Affluent investors scoop up luxury Hellenikon properties before they're built
Even if you have very deep pockets and dream of living high above the sea on Athens' coast, you're running out of time to acquire a luxury high-rise or villa for the coming redevelopment of the abandoned Hellenikon International Airport site.
The 8-billion-euro ($9.47 billion) project was supposed to be Europe's largest urban park before a nearly decade-long economic and austerity crisis turned toward turning into a mix of commercial use and luxury sports for the rich.
That includes the rare opportunity to have a seaside village close to the capital city's center along the so-called Athens Riviera that will link the renovations of the port of Piraeus by the Chinese company COSCO to Hellenikon, with the $861 million Stavros Niarchos Foundation Cultural Center in the middle along the water.
Demand has been so strong that all of the apartments in the project’s 45-floor marina tower, as well as the 27 beach-front villas available, will be sold by the beginning of next year, if not earlier, Odisseas Athanasiou, Chief Executive Officer of Lamda Development, the project’s developer, told Bloomberg financial news.
The company has already secured more than 700 million euros ($828.85 million) in deposits with prices starting at 9,000 euros ($10,657) per square meter, with prices expected to hit 14,000 euros ($16,577) by 2025, the highest in Greece and comparable to New York, Shanghai, and Geneva, Switzerland.
“It’s huge because we’re talking about a value close to 1 billion euros ($1.18 billion)” once the property is delivered, Athanasiou said in an interview.
The early sales are a good sign for Greece’s biggest development project. Stretching across an area three times the size of Monaco, the redevelopment of the decommissioned Hellinikon airport could add as much as 2.2% to the country’s economy and 80,000 jobs by 2025.
The project - now officially known as The Ellinikon – is seen propelling Greece's slow comeback from the economic crisis that was accelerating when the COVID-19 pandemic struck.
The development was also stymied for 4 ½ years by the former ruling Radical Left SYRIZA which had a hard-core element that doesn't want foreign companies or investors in Greece, the government aiding in blocking the work.
It's been 20 years since the airport was closed after the opening of a new airport in the area of Spata northeast of Athens, 27 kilometers (16.8 miles) from the center of the capital Athens.
Since then it's been stonewalled by an economic decline and the country's notoriously slow bureaucratic entanglements and challenges from environmentalists who said weeds growing through cracked cement constituted a protected wooded area.
Lambda bought the land in 2014 and bought out two partners, China's Fosun and Abu Dhabi's Eagle Hills, giving the Greek company that had built the disputed Athens Mall sole rights for what could be a financial bonanza and further transform an area along with sea where private companies control public beaches.
THE GROUND FLOOR
“The multiplier effect from an investment standpoint, from a tourism standpoint, and the perception for the country, is going to be huge,” Athanasiou told the news agency as some clearing work has already begun, but the final not expected for some years yet.
He said the developments, mostly commercial buildings, a marina for yachts, a casino, and other properties, and a much smaller park than originally envisioned, will be powered by renewable resources, and sensors will regulate everything from lighting to garbage pick up, the report added.
The Ellinikon will be one of the world’s first smart, green communities built from scratch, according to Athanasiou.
The company has described the project on the coast south of Athens as "a modern, green, digital city, a model of viable development, friendly to people and the environment, that will highlight Greece's cultural heritage - a new place of entertainment, relaxation, walking and exercising, accessible to all."
The works will cover some 2 million square meters (21,572,820 square feet) and besides what will be called Metropolitan Park includes:
Sports facilities
A 72,000-square meter (775,000-square foot) mall
Offices and a hotel near the mall, near Vouliagmenis Av.
Galleria mall near the Agios Kosmas marina
Two hotels along the coast
Nearly 800 housing units (including single homes and apartments)
A skyscraper for housing near the Agios Kosmas marina
The project will open up 10,000 new jobs at its start and have created a total of 70,000 jobs at its end, in a wide range of economic activities and services, said the company, which, like others, was hurt by the pandemic limiting activity.
Lamda plans an initial public offering for its mall unit in 2022. The transaction is expected to generate liquidity of more than 400 million euros ($473.55 million,) Athanasiou said, adding that the company plans to gradually reduce its holding in the malls to less than 45 percent from 88 percent now.
He said two shopping centers are planned as part of the airport redevelopment, and those could also be sold to the mall unit, Athanasiou said.
Helped by the project, Lamda aims to triple its value by 2025, he said. The shares have risen 12 percent this year, valuing the company at 1.4 billion euros ($1.66 billion.)
A 1 billion euro ($1.18 billion) business park will be constructed, and Piraeus Bank said it will move its headquarters to the project that's one of the most ambitious in Europe and seen lifting property values astronomically and lure more companies to settle there.
