A 15% increase in demand from Middle Eastern buyers for apartments in Elliniko was recorded in the first quarter of the year, amid armed conflicts in the region, according to information from Euro2day.gr.
With the outbreak of hostilities in late February, Greece became a safe haven for many investors from the region, who set their sights on both commercial real estate and residential projects, such as Elliniko and Keranis Residences in Piraeus.
In Lamda Development’s project, the new wave of buyer interest in the first quarter stems mainly from Turkey, followed by investors from Egypt, Israel, and the United Arab Emirates.
However, the increased interest sparked by the war is focused on the more affordable properties in the development.
While the average price of an apartment in the Little Athens complex (excluding ultra-luxury residences) stands at 1.3–1.4 million euros, the interest of the new wave of buyers is shifting toward properties priced 10%–15% lower, or around €1.1–1.2 million.
The Golden Visa and non-doms
It is interesting to note that Elliniko is attracting more digital nomads and non-dom investors—that is, wealthy investors who transfer their tax residency to Greece—than buyers utilizing the Golden Visa program.
In fact, of the total 900 apartments sold (Little Athens and the coastal zone), approximately 5% of sales are related to the Golden Visa.
Reports indicate that this percentage is low, as Golden Visa rules require immediate payment for the property in order to proceed with the residence permit application, while Lamda gives the buyer up to three years to pay for the property.
“If the buyer is motivated by the Golden Visa, they can invest in a property resulting from a change of use in Piraeus for €250,000 rather than spending the €800,000 required for a home in Elliniko,” sources say.
At the same time, approximately 10% of buyers are digital nomads and non-domestic investors.
The next phase of development
According to the group’s next phase of planning, an additional 350 homes in the Little Athens neighborhood, located near the waterfront, will gradually be put up for sale by September.
It should be noted that the Ellinikon Sports Park is expected to open its doors to the public this summer; this project will include sports facilities for soccer, basketball, tennis, and track and field, among others.
For 2026, Lamda anticipates cash flows of €600 million from Ellinikon. Consequently, the project’s total cash flows are estimated to exceed €2 billion this year, reaching €2.08 billion.