Golden Visa bonus for foreigners buying luxury homes at Ellinikon in Athens
![Golden Visa bonus for foreigners buying luxury homes at Ellinikon in Athens](https://www.tornosnews.gr/en/files/greek-golden_visa_410540283.jpg)
Foreign investors scooping up luxury homes at the burgeoning 8-billion euro ($8.77 billion) Hellinikon abandoned international airport project on Athens’ coast will also be eligible for a Golden Visa, giving them residency permits and valuable European Union passports.
The program provides visas for those who invest at least 500,000 euros ($547,953) in property in most areas of Greece and the residences at Ellinikon – as it’s being called – are luxury properties selling for more.
There are 1,500 homes in phase one with pricing set from 6,000 euros ($6575) per square meter, a lower price than other southern suburbs, according to Odisseas Athanasiou, CEO of Lamda Development, which is building the project, said The Standard.
Overall there are 8,000 homes planned on the development with the most upscale being those closest to the coast. Building on the Ellinikon is scheduled to be completed in 10 years, although Athanasiou said there’s a big labor shortage even though some 75,000 jobs are expected to be created.
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 percent, he said.
The next phase to go up for sale is the Little Athens neighborhood, bringing about 1,115 new homes in its first phase. Situated near the northwestern coastline, the centerpiece of the neighborhood is Park Rise, a 50-meter block of flats designed by Bjarke Ingels Group, the report said.
At least one-third of the apartments have already been sold. The homes have not yet been marketed abroad, so buyers are currently 75 percent Greeks, and 25 percent overseas buyers, many of them from the Diaspora and expatriates.
Eventually, Lamda said it expects the number of overseas buyers to be closer to 40 percent with interest from residents of several countries, especially with the advantage of the Golden Visa. Once planned to be Europe’s biggest urban park before the financial crisis struck and ideas turned commercial instead, Ellinikon will feature an array of luxury spots, from high-end malls to a marina for big yachts.
It will boast the 45-story Marina Tower, whose residences are so expensive it out priced all but the wealthiest Greeks and 30 percent have already gone to foreigners with deep pockets before construction starts.
THE SMART CITY
In a feature, Al Jazeera pointed to the irony of the project – like others around the country catering to the super-rich – benefiting foreigners and the wealthy in a push to accelerate an economic comeback.
Stelios Bouras, who runs the Greek Guru real estate news website, told the site’s correspondent John Psaropoulos earlier that “the growth in the market which everyone is citing right now in terms of investment is for your high net worth individual from abroad and your top income level in Greece.”
He added: “For the vast majority, there is zero development. And if you look at government policy to increase supply levels, there is almost no movement,” the majority of Greeks left out of the proclaimed success story.
While Ellinikon’s work has yet to begin in earnest, the Greek developers Lamda are touting it, and while there will be a park and green space for the general public, much of the project is tilted toward high-end users and customers.
When done it will be a 6.2 million square meter (66.73 million square foot) smart city, the construction being the biggest current project in Europe, now still mostly infrastructure projects and a pile of broken rocks after initial foundation digging, and right on the sea.
The developer’s owners said real estate will average 10,000 euros ($10,600) per square meter, far beyond the reach of most Greeks, 30 percent of units sold to Syrians, Egyptians, Emiratis, other Europeans, and Americans so far. Athanasiou argued that by attracting foreign buyers, The Ellinikon opened up Greece’s stagnant economy and made no apologies for trying to attract rich buyers to the site.
“For many, many decades, Greece was redistributing the pie of wealth, or poverty, if you will, and now with the new income that is coming from all places in the world, we are bringing in new money. The new money will be distributed more or less to everybody,” he said.
Described as Europe’s biggest real estate scheme, three times the size of Monaco, the development is seen by many Athenians as signaling a sea change in the city’s, and indeed, the country’s fortunes, with its promise of long-term investment, added The Standard.
It lines a 3.5-kilometer (2.17 mile) area of the coast although there wasn’t enough money to depress a busy six-lane roadway that will divide most of the site from the sea, only a partial tunnel with a pedestrian walkway above.
Landmark buildings from big-name international starchitects will feature, alongside a new marina with moorings for mega yachts, hotels, a casino, and a 600-acre new public park connecting the city to the beach.
Lamda hopes that, with its two luxury malls, five-star hotels, and branded residences and leisure facilities, the new neighborhood will also act as a major draw for tourism, turning Athens into a destination in its own right.
