Major urban redevelopment projects do not only change the image of a city. They alter mobility patterns, attract new businesses and residents, create different needs and, ultimately, redefine property values in the surrounding areas. Relevant experiences from London and New York, among others, are indicative.
Elliniko is the most important contemporary example of this process in Greece. On the site of the former airport, a new urban destination is gradually being created, with residences, commercial and professional spaces, hotels, sports and leisure facilities, a marina, a redesigned coastal front, and a large Metropolitan Park.
The design of the project is based on the logic of a “15-minute city,” in which many daily needs can be met on foot, by bicycle, or by public transport.
Interest, therefore, is not limited to the properties being built within the Elliniko site. The essential question for the market is broader: How will a project of this scale affect values, demand, and the character of the entire Athenian Riviera?
New urban hub
Elliniko is not simply a large residential project. It creates a new point of reference for the entire real estate market of the southern suburbs. The concentration of residences, workplaces, commerce, tourism, greenery, and leisure can act as a catalyst for the wider area. The impact will not stop at the boundaries of the investment, but will extend to neighboring micro-markets: in Elliniko, Argyroupoli, Alimos, Glyfada, and, within a larger radius, across the whole Athenian Riviera.
The expectation of an overall upgrade is already affecting the way owners, buyers, and investors perceive the area. A property is not evaluated only on the basis of the current image of its neighborhood, but also on the basis of the position it may acquire within the new urban map.
This, however, does not mean that the impact will be automatic or uniform.
Elliniko may raise the overall level of the area, but the real capital gains will depend on the micro-location, access, the quality of the property, infrastructure, and, above all, the price at which the purchase is made.
International demand
The Athens housing market is no longer addressed only to the Greek buyer. In recent years, our country has gained greater visibility on the international real estate map. Capital inflows from abroad for property purchases amounted in 2025 to approximately €2.05 billion, compared with the historic high of €2.75 billion in 2024. Despite the annual decline, 2025 remained one of the three strongest years on record.
This decline shows that international demand does not always move linearly. It is