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The Ellinikon project is the redevelopment of Athens’ former international airport and the Agios Kosmas coast, a 6.2 million m² site that Lamda Development bought from the state privatisation fund for €915 million in 2021. It combines a 2 million m² park, homes, two malls, offices, hotels and a casino resort. About 1,000 homes have been sold, and first residents are due in 2027.
Last verified: 20 October 2026The Ellinikon project is the redevelopment of Athens’ former international airport, which closed in 2001, and the Agios Kosmas coastal strip into a new district. Lamda Development, a company listed on the Athens stock exchange, is the developer and owner of the land company.
The scale is set out in Lamda Development’s Annual Report 2025: a site of 6.2 million m² (620 hectares), 2.7 million m² of buildable area, a Metropolitan Park of 2 million m² and 3.5 km of coastline that includes a 1 km public beach. The site sits in the municipalities of Elliniko-Argyroupoli, Glyfada and Alimos, on the Athens Riviera.
Both figures are official, from different dates. When the sale closed in June 2021, the Hellenic Republic Asset Development Fund (HRADF, ΤΑΙΠΕΔ) put the total investment at about €8 billion. Lamda Development’s Annual Report 2025 now gives an estimated total investment of more than €9 billion. We use the developer’s latest figure.
The sale agreement for Hellinikon S.A. was signed in November 2014, according to Lamda Development’s company history. Legal challenges and planning approvals took until 2021. On 25 June 2021, HRADF announced that it had transferred 100% of Hellinikon S.A. to Lamda’s subsidiary Hellinikon Global I S.A. for a total price of €915 million. HRADF received a first instalment of €300 million and a bank guarantee of about €347 million for part of the deferred balance.
The Ellinikon Athens plan mixes homes, a large park, two shopping centres, offices, hotels and a casino resort. The table below lists the main parts and their latest official status.
| Component | What it is | Latest official status |
|---|---|---|
| Riviera Tower | 200 m, 50-floor residential tower by Foster + Partners, about 170 apartments | Full height reached in the first half of 2026; sold out |
| The Cove Residences and The Cove Villas | 115 low-rise apartments and duplexes, plus individually designed beachfront villas | Sold out; residents expected from the first half of 2027 |
| Little Athens | Main residential neighbourhood next to the park, seven projects, 1 to 5 bedrooms, 60 to 300+ m² | 610 of 750 released homes sold or reserved at 31 August 2026 |
| East Village (Skyline Havens) | Homes close to Elliniko metro station, built by a third-party developer on Ellinikon land | On the market; completion H2 2028 |
| The Ellinikon Mall | Large mall on Vouliagmenis Avenue | Construction began Q2 2026 (contractor TERNA); 73% of space under heads of terms |
| Riviera Galleria | Coastal shopping centre next to Agios Kosmas Marina | Completion expected Q1 2027; 76% of space under heads of terms |
| The Ellinikon Park and Sports Park | 2 million m² Metropolitan Park; sports facilities | Experience Park open since December 2021; Sports Park opened September 2026 |
| Integrated Resort Complex (IRC) | Hard Rock Hotel & Casino Athens: five-star hotel, casino of about 15,000 m², 3,000-seat venue, convention centre | Built by GEK TERNA with Hard Rock International; construction began December 2023 |
Sources: Lamda Development H1 2026 results (16 September 2026), The Ellinikon Riviera page, Little Athens page, East Village page and Integrated Resort Complex page.
Little Athens is the largest home-selling area so far. The official project page lists seven schemes: Sunset Groves, Trinity Gardens, Park Rise (by Bjarke Ingels Group, 88 homes), Pavilion Terraces, Promenade Heights, Atrium Gardens and The Courtyards (324 homes). Trinity Gardens, Pavilion Terraces and Atrium Gardens are listed as sold out. Stated delivery dates run from H1 2027 (Promenade Heights) to Q2 2030 (east plot of The Courtyards).
Lamda’s 2021 masterplan presentation referred to a “Marina Tower” beside the marina. That residential tower is the building now marketed as Riviera Tower. A separate mixed-use tower on Vouliagmenis Avenue is planned with Brook Lane Capital, under an agreement signed in April 2024. See our full Riviera Tower Athens guide.
The Integrated Resort Complex page describes a €1.5 billion investment by GEK TERNA and Hard Rock International, with 900 rooms and 200 suites. GEK TERNA announced the start of construction on 22 December 2023 under a 30-year concession. An opening date is not published on the project site.