“Greece will become a world-class destination,” Athanasiou said. “Moving from just a sea and a sun destination to an art of living one,” if said, although attainable there mostly for the rich with no report of affordable units being built.
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
Photo Source: Wikimedia Commons License: CC-BY-SA Copyright: Konstantin von Wedelstaedt
- 1) Thessaloniki Port: Performance growth for 2023 with record container throughput
- 2) LAMDA Development malls and marinas reach new record high
- 3) IOBE: Construction sector in Greece records robust growth and good prospects
- 4) PM at Economic Club of Canada: Greece is an attractive investment destination
25/04 02:19
Athens Airport voted as the best in marketing strategy at European awards in Denmark
25/04 02:10
President of Hellenic Republic visits La Chascona Museum in visit to Chile
24/04 21:31
Thirty-one Greek political parties to take part in European Parliament elections
24/04 21:25
Payment by bank cards now accepted on Athens Airport Express bus lines
24/04 14:12
Herculaneum papyri unveil more than location of Plato's tomb in Athens
23/04 23:52
Greece’s New Ambassador to the United States visits Queens in New York
23/04 21:49
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
23/04 20:59
President of Hellenic Republic wraps up visit to Uruguay at parliament
23/04 15:44
Greek government will pass legislation halving commission paid for POS transactions
23/04 15:03
Precise location of Plato's burial site unveiled by ancient papyrus
22/04 22:33
'Nature Positive' peport highlights new collaborative era in travel & tourism
22/04 21:25
22/04 20:37
Greek and Turkish delegations discuss Confidence Building Measures for 2024
22/04 18:29
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
22/04 13:40
19/04 01:29
Athens State Orchestra presents 'St. Matthew's Passion' by Bach on April 30th
18/04 21:49
Greek Climate Change Minister signs memorandum for Attica fire protection zones
18/04 20:32
'Easter Basket' and 'Godparents basket' to be put into effect next week in Greece
18/04 20:17
18/04 17:40
17/04 21:06
Thessaloniki Port: Performance growth for 2023 with record container throughput
17/04 20:57
Traffic regulations imposed in Athens for the 41st Peace Marathon on Sunday
17/04 20:52
17/04 18:15
Greek Foreign Minister addresses the 9th Our Ocean Conference in Athens
17/04 17:12
16/04 21:02
NHM hosts the Trial of Pericles at the Harris Theater in Chicago on April 17
16/04 20:17
Greece will invest $830 million to protect marine biodiversity
16/04 01:46
New York Greek Independence Parade honors 1821 and solemn Cyprus Anniversary
16/04 01:35
Olympic Games Paris 2024: Olympic Flame to be lit at Ancient Olympia in Greece
16/04 00:29
European Committee of Regions and UN release study on Rural Tourism
15/04 20:41
15/04 19:58
Minister: Greece is transforming into a hub for exporting quality agri-food products
15/04 18:51
Greek Environment Minister meets Chinese Deputy Minister of Natural Resources
13/04 00:13
UN Tourism and Croatia to launch Research Centre for Sustainable Tourism
12/04 00:03
2024 marks a critical year in the enduring strength of Greek-German relations
12/04 00:00
11/04 22:07
Ambassador: US committed to upgrade of Greek military and support NATO's SE flank
11/04 19:40
Hellenic Pride on display at rainy Chicago Greek Independence Day Parade
11/04 02:06
Delphi Economic Forum IX: Energy collaboration a 'key' in Greek-Bulgarian relations
11/04 01:58
UN Tourism launches investment guidelines for Albania sector
10/04 19:01
Greek FinMin: New package of economic measures in 2025 to lower taxes, raise pensions
10/04 18:25
Greek city of Nafplion hosts Mediterranean Yacht Show for ninth year running
09/04 23:57
Greek PM on Tilos: Innovative projects for a cyclical economy are of key significance
09/04 23:55
UN Tourism members promote agenda for Europe as region leads global recovery
09/04 23:46
HFS presents 1968, Rousing Docudrama about Greece’s First European Cup April 21
09/04 22:48
Stolen 7th-century BC oenochoe returned to Greece by Hanover museum, municipality
09/04 22:42
Greek civil servants confederation ADEDY to strike on May 21
09/04 21:55
Greek Migration Minister meets Senior US Coordinator for Lawful Migration
08/04 23:48
08/04 23:41
Elliniko-Argyroupoli Mayor marches in Greek Independence Philadelphia Parade
08/04 21:53
Project Voria casino complex in Maroussi moving ahead after environmental report
08/04 21:36
Minister: Up to 120 delegations to take part in 9th Our Ocean Conference in Athens
08/04 19:22
Direct flight from Shanghai to Athens offers access to key tourism market for Greece
08/04 18:31
AI conference to attract distinguished speakers to Thessaloniki on April 25-27
04/04 23:28
City of San Jose marks March 25 with 16th Annual Greek Flag Raising Event
04/04 22:16
