Greece’s landmark €8 billion ($8.6 billion) Ellinikon development is being positioned as both a symbol of national renewal and a magnet for Middle Eastern and Asian capital as the country seeks to redefine its economic identity after more than a decade of crisis.
Described as the largest urban regeneration project in Europe, The Ellinikon is rising on the site of Athens’ former international airport, transforming 6.2 million square metres of disused land along the Athenian Riviera into a smart sustainable city.
“The Ellinikon stands as a powerful symbol of Greece’s renewal and ambition,” a spokesperson from LAMDA Development, the project’s master developer, told Arabian Business. “As the largest urban regeneration project in Europe and one of the biggest investments of its kind in Greek history, it embodies a new era of confidence for the country.”
Economically, the spokesperson said, the project’s €8 billion ($8.6 billion) scale and projected 2.5 per cent boost to national GDP “underscore a truly transformative impact”. “It signals to global markets that Greece is open for bold, forward-looking investments, dispelling old doubts and showcasing a revitalised, business-friendly economy.”
Gulf-style smart city meets Mediterranean identity
While drawing inspiration from the Gulf’s flagship smart cities such as Dubai and Saudi Arabia’s NEOM, The Ellinikon’s developers say the project aims to fuse global innovation with local identity.
“LAMDA Development studied the world’s leading smart city projects to shape The Ellinikon’s strategy,” the spokesperson said. “They drew on international best practices across infrastructure, integrated services, and data-driven systems, not to replicate another model, but to create a distinctive urban environment rooted in strengths and adapted to the Mediterranean context.”
The project is being built from the ground up as a “15-minute city” where residents can live, work and access essential services within a short walk or cycle ride. It features extensive connectivity, Internet of Things-enabled systems and automation across utilities, transport and buildings.
“What sets it apart is its uniquely Greek and Mediterranean identity,” the spokesperson said. “It will be one of the most liveable and forward-thinking urban environments in Europe — a fusion of global innovation with local character, combining the natural beauty and climate of the Athenian Riviera with advanced smart city principles.”
The Ellinikon will include Greece’s tallest residential skyscraper, Europe’s largest coastal park and new cultural and commercial venues, blending “heritage with modernity” while respecting the historic land of the former Athens airport.
Project draws capital from Gulf and Asia
Since its launch, The Ellinikon has attracted strong global investor interest particularly from the Middle East and Asia as Greece undergoes what LAMDA calls a “renaissance in real estate investment”.
“The Ellinikon has emerged as a highly attractive opportunity for international investors, drawing strong interest particularly from the Middle East and Asia,” the spokesperson said. “Greece is experiencing a renaissance in real estate investment, and The Ellinikon stands at the forefront of this resurgence as the country’s flagship project.”
In recent years, roughly €6 billion ($6.4 billion) in foreign capital has flowed into Greek real estate, a sharp increase from just €1.5 billion ($1.6 billion) in the previous decade. “Global investors from the US, Europe, Asia, and the Gulf are recognising that Athens is undergoing a transformation, with The Ellinikon, as Europe’s largest urban regeneration project, serving as its defining centrepiece,” the spokesperson said.
Among the most notable international partnerships is that of ION Group, which has committed to establishing a €1.5 billion ($1.6 billion) Global Innovation Campus at The Ellinikon by 2030.
“The partnership with ION Group marks a pivotal milestone in establishing The Ellinikon as a leading European hub for technology, research, and innovation,” the spokesperson said. “ION Group, a global financial technology leader, is developing a Global R&D and Innovation Campus that will host approximately 2,000 professionals from 44 countries in state-of-the-art facilities.”
With ION as the anchor tenant, a wider ecosystem of startups, research labs and venture partners is expected to develop around the campus, supported by academic collaboration through the University of Nicosia’s new Athens campus, which will focus on blockchain, digital entrepreneurship and health sciences.
The developer said the ION campus “reflects strong conviction in The Ellinikon’s long-term potential” and would position the new business district “as a European centre for AI, digitalisation, and R&D excellence.”
“For Middle Eastern investors, The Ellinikon represents a landmark, large-scale opportunity within a stable and transparent European environment,” the spokesperson added. “For Asian investors, it offers exposure to a vibrant mixed-use destination that supports portfolio diversification and long-term value creation.”
Economic and social ripple effects
Construction of The Ellinikon is already generating around 10,000 jobs with the total expected to rise to as many as 80,000 once the project is fully operational. The jobs span multiple sectors including tourism, hospitality, retail, education and business services.
“The 2.5 per cent GDP contribution reflects a multiplier effect – from construction suppliers and consultants now, to tourism and new business formation later,” the spokesperson said. “As districts open in stages – the sports park, beach, park, and initial residences, followed by later expansions to 2030 – job numbers will increase accordingly.”
The developer described The Ellinikon as “a project all Greeks can be proud of, designed to be a model urban community admired worldwide.”
“After the challenging decade of 2010–2020, it marks ‘a new Greece, reborn,’ a country confident in its creativity and committed to progress,” the spokesperson said. “The Ellinikon proves that Greece can lead in urban development and offers a tangible vision of prosperity for generations to come.”
The project is expected to be completed in phases through 2030 with the first residential and commercial components already under construction.
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