Ellinikon: 17,000 interested buyers from 110 countries to buy an apartment - The profile and motivations, the new neighborhoods

The above was emphasized by Mr. Alexandros Moulas, Chief Commercial Officer, Residential of Lamda Development, speaking in the context of the Athens Riviera Summit. As he mentioned, the demand now comes from every corner of the planet, with 65% of interested buyers being Europeans, 15% Americans and 12% from the Middle East. A significant presence is also recorded from Britain and Australia, but also from countries such as Canada, Germany, Turkey and Switzerland.

Buyers do not have a single profile. Foreigners increase as the projects progress and follow different trends, with different motivations. Thus, in addition to those who see Elliniko as a place for permanent residence, there are also those who see it as a pure investment option, he added.

The profile and motivations of buyers

According to the data presented by Mr. Moulas, almost half of the buyers, 47%, see the purchase of a home in Elliniko as an investment, with expected returns of 5% to 7% through rentals. A percentage of 29% buy as a first home, 21% as a second, while only 3% state that their interest is linked to obtaining a Golden Visa.

Demand is mainly directed towards two- and three-room apartments (43% and 29% respectively), while a much smaller percentage concerns larger residences. Financing is mainly provided by Greek banks, while LAMDA has foreseen the provision of facility management services for owners, something crucial in residential complexes, Mr. Moulas added.

Waterfront sell off

The strong demand has already led to the sale of all properties offered on the waterfront. The Riviera Tower, which has reached the 32nd floor, no longer has any available homes, while a similar picture is observed at the “Cove Residences”, which include 115 homes. In the tower, prices are on average 13,700 euros per square meter, with higher amounts on the top floors, while in the “Cove Residences” the average was around 11,000 euros per square meter.

In “Little Athens”, a neighborhood developing in 28 buildings, prices start from 7,000-8,000 euros per square meter (with values ​​​​from 400 thousand to 2.5 million euros) and reach up to 11,000 euros at “Park Rise”. According to the data, 93% of the homes that have been allocated to date have already been sold or reserved.

The new neighborhoods that are coming

LAMDA Development has already announced the next major neighborhood, “East Village”, which will be developed on the eastern side of the area. Indicatively, one of the complexes of the new neighborhood, “Skyline Havens” by Liakos Architects, will include 150 luxury homes with resort-like services (outdoor pools, playgrounds, gym, concierge services) and is scheduled to be delivered in 2028.

In parallel, within the next year and a half, most of the projects of the first phase are expected to be completed, which includes 1,500 homes from LAMDA and an additional approximately 500 from collaborating developers. By the end of 2028, a total of approximately 2,000 residences will have been delivered, while new complexes will be launched gradually. Already for the end of 2025, 100-120 new residences have been announced and another 300-350 for the first quarter of 2026.

From Greece to the world

The interest in Elliniko began with a strong presence of Greek buyers, who largely covered the first residences that came on the market. Today, however, the trend is clear. Demand comes from all over the world, as Mr. Moulas emphasized, with Americans and Australians showing a willingness to spend more, while Europeans and residents of the Middle East see the investment as long-term.

The redevelopment of Elliniko is expected to offer a total of 10,000 residences in all phases of the project. With 93% of the available space already sold or committed, it is clear that the project is not only a major project for Athens, but also an international case study on how a city upgrade can attract global purchasing interest.

As has been announced, emphasis is placed on the fact that with the completion of the urban regeneration project in Elliniko, the microclimate of the wider area will change, as the area that was covered by 70% cement will consist of 70% green, with all the positive implications this has for the environment. In addition, as has been announced, there will be substantial environmental benefits from the creation of the new city, as it will incorporate the most modern international standards in terms of sustainable development (renewable energy sources, energy and water resource saving systems, etc.).