Lamda Development, the developer of The Ellinikon on the Athens coast, plans about 3,500 more affordable homes in the project’s second phase, its executives told a property conference in Athens on 14 October 2026. About 1,000 homes have been sold since 2021.
The Ellinikon, on the site of Athens’ former airport, is planned to hold about 8,000 homes in total. The first phase comprises 1,500 homes, according to the executives.
Who has bought so far
The average purchase price is about €1.3 million, excluding the beachfront villas and the Riviera Tower flats. Fewer than 10% of buyers have used a mortgage, with an average loan of about €1 million.
The executives gave this breakdown of buyers:
- Greeks living in Greece: 55%
- Greek diaspora: 20–25%
- Foreign buyers living abroad: about 15%, from markets including the US, the UK, Switzerland, Turkey, Israel, Egypt and the UAE
- Foreigners living and working in Greece: about 5%
In early sales about 80% of buyers were domestic. The executives said the foreign share is rising and moving towards 30–40%.
The second-phase homes are meant to be cheaper and easier to finance with a bank loan. No firm launch date, prices or sizes were given for them.
What is due in 2027
The executives said the first permanent residents should move in during 2027. Riviera Tower is due to be ready for residents by the end of 2027, as are the Cove Residences and the 80 homes of Promenade Heights. The Riviera Galleria shops by the marina are due around the end of summer 2027, along with the upgraded Agios Kosmas marina.
What it means for buyers
A lower-priced second phase would widen the project beyond the €1 million-plus bracket, and could bring it within mortgage range for more buyers. Until prices, sizes and timing are published, it is a plan, not a product. Anyone buying off plan at The Ellinikon should run the usual checks before paying a deposit, including the permit and delivery guarantees. Earlier sales data are in our Skyline Havens report.
What happens next
Delivery of the first completed homes in 2027 will be the first test of the timetable. Details of the second phase have not yet been announced.
Sources
- Remarks by Lamda Development executives Alexandros Moulas and Theodoros Gavrilidis at a property conference in Athens, 14 October 2026
- GreekProps: Ellinikon homes, Skyline Havens sales prices
