Projects reshaping the real estate market
Athens is a city of contrasts. On one side, the mountains; on the other, the sea. It’s a city of high-density development, heavy traffic, and limited green spaces. At the same time, it’s a city that has weathered multiple crises, carrying a history that spans thousands of years—now turning a new page with multi-million infrastructure projects.
After World War II, parts of Athens developed organically, while its central districts were built with a structured grid layout. Today, however, Athens stands on the verge of an urban revolution. The city is undergoing a wave of transformation, with projects so ambitious that no other word quite captures their scale.
For the first time in over 3,000 years, Athens is set to experience a major greening initiative—a project already being compared to New York’s Central Park. And this is just the beginning.
Lamda Development’s Ellinikon Metropolitan Park is currently under construction just 20 minutes from the Acropolis, on the site of the former airport and the long-abandoned 2004 Olympic facilities. Today, it stands as Europe’s largest urban regeneration project.
Ellinikon is set to become one of the world’s largest coastal parks, with a standout feature—a 1-kilometer-long public beach, nearly doubling the amount of green space per resident in Athens.
The development includes thousands of luxury apartments, shopping centers, hotels, office spaces, entertainment venues, a university, and modern infrastructure such as EV charging stations and rainwater collection systems.
Privately funded by Lamda Development, the project is expected to create thousands of jobs, attract global tourism, and boost Greece’s GDP by 2.4%. Greek Prime Minister Kyriakos Mitsotakis has called it a key driver of the country’s economic growth. “This is a project that puts Greece on the map for all the right reasons,” says Lamda Development CEO Odysseas Athanasiou.
The real estate market in Ellinikon is already experiencing rising rental prices as the Ellinikon project progresses. Currently, the average rent for a two-bedroom apartment in the area starts at €1,300 per month, while the purchase price for a two-bedroom unit begins at €234,000.
Experts predict that once the Ellinikon park is completed, both rental and property prices in the area will increase significantly. Based on trends seen in other major urban redevelopment projects, such as New York’s High Line, prices could double or even triple in the coming years.
Key growth drivers include the rising appeal of the area, new infrastructure, and strong demand for high-end properties from investors and premium buyers.
The Faliro district has already undergone radical transformation. Reconstruction began in 2017, with the first phase completed in 2020. One of the area’s most iconic additions is the Stavros Niarchos Foundation Cultural Center, now home to Greece’s National Opera and the National Library of Greece. Nearby, the Stavros Niarchos Park serves as a green oasis and public gathering space.
Greece has unveiled further plans for the district’s revitalization with the Faliro Bay Revitalization project. Its centerpiece will be Aenaon Metropolitan Park, symbolizing continuity and timelessness, with an opening planned for 2028.
The second phase of the project covers the coastal stretch from the Faliro Delta to the Peace and Friendship Stadium, including the Tzitzifies, Kallithea, and Moschato neighborhoods. The development will introduce a 22-kilometer-long cycling and pedestrian zone, a coastal public park spanning nearly 1 square kilometer, three parking facilities (two of them underground) with a capacity of 1,000 vehicles, and the replacement of the old coastal road with a flood-control pipeline to protect neighboring municipalities from heavy rainfall.
According to Greek Prime Minister Kyriakos Mitsotakis, Faliro Bay Revitalization will serve as a model for Mediterranean countries, integrating nature, sports, and cultural spaces alongside innovative environmental solutions. Plans include new tourist zones, artificial lakes, an ecological park, open-air cinemas, exhibition areas, and sports facilities.
The total investment in the project is €370 million, with 2,900 trees set to be planted and 343 acres of green space created, covering 75% of the park's area. The remaining 25% will be dedicated to cultural and sports activities, including swimming pools, team sports fields, relaxation areas, and children’s playgrounds.
In 2019, a landmark museum—the Basil & Elise Goulandris Foundation—opened its doors in the trendy Pangrati district of Athens. This cultural center features an extensive collection of works by leading 19th and 20th-century artists, including Picasso, Cézanne, Van Gogh, Monet, Degas, Pollock, Bacon, and Chagall. Additionally, two floors of the museum are dedicated to 20th-century and contemporary Greek art.
The Goulandris Foundation has quickly become an integral part of Athens' cultural scene, attracting both locals and visitors. Even before the museum’s opening, Pangrati was well-known for its vibrant atmosphere. Its proximity to the city center also makes it an especially desirable residential area.
According to Airbnb, Pangrati offers a wide range of housing options for long-term rentals, with an average monthly rental price of €800. For short-term stays, tourists typically pay between €50 and €100 per night.
Currently, long-term rentals in Paleo Faliro include options like a sea-view villa for approximately €2,900 per week, while short-term rentals start at €10 per night for an apartment.
According to Tranio, property prices in this area range from €155,000 to €2,414,000. Some key listings include:
Paleo Faliro remains an attractive area for both investment and residential living, offering a mix of affordable and high-end properties with strong potential for value appreciation.
Contact us today, and we’ll help you find profitable real estate opportunities before prices soar.
The development of public parks and green spaces is a key strategy for enhancing urban quality of life. These projects contribute to improved air quality, a milder urban climate, and reduced noise and pollution levels. Additionally, green spaces encourage physical activity, boost psychological well-being, and lead to a more positive perception of the surrounding environment.
However, these improvements are often accompanied by the phenomenon of environmental gentrification—as urban areas become more attractive, property and rental prices rise, making housing less affordable for lower-income residents. According to a study by the National Association of Realtors (NAR) in the U.S., 63% of real estate agents believe that eco-friendly features help homes sell faster.
One of the most successful urban redevelopment projects is the transformation of an abandoned railway line into New York’s High Line Park. Before its opening in 2009, property values in the surrounding area were relatively low. In 2009, condominium prices near the High Line averaged $10,750 per square meter. By 2016, prices had surged to $21,500–$32,250 per square meter.
For example, in 1997, a 149-square-meter apartment near the High Line was available for $350,000. By 2008, even before the park’s completion, its value had already risen to $2.2 million. Today, luxury apartment rentals in the High Line area can reach $15,500 per month.
This case demonstrates how major urban renewal projects can significantly increase property values and transform neighborhoods into highly desirable real estate markets.
The Athens real estate market continues to grow, with strong interest from foreign buyers, particularly in the residential complex and luxury property segments. This presents opportunities for sustainable capital appreciation and stable rental income.
The Ellinikon project is already impacting real estate prices, especially in nearby areas such as Glyfada, where prices per square meter have doubled from €4,500 to €9,000 over the past two years. Prices are rising citywide, particularly in prestigious areas like Kifisia (€3,300–4,300 per m²).
High demand also persists for properties in the historic center of Athens, near landmarks such as the Acropolis, museums, and cultural attractions. These properties remain highly attractive to foreign investors and tenants, making them a reliable source of rental income.
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