Read more at thenationalherald.com
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations, Greek travel market, Greek tourism statistics, Greek tourism report
- 1) Greece and Santorini clinch top honors at American Leisure Lifestyle Awards 2024
- 2) Greek Tourism Minister concludes meetings with luxury travel officials in New York
- 3) Media: Curved luxury high-rise residences will anchor Hellenikon development
- 4) Media: Greece to limit crowds in popular spots and allow luxury developments
25/07 23:18
Greek banks and EIB join forces to enhance access to finance for mid-cap firms
25/07 23:10
Hotel occupancy in Athens reaches 75.5% during the first half of 2024
25/07 23:01
25/07 21:07
Fifty-two municipalities throughout Greece embrace digital transformation
25/07 14:22
Bank of Greece: Loans and deposits by households and institutions rise in June
24/07 23:04
St. Irene Chrysovalantou Astoria marks its Annual Festival from July 25-28
24/07 22:46
Greek Finance Ministry enforces beach regulations after 4,500 citizen complaints
24/07 21:13
Greek president organizes reception for 50th anniversary of restoration of democracy
24/07 19:53
Guards at e-ticketed ancient sites, museums announcing work stoppage Thursday
24/07 16:08
Minister: Disbursement of €2.3 billion from the loan part of the Recovery Fund
22/07 23:29
Cyprus displays in Nicosia once-looted antiquities dating back thousands of years
22/07 23:25
Greek high school students clinch 6 medals at International Math Olympiad
22/07 21:37
Greek Climate Crisis Minister meets with visiting British Minister of State for Europe
22/07 21:33
Hellenic Parliament indowntown Athens undergoes energy upgrades
22/07 18:19
Book of condolences for Nguyen Phu Trong to open at Vietnamese embassy in Athens
21/07 18:05
Sharp hike in the viral load of SARS-CoV2 in the Greek city of Thessaloniki
21/07 15:29
Events for 50-years from democracy restoration in Greece start at the Presidential Mansion
21/07 14:14
Deputy Tourism Minister: Greece can emerge as a protagonist in diving tourism
21/07 13:24
19/07 00:18
UN Tourism and TUI Care Foundation jointly support African artisans in rural areas
16/07 14:47
16/07 11:55
Very high risk of fire for nine regional units across Greece on Tuesday
15/07 23:28
AADE implements mandatory digital export notification system beginning September
15/07 23:26
Hellenic Land Cadastre to be the first Greek state service to implement AI tools
15/07 21:06
US Embassy event marking July 4th: Embracing inclusion and accessibility
15/07 19:13
Athens Municipality opens air-conditioned halls during heatwave
14/07 14:39
National Tourism Organization and Netflix ink cooperation memo to promote Greece
13/07 23:31
OECD report: Greece makes significant strides in competition strengthening
10/07 22:53
Greek-American congressmen meet Greek Prime Minister in Washington DC
10/07 22:50
Greek National Gallery's 'Democracy' looks at Southern European history and art
10/07 21:56
10/07 19:59
Cypriot President visits Athens for event on 50th anniversary of Turkish invasion
10/07 15:44
09/07 22:28
The SFGFF comes to Athens in cooperation with Feelgood Entertainment
09/07 20:34
09/07 18:30
Deal for development of Sani-Kassandra property in Chalkidiki is inked
09/07 14:57
Golf & Maritime for a Good Cause at the 10th Greek Maritime Golf Event
09/07 11:56
The Ultimate Sports Event of Santorini Experience Coming to Santorini on October 3-6
08/07 22:53
Capital Link Invest in Greece webinar series continues on July 9 and 16
08/07 22:25
08/07 20:43
New data on the burial site of Lord Byron's illegitimate daughter Allegra
08/07 15:37
German ambassador: 'To live and work in Greece has always been my dream'
05/07 22:14
Greek port of Piraeus approves distribution of highest dividend in its history
04/07 23:09
Culture Minister inaugurates renovated theater at Dion in Central Macedonia
04/07 19:17
The 43rd Thessaloniki Book Festival opens at the waterfront Friday until July 21
04/07 17:20
Piraeus Port greenlights distribution of highest dividend in its history
03/07 00:24
03/07 00:02
Hotrec reveals digital trends in tourism: Hotels, Booking.com and DMA
01/07 19:28
Higher June temperatures in Greece compared to 2010–2019 average
01/07 19:13
More firefighting aircraft to reinforce firefighting efforts in Greek island of Kos
01/07 17:26
SNF extends support for the Greek National Opera in Athens with an €11 million grant
01/07 12:31
Amendment extending duration of measures against high prices tabled in Greek Parliament
28/06 19:18
Mount Pelion steam tourist train resumes daily service beginning July 1
27/06 14:36
Minister: Mycoast app received 8,911 complaints of illegal activities on beaches
26/06 22:56
Significance of OECD anti-bribery report for Greece's good image highlighted
25/06 19:08
FTI insolvency: Operational business of hotels remains unaffected
25/06 16:19
FinMin urges Greek banks to emulate European counterparts regarding commission charges
25/06 12:12
AEGEAN elected "Best Regional Airline in Europe" at the World Airline Awards 2024
