Quick answer: The Ellinikon (also written Hellinikon) is the redevelopment of Athens' former international airport into a multi-billion-euro coastal smart city, covering roughly 6.2 million square metres south of the city. It includes a metropolitan park of about 2 million m², the Riviera Tower — Greece's tallest building — a marina, an integrated resort and casino, retail and thousands of residences. Its first phase reaches completion around the end of 2026, and it is the single biggest driver of rising property values across the Athenian Riviera.

Every property market has its catalysts. Rarely does one arrive at this scale. The Ellinikon is among the largest urban regeneration projects in Europe, and its effect is not theoretical — it is already visible in prices, planning applications and buyer interest along the entire southern coastline of Athens.

For decades the site of Athens' old international airport sat empty on some of the most valuable coastal land in the Mediterranean. The Ellinikon transforms roughly 6.2 million square metres of it into a mixed-use coastal district: parkland, homes, offices, hotels, retail, sport and leisure, planned around walkability and sustainability. Total investment is measured in the billions of euros, making it a genuine city-scale intervention rather than a large development.

What the Project Includes

The Ellinikon has moved decisively from plans to delivery. The Sports Park has opened to the public as the first large-scale public destination on the site. The Riviera Tower has reached structural completion. The Riviera Galleria has completed construction, with opening anticipated in 2027, while work on the Ellinikon Mall is under way and residential neighbourhoods continue to progress. The first phase of the overall project is targeted for completion around the end of 2026.

For investors, this is the important shift: the project has passed the point where it is a promise. Each completed milestone converts speculative uplift into realised value.

The Effect on Property Values

Large regeneration projects influence surrounding markets through a familiar mechanism, and the Ellinikon is following it closely:

1. Anticipation. Values in adjacent areas rise on expectation, often years before completion — this phase is largely behind us.
2. Delivery. As facilities actually open, the area gains real amenity and a second wave of demand arrives — this is the current phase.
3. Maturity. Once the district is populated and functioning, it sets a new price floor for the wider coastline.

The practical consequence is that the areas bordering the site — Elliniko, Glyfada, Voula and Alimos — have seen sustained upward pressure on both sale prices and rents, along with a marked increase in new-build quality as developers respond to a more demanding buyer.

• Elliniko: immediately adjacent; the most direct beneficiary and the sharpest growth curve.
• Glyfada: the established commercial and lifestyle hub next door; gains prestige and spillover demand.
• Voula & Vouliagmeni: premium residential areas whose scarcity is amplified by the new demand.
• Alimos & Palaio Faliro: closer to the centre and lower-priced; benefit from the coastline's overall repositioning.

What This Means for Investors

Buying near a catalyst of this size is a classic appreciation strategy, but it is not risk-free and the easiest money has already been made. Three practical points:

• Micro-location matters more than ever. Proximity, orientation and view differ enormously street by street; the premium is not evenly distributed.
• Yields compress as prices rise. If you need income rather than growth, central Athens will serve you better.
• Golden Visa buyers should note the tier. The whole area sits in Attica, so the qualifying minimum is €800,000.

How Nest Land Helps

Nest Land has been active on the Athenian Riviera throughout the Ellinikon's development. We advise on which micro-locations still offer value, source on-market and off-market properties, and handle due diligence, purchase, renovation and management, so you can take a position near the catalyst without guessing at the detail.

Nest Land has been active on the Athenian Riviera throughout the Ellinikon's development. We advise on which micro-locations still offer value, source on-market and off-market properties, and handle due diligence, purchase, renovation and management, so you can take a position near the catalyst without guessing at the detail.

Frequently Asked Questions

What is the Ellinikon project?

It is the redevelopment of Athens' former international airport roughly 6.2 million m² of coastal land into a mixed-use smart city with a 2 million m² park, the Riviera Tower, a marina, an integrated resort and casino, retail and thousands of homes.

Is the Ellinikon finished?

Not yet. It is being delivered in phases. The Sports Park has opened, the Riviera Tower is structurally complete and the Riviera Galleria has finished construction with opening expected in 2027. The first phase of the project targets completion around the end of 2026.

How does the Ellinikon affect property prices in Athens?

It has driven sustained increases in prices and rents across the Athenian Riviera, with the strong class="subtitle subtitle--1"est effect in Elliniko, Glyfada and Voula, and rising quality standards in new-build stock.

Is it too late to invest near the Ellinikon?

The anticipation-phase gains have largely been captured, but delivery and maturity phases still support values. Selectivity by micro-location matters far more now than it did five years ago.