apartments, which account for the majority of transactions, while larger residences represent a smaller share. Financing is provided mainly through Greek banks, and Lamda has introduced comprehensive property management services to support owners after purchase.

The strong demand has already led to a complete sell-out of properties along the coastal front. The landmark Riviera Tower, which has now reached its 32nd floor, no longer has any available apartments, while the beachfront Cove Residences, comprising 115 units, have also sold out. Prices in the Riviera Tower average around €13,700 per square meter, with higher rates on the upper floors, while prices at the Cove Residences are approximately €11,000 per square meter.

In the Little Athens district, which consists of 28 new buildings, starting prices range between €7,000 and €8,000 per square meter, with total property values from €400,000 to €2.5 million, and reach €11,000 per square meter at the Park Rise. To date, nearly 93% of all residences released for sale have already been sold or reserved.

The company is now moving forward with the next development phase, the East Village, located on the eastern part of the site. Among the new complexes, the Skyline Havens, designed by Liakos Architects, stands out, featuring 150 luxury residences with resort-style amenities such as swimming pools, playgrounds, a gym, and concierge services. The project is expected to be completed by 2028.

Over the next 18 months, most of the first phase will be completed, including 1,500 residences by Lamda and about 500 more by partner developers. By the end of 2028, approximately 2,000 residences are expected to be delivered, while new projects will be launched progressively: 100–120 new units by the end of 2025 and another 300–350 in the first quarter of 2026.

During the early stages, Greek buyers dominated the market, but today, international demand is leading the way. American and Australian investors show a willingness to spend larger amounts, while Europeans and buyers from the Middle East view Elliniko as a stable, long-term investment. The overall redevelopment plan foresees the construction of 10,000 residences in total, and with 93% of currently available properties already sold or reserved, the project has become a global benchmark in urban transformation, positioning Athens as a major destination for international real estate investment.

At the same time, the redevelopment will bring significant environmental improvements. The area, once covered by 70% concrete, is being transformed into 70% green space, dramatically enhancing the microclimate and overall quality of life. The new urban landscape will integrate the most advanced principles of sustainable development, including renewable energy sources, water and energy conservation systems, and green technologies, making Elliniko one of the most innovative and environmentally friendly projects in Europe.