Urban plans published for seven townships in Thessaloniki and Attica of Greece
04/04 17:24
FinMin: The new EU economic and fiscal framework is good for Greece
04/04 15:30
Greek PM meets with the chiefs of the international pharmaceutical manufacturers
04/04 00:15
Deputy Minister for Macedonia-Thrace meets US Embassy Deputy Mission Chief
03/04 20:12
Syracuse AHEPA Chapter 37 marks March 25th Greek Independence Day
03/04 18:10
Greece's Delphi Economic Forum on April 10-13 to focus on 'The Great Transition'
03/04 16:42
Minister: Industrial production has returned to the pre-crisis levels in Greece
02/04 18:06
30/03 23:21
Eleni Gatzoyiannis scholarship offered to Greek students at Boston University
29/03 16:44
3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2
29/03 15:53
Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday
29/03 13:55
Greek Foreign Minister for Economic Diplomacy concludes visit to Montenegro
29/03 12:00
29/03 11:51
28/03 18:41
Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups
28/03 17:32
Greece to auction three-month T-bills on April 3, 2024 in a book entry form
28/03 15:46
Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network
28/03 14:44
IPTO announces framework agreement tender for undersea power cables in Greece
28/03 11:49
IOBE: Construction sector in Greece records robust growth and good prospects
26/03 23:51
St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ
26/03 21:59
PM at Economic Club of Canada: Greece is an attractive investment destination
26/03 17:56
Greek State budget primary balance reaches a surplus of 3,378 million euros
26/03 11:45
Ancient Messene to get upgraded visitors' facilities after approval by Council
23/03 17:43
New requirements for 'Golden Visa' program to kick in on March 31
23/03 16:49
Athenians continue to head out of the Greek Capital for March 25 long weekend
23/03 16:47
Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm
22/03 21:54
US President on Greek Independence Day: Alliance with Greece stronger than ever
22/03 19:51
High diplomacy and geopolitics at Delphi Economic Forum IX in Greece
22/03 19:32
Tax authorities enable payments with foreign bank cards in Greece
22/03 14:19
22/03 00:24
Greece ranks first on list of countries with fastest business environment progress
22/03 00:02
Hellenic Police acquires first electric VAN-type highway patrol vehicle
21/03 22:41
21/03 15:33
Unseen Museum presents "The stele of the twin babies" exhibition in Athens
20/03 22:48
Health Minister: 95% of Greek hospitals to perform afternoon surgeries
20/03 21:52
Greek Deputy Minister of Justice meets delegation from US Embassy in Athens
20/03 21:44
Greek Interior Minister to visit United States and Canada on postal vote
20/03 20:55
Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance
20/03 18:01
Development Minister: We continue the battle against high prices in Greece
19/03 22:28
President of the Hellenic Republic meets her Ethiopian counterpart in Athens
19/03 20:57
19/03 20:25
FinMIn: Moody’s analysis records significant progress in the Greek economy
19/03 11:15
Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin
18/03 22:20
American Hellenic Educational Progressive Association honors Past Supreme President
16/03 13:01
Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens
President of Hellenic Republic visits La Chascona Museum in visit to Chile
Traffic regulations in Athens due to the Olympic Torch Relay on Thursday-Friday
Athens Airport voted as the best in marketing strategy at European awards in Denmark
Greece’s New Ambassador to the United States visits Queens in New York
Precise location of Plato's burial site unveiled by ancient papyrus
Greek government will pass legislation halving commission paid for POS transactions
President of Hellenic Republic wraps up visit to Uruguay at parliament
Herculaneum papyri unveil more than location of Plato's tomb in Athens
Payment by bank cards now accepted on Athens Airport Express bus lines
Thirty-one Greek political parties to take part in European Parliament elections
'Nature Positive' peport highlights new collaborative era in travel & tourism
Greek and Turkish delegations discuss Confidence Building Measures for 2024
Athens Acropolis Museum to host photo show of historic Greek costumes
Over 114,000 Greek Diaspora citizens register to vote by post in the European elections
UNESCO adds Greece's Zagorochoria to its World Heritage List
Infrastructure works on Spinalonga island to assist visitors and protect the monument
PM at Axia discussion: Greece offering great investment opportunities in 2023
UNWTO promotes people's role and MSMES as sector transformation agents
Apartments prices continued upward momentum in Cyprus during Q4 2022
Greek capital of Athens among top-10 most beautiful cities for the second time
Tri-city winter luncheon unites upstate New York Philoptochos chapters