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Ellinikon urban development project in Athens

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2026-09-16 15:22 UTC → 2026-09-16 21:21 UTC · added ~~removed~~

The Ellinikon is a massive 620-hectare urban development project located on the former site of the Athens airport. Valued at approximately eight billion euros, the project aims to establish a new city on the Athenian Riviera, featuring 10,000 residences, offices, hotels, schools, clinics, and a casino resort. A central element of the development is the 200-hectare Ellinikon Metropolitan Park. Designed to act as a ‘climate shield’ for Athens, the park utilizes digital weather simulations to incorporate ‘cool paths’ and strategic tree placement to mitigate heat and manage heavy rainfall. Some sections of the park and various sports facilities are already open to the public. Construction has transitioned from large-scale earthworks to the rising of major landmarks, including the Riviera Tower and the Hard Rock Hotel & Casino Athens. As of early 2026, LAMDA Development had invested approximately €990 million in buildings and infrastructure. Real estate sales are progressing, with roughly 1,000 homes sold and the first deliveries expected in 2027. By late August 2026, LAMDA Development reported that total revenues from sales and leases at the project exceeded €1.8 billion. Residential development revenues for the first half of 2026 reached €164 million, a 30% increase over the previous period. In the Little Athens neighborhood, 81% of available apartments (610 out of 750) had been sold or reserved. Despite these sales, the Ellinikon project reported a negative EBITDA of €44.8 million and net losses of €111.9 million, which management attributed to increased construction costs and lower plot sale revenues compared to 2025. CEO Odysseas Athanasiou stated that strong cash inflows from property sales continue to support construction acceleration. Additionally, the company recently completed the official inauguration of The Ellinikon Sports Park.

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