25/06 10:16
Platform for Greece's 'Thessaly & Evros Pass 2024' opens on Tuesday
23/06 14:52
State Minister: Greece is the 8th cheapest country in the European Union
22/06 22:49
Bank of Greece: Travel receipts increased by 22.0% during January-April 2024
22/06 18:11
Greek Tourism Ministry and embassies cooperate to address sector issues
22/06 18:05
Wyndham inked deal with Oikos for the first Ramada Residences in Greece
21/06 17:57
Event organized to present 'The Ilisian' - the new name of the former Athens Hilton
19/06 23:47
Greek state ten-year bond auction concluded with yield at 3.56%
19/06 23:41
Shipping Minister: Greece supports EU's efforts to modernise maritime safety rules
19/06 22:32
Culture minister reviews NSRF projects on the Greek island of Lesvos
19/06 19:41
US Ambassador to Athens applauds Greece’s comeback and investors interest
19/06 11:44
Minister: Reforms must follow investments to boost regional competitiveness
18/06 18:15
ARF 2024: US Ambassador to Athens on Greece's economic miracle
18/06 16:33
Capital Region AHEPA organizes 5th Annual Golf Outing in New York
18/06 14:58
18/06 14:24
Greek Minister refers to multiple benefits from the restoration of the Athens Riviera
18/06 13:35
Regional Governor of Attica: Greeks living abroad are the most important ambassadors
17/06 19:02
Conference focuses on Sifnos and sustainable development on Greek islands
17/06 18:56
Council of State discusses relocation of Mount Parnitha casino to Marousi again
17/06 18:56
Ministers and Super League chief talk digital tickets for upcoming soccer matches
17/06 15:59
Forecast: Very high risk of fire in two Greek regions including Attica
17/06 13:42
Passenger traffic in Greek ports records an increase of 11.1% during Q4 2023
14/06 22:58
14/06 22:03
14/06 17:58
Athens and Thessaloniki added 250 new electric buses to their urban transport networks
13/06 22:43
National Theater to perform Aristophanes at ancient Greek theaters over the summer
12/06 11:48
Athens Acropolis site closed down from 12:00 to 17:00 due to high temperatures
12/06 00:01
'Poor Things' costumes exhbition at Benaki Museum in downtown Athens
11/06 15:53
Schools in Athens to stay closed on Wednesday and Thursday due to heatwave
11/06 00:10
Greek Port Authority to acquire 11 boats for transfer of patients from remote islands
11/06 00:03
Greece's Interior Ministry issues directions for remote work during heatwave
10/06 23:45
Digital app for travellers to Greece 'mAIGreece' goes live on Monday
10/06 22:28
Greek Interior Ministry issues directions for remote work during heatwave on Tuesday-Thursday
10/06 19:38
Traffic restored on new Greek national highway leading to Corinth after truck explosion
10/06 14:42
09/06 22:47
High prices of consumer goods in Greek supermarkets are on a downward trend
09/06 11:18
UK Tourism 2024: Greece named top destination in the world with best value for money
08/06 00:22
Insolvency: FTI Touristik GmbH cancels all trips up to and including 05 July 2024
07/06 02:54
ERTFLIX International takes part in the Los Angeles Greek Film Festival
07/06 02:42
NBG: Greek tourism to break record in 2024 with 35 million arrivals and €22 billion in revenue
06/06 20:50
Greece elected to UN Security Council for 2025-26 in a 'historic day'
06/06 13:57
Hellenic National Archaeological Museum presents "The last Aphrodites" exhibition
05/06 22:00
FTI provisional insolvency admin strives for fastest possible solutions for clients
Hotel occupancy in Athens reaches 75.5% during the first half of 2024
Greek banks and EIB join forces to enhance access to finance for mid-cap firms
St. Irene Chrysovalantou Astoria marks its Annual Festival from July 25-28
Greek Finance Ministry enforces beach regulations after 4,500 citizen complaints
Bank of Greece: Loans and deposits by households and institutions rise in June
Guards at e-ticketed ancient sites, museums announcing work stoppage Thursday
Fifty-two municipalities throughout Greece embrace digital transformation
Minister: Disbursement of €2.3 billion from the loan part of the Recovery Fund
Greek president organizes reception for 50th anniversary of restoration of democracy
High risk of fire for Attica, Viotia and Evia regions in Greece on Thursday
FM: Procedures underway to repatriate 149 Greeks in Israel and Palestinian territories
Greece and Turkey agree to implement or reactivate CBM activity in 2024
Greek Tourism minister meets with Swiss, Albanian ambassadors in Athens
Media report: Cheap airfares aren’t coming back according to airline execs
PM at Axia discussion: Greece offering great investment opportunities in 2023
Bill lifting restrictions for Greeks voting from abroad greenlighted by majority vote
Minister: Greece will continue to demand the return of the Parthenon Marbles
ERTFLIX International takes part in the Los Angeles Greek Film Festival
The SFGFF comes to Athens in cooperation with Feelgood Entertainment
Tri-city winter luncheon unites upstate New York Philoptochos chapters