Ellinikon
The Ellinikon Development in Greece
View toward Ellinikon area of Athens, Greece – click to enlarge photo – it is between Glyfada Beach and Kalamaki Beach.
The Ellinikon area near Athens is situated along the Mediterranean waters of the Saronic Gulf and has been undergoing extensive development with the building of hotels, condos, and entertainment venues. Often referred to in the media as "the Greek Riviera" and 'the Greek Gold Coast," this expansive zone was previously home to the old Athens Hellinikon International Airport, also a nearby complex utilized by the United States military during the Junta years, and subsequently by Greece for various smaller projects.
Nestled directly adjacent to Glyfada, Greece, which is an established and large expat community, the area has been earmarked for high-profile projects catering to tourism and "higher-end" entertainment and shopping.
The Connection to the Golden Visa Program
The Golden Visa program has been an economic success for Greece, contributing significantly to the country's recovery from the economic fallout of the 2008 financial crisis. The influx of foreign investment, combined with impressive tourism numbers, has driven a notable increase in rents and home prices in Athens. However, this surge presents a challenge for the government, which is now striving to balance the need for affordable housing with fostering continued economic growth. As more foreign buyers choose to settle in the area, Ellinikon has become increasingly exclusive due to the rising costs of its real estate.
The Ellinikon project has also fueled a conversation in Athenian government on the subject of the height of buildings, with some of the taller projects intended for the area set to permanently change the skyline of the city and in particular create objects (i.e., high rise condo towers) that will stand out and change the now mostly unobstructed view of the waters of the Saronic Gulf from just about any high place in the city.
Related: Real Estate in Greece
Related: The Golden Visa in Greece
Related: Moving to Greece page
The Ellinikon initiative features plans for villas, two hotels, shopping centers, a university, a marina and other buildings.
November 18, 2024: Story at Manila Times [English]
The building of the Elliniko Riviera Tower will change Athens' skyline with a skyscraper expected to be completed by the end of 2026. The expectation is that 30,000 people will live and work in the 2.4-square-mile space.The 8-billion-euro ($8.5-billion) project financed by private funds is, according to its backers, a symbol of Greece's renaissance after the years of financial stagnation that saw investors flee the country. Critics, however, see it more as a future "ghetto for the rich."
Greece's Golden Visa program
