The Ellinikon Athens, Greece: seafront homes at Europe's 'biggest real estate project' give golden visa rights

Ancient Athens is one of the oldest capital cities in the world, the birthplace of democracy and the inspiration for the American constitution. But modern Athens is comparatively young by European city standards, a mere 200 years old.

In more recent times the Greek capital gained a reputation as a dirty, underdeveloped stop off on the way to the Greek islands, good only for the Acropolis and killing time before the next boat out of there.

Since the 2008 financial crisis, which brought real despair to the Greek economy, Athens has evolved from an overlooked European capital to a happening artist hotspot, beloved by a certain global cognoscenti for its gritty charm and relative affordability.

Where the artists lead, eventually the rest of the world follows, eventually bringing with it the big money.

Now the city is on the cusp of huge change, home to an entire new district, The Ellinikon, being built on the site of the former Athens airport – the ancient city’s newest neighbourhood.

What is the Ellinikon?

Described as Europe’s biggest real estate scheme, three times the size of Monaco, by Greek developer Lamda who is undertaking the €8 billion project, the development is seen by many Athenians as signalling a sea change in the city’s, and indeed, the country’s fortunes, with its promise of long-term investment and the redevelopment of a long-derelict site.

Lining 3.5km of coast and neighbouring the upmarket seafront neighbourhoods of Glyfada and Vougliameni, the 6.2 million square metre site is intended to be a glossy addition to the so-called Athens Riviera.

Landmark buildings from big-name international starchitects will feature, alongside a new marina with moorings for mega yachts, a casino, and a 600-acre new public park connecting the city to the beach.

Lamda hope that, with its two luxury malls, five star hotels and branded residences and leisure facilities, the new neighbourhood will also act as a major draw for tourism, turning Athens into a destination in its own right.

Major new infrastructure includes tunnelling part of the traffic-riddled Poseidonas Avenue that currently snakes along the coastline, underground creating a seamless pedestrian route between the park and the beach.

The development itself will have no vehicle access, except for emergency vehicles. There are two existing metro stations at the inland edge of the scheme as well as a new tramline planned from Vougliamenis to the sea.

Sadly though, suburban Athenians are committed drivers, meaning that while most of the new neighbourhood itself will be car-free, the anticipated one million foreign visitors annually, as well as the hundreds of new residents and workers at the anticipated 75,000 new jobs created by the development are likely to add an even heavier traffic burden to the surrounding roads.

Design and architecture

The scheme was masterplanned by Foster + Partners with some of the world’s most renowned architects also designing buildings, from Kengo Kuma’s shopping mall, to housing by Bjarke Ingels.

In addition, the striking modernist East Terminal, designed by Eero Saarinen, is set to be reimagined for the 21st century.

All new buildings will be LEED certified, while the construction work currently underway aims to reuse as much excavated material as possible.

Homes at the Ellinikon

Overall there are 8,000 homes planned on the development with the most upscale being those closest to the coast.

There are 1,500 homes in phase one with pricing set from €6,000 per square metre – a lower price than other southern suburbs, according to to Odisseas Athanasiou, CEO of Lamda Development.

Savills research shows Athens still has some way to go to catch up with prime property prices in other cities, with the prime average currently €10,000 per square metre, compared to London’s €18,400 or Paris’s €15,600.

The Riviera Tower, Greece’s first residential skyscraper, designed by Foster + Partners, has already seen all of its 170 units sold, as has Cove Villas, where all 28 homes are in new hands. Prices have already risen 15 per cent, Mr Athanasiou claims.

The next phase to go up for sale is the Little Athens neighbourhood, bringing about 1,115 new homes in its first phase. Situated near the northwestern coastline, the centrepiece of the neighbourhood is Park Rise, a 50-metre block of flats designed by Bjarke Ingels Group.

The 88 homes in the block range from one- to five-bedroom apartments behind a curved concrete façade, apparently conceived as a reimagined classic Greek column.

Resident-only amenities include fitness facilities including an indoor pool and private gardens.

At least one third of the apartments have already been sold.

The homes have not yet been marketed abroad, so buyers are currently 75 per cent Greeks, 25 per cent overseas buyers. A significant proportion of buyers are also Greek ex-pats.

Eventually Lamda expect the number of overseas buyers to be closer to 40 per cent.

Building on the Ellinikon is scheduled to complete in 10 years, although Athanasiou acknowledges that serious labour shortages in the construction industry are a challenge.

Buying in Greece

Marcus Gondolo-Gordon of buying agent, Property Vision International, offers the following advice.

Property ownership in Greece is incredibly common, with over 70 per cent of residents owning their homes thanks to a strong culture of family and inherited property.

Purchase tax is at 3.09 per cent of the purchase price and you will need to obtain tax file number with scanned copies of your passport and a completed form to include personaldetails.

You will need to open a bank account (Bank of Piraeus) and provide a copy of last two years’ tax returns, mobile phone bill showing the mobile phone number and a bill (water, electricity etc.) proving the residence address, work address.

You will also need to provide bank statements for the past year, proving that the price, tax and costs for the acquisition of the real estate have been retained at such bank account.

How to get a golden visa by buying in Greece

The minimum investment amount is €250,000, except for Prefectures of Northern, centre and southern sector of Athens, communities of Vari, Voula and Vouliagmeni of the prefecture of Attica, community of Salonika, and the islands of Mikonos and Santorini in which areas the minimum investment amount is €500,000 Euros.

To qualify for the golden visa a buyer (or joint buyers if buying with a spouse) must invest the above amounts.

Family members including spouse, children up to 21, and parents are also entitled to receive visas.

A power of attorney document must be completed in the presence of a notary public in Greece or a Greek embassy abroad.