Ellinikon homes are sold off-plan in phases, and the average sale price so far is about €1.3 million. Lamda Development does not publish a price list. Prices are given on request, and buyers sign a reservation agreement before the sale and purchase contract.
On its H1 2026 results call on 17 September 2026, Lamda said it had launched about 1,065 homes: 315 on the Coastal Front (Riviera Tower, The Cove Residences and villas) and 750 in Little Athens. About 50 more were due shortly and about 200 more will complete phase one, for roughly 1,300 homes. The Coastal Front is sold out.
At a property conference in Athens on 14 October 2026, Lamda executives said about 1,000 homes had been sold since 2021. Excluding the beachfront villas and Riviera Tower, the average purchase price was about €1.3 million. Fewer than 10% of buyers used a mortgage. Read the details in our report on Ellinikon phase two homes and buyers.
The same executives said the full plan covers about 8,000 homes, with about 3,500 more affordable homes in the second phase. The launch date, prices and sizes of phase two have not been announced. Treat it as a plan, not a product you can reserve today.
| Benchmark | Figure | Date and source |
|---|---|---|
| Average home price, Lamda sales excl. villas and Riviera Tower | About €1.3 million | 14 October 2026, Lamda executives |
| Skyline Havens, East Village, average reserved price | €10,330 per m² | October 2026, published sales figures (our report) |
| Riviera Tower, total pre-sales for about 170 apartments | More than €600 million | June 2025, Lamda Development |
| Residential land plots in zone A-U2, sold to a developer | About €2,650 per buildable m² (€41.5 million) | July 2026, Lamda H1 2026 results |
Buyers came from more than 110 countries, according to Lamda’s Annual Report 2025. Executives put the split at about 55% Greeks living in Greece, 20% to 25% Greek diaspora, about 15% foreigners living abroad and about 5% foreigners living in Greece.
These are the most recent official numbers for the Ellinikon project as of 20 October 2026. We update this table when Lamda Development publishes new results.
| Metric | Figure | As of | Source |
|---|---|---|---|
| Site area | 6.2 million m² | 2026 | Lamda Annual Report 2025 |
| Estimated total investment | More than €9 billion | 2026 | Lamda Annual Report 2025 |
| Price paid to HRADF | €915 million | 25 June 2021 | HRADF |
| Cash from property sales and leases since start | More than €1.8 billion | 31 August 2026 | Lamda H1 2026 results |
| Residential revenue, H1 2026 | €164.0 million (+30% year on year) | 30 June 2026 | Lamda H1 2026 results |
| Little Athens homes sold or reserved | 610 of 750 (81%) | 31 August 2026 | Lamda H1 2026 results |
| Capital spending, H1 2026 | €276 million | 30 June 2026 | Lamda H1 2026 results |
| Cumulative spending on buildings and infrastructure | About €1.27 billion | 30 June 2026 | Lamda H1 2026 results |
| Ellinikon net result, H1 2026 | Loss of €111.9 million | 30 June 2026 | Lamda H1 2026 results |
| Homes sold since 2021 | About 1,000 | 14 October 2026 | Lamda executives |
The project took about seven years from signing to transfer, and first residents are now expected in 2027. Dates below come from Lamda Development Ellinikon announcements, HRADF and GEK TERNA.
| Date | Milestone |
|---|---|
| March 2001 | Ellinikon airport closes as the new Athens airport opens at Spata |
| November 2014 | Sale agreement for Hellinikon S.A. signed |
| July 2020 | Preliminary works start on site |
| 25 June 2021 | Share transfer to Lamda completed; €300 million first instalment paid |
| December 2021 | Experience Park opens |
| August 2022 | Building permit for Riviera Tower |
| September 2022 | Land agreement for the casino resort with GEK TERNA and Hard Rock |
| September 2023 | First completed building (a care centre for people with disabilities) handed over |
| December 2023 | Construction of the casino resort begins |
| June 2024 | Riviera Galleria construction contract awarded to METKA |
| August 2025 | The Ellinikon Mall contract awarded to TERNA; €450 million research campus deal with ION Group |
| March 2026 | Riviera Tower reaches the 44th floor |
| Q2 2026 | Mall construction starts; Riviera Tower reaches full 200 m height |
| July 2026 | 79 more Little Athens homes launched; two A-U2 land plots sold for €41.5 million |
| September 2026 | Sports Park officially opens; H1 results show 610 of 750 Little Athens homes sold or reserved |
| 14 October 2026 | Executives say about 1,000 homes sold and outline about 3,500 phase-two homes |
| Q1 2027 (planned) | First home completions start; Riviera Galleria completion |
| Q2 2027 (planned) | Agios Kosmas Marina renovation completed |
| H2 2027 (planned) | Riviera Galleria opens; Little Athens deliveries continue |
| 2027 to 2028 (planned) | Phase one completion, per Lamda’s Annual Report 2025 |
Planned dates have moved before. In November 2021 Lamda said a large part of the project would be ready by 2025.
