"The Smart City" Ellinikon, Athens

Dubai is right here: If you’re thinking about buying an apartment as an investment in Greece, you should start memorizing this name right now—Elinikon.

This is a grandiose project—the first of its kind and scope in Europe—for a futuristic tourist city located south of and near Athens. Approximately eight billion euros are being invested in the project. Ellinikon, which is currently in the construction and development stages, is a seaside resort city built on the ruins of Ellinikon International Airport, which closed in 2001. The city is expected to include 8,000 residential units, five-star hotels, a vast and innovative park spanning approximately 600 acres, shopping centers, restaurants, a marina, a casino, and a massive seaport that will accommodate, among other things, cruise ships. In addition, the city will feature the 200-meter-tall Riviera Tower, which will contain 169 apartments spread across 50 floors.

One of the highlights of the smart city is Ellinikon Metropolitan Park, a vast park designed with the climate crisis and the need to reduce carbon emissions in mind. The landscape architecture firm SASAKI, which is responsible for the park’s construction, has set an ambitious goal of reducing carbon emissions by 45% through prevention and reuse, with the project’s ultimate aim being zero carbon emissions within 35 years. Ellinikon Park is expected to be about 70 percent the size of Central Park in Manhattan. In terms of vegetation, the new park will feature over 3.3 million native plants, including 31,000 new trees representing 86 species. All landscaping will be irrigated with 100% recycled water collected from a treatment plant to be built on the site.

VOLOU

Location

South of Athens, a 20-minute drive from downtown Athens and 35 minutes from Athens International Airport. South of Athens and near the "Athens Riviera," Glyfada, and Vouliagmeni.

Transportation

Two metro stations and an elevated railway line (tram) are expected to be built in the new city.

Major locations

The seaport, Elinikon Park, the marina, the Riviera Tower, and more.

Rental potential

Tourists (short-term rentals), families, business travelers, resort employees, digital nomads.

Good to know

The first phase of the city's construction is expected to be completed in less than two years. The city is expected to continue developing over the next decade until its construction is complete.

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