An Ellinikon home can qualify for the Greek Golden Visa if it costs at least €800,000 and has at least 120 m² of main living space. The Ellinikon is in the Attica Region, where the higher threshold applies under Law 5100/2024.
The official FAQ also states that residential purchases are exempt from VAT until 31 December 2026. A draft bill would extend the suspension of VAT on new builds into 2027. It is a draft, not law. Full rules are in our Greece Golden Visa guide and residence permits page.
The Ellinikon is served by Elliniko metro station, the southern terminus of Athens Metro Line 2 (red line), operated by STASY. The station opened in July 2013 on Vouliagmenis Avenue, at the eastern edge of the site.
Homes in Little Athens and on the Coastal Front are further from the metro than East Village. Check walking distance from the exact building, not from the project entrance.
New Ellinikon homes sell at the top of the Athens market. The main comparison is with nearby Glyfada, Alimos, Elliniko-Argyroupoli and Voula, where most stock is older.
The Skyline Havens average of €10,330 per m² in October 2026 sits well above typical resale asking prices in the surrounding suburbs. Our Athens Riviera prices table tracks asking prices per m² by sub-area for new and 10 to 20-year-old homes. For citywide trends, see Athens property prices and Greece house prices.
Thinking about buying in the Ellinikon area? Give your brief to an independent buyer’s agency. It can search the market for exactly what you are looking for and advise you through the purchase.
Most Ellinikon homes are off-plan, so the main risks are delivery dates, payment terms and resale rules. Our off-plan property checks for Athens cover each step in detail.
Total purchase costs are explained in the cost of buying property in Greece, and you can model them with our buying cost calculator.
The Ellinikon project is the redevelopment of Athens’ former international airport and the Agios Kosmas coast into a new district. The 6.2 million m² site includes a 2 million m² park, about 3.5 km of coastline, homes, two shopping centres, offices, hotels and a casino resort. Lamda Development is the developer and estimates the total investment at more than €9 billion.
Lamda Development, a company listed on the Athens stock exchange, owns and develops the site through its subsidiary Hellinikon S.A. It bought the company from the Hellenic Republic Asset Development Fund for €915 million in June 2021. Some plots are sold or leased to other builders, such as the casino resort by GEK TERNA and Hard Rock International.
Lamda Development does not publish a price list. Its executives said in October 2026 that the average purchase price of about 1,000 homes sold was roughly €1.3 million, excluding beachfront villas and Riviera Tower. At Skyline Havens in East Village, built by another developer, the average reserved price was €10,330 per m² in October 2026.
Lamda Development’s Annual Report 2025 schedules phase one for completion between 2027 and 2028. First home completions are planned from the first quarter of 2027, and Riviera Galleria is due to open in the second half of 2027. Phase two, with about 3,500 more homes, has no published timetable. The whole project will take many more years.
Yes, if the home costs at least €800,000 and has at least 120 m² of main living space. The Ellinikon is in Attica, where Law 5100/2024 sets the €800,000 threshold for a single property. The official Ellinikon FAQ confirms the €800,000 minimum. Check with a Greek lawyer how an off-plan purchase is treated when you apply.
Yes. Elliniko station, the southern terminus of Athens Metro Line 2, opened in July 2013 on Vouliagmenis Avenue at the eastern edge of the site. Line 2 runs to Syntagma in central Athens. The coastal tram runs along Poseidonos Avenue on the western side, near the Coastal Front and Agios Kosmas Marina.
Yes. Hard Rock Hotel & Casino Athens is being built on the site by GEK TERNA and Hard Rock International, a €1.5 billion investment according to the official project site. It includes a five-star hotel, a casino floor of about 15,000 m² and a 3,000-seat venue. Construction began in December 2023. An opening date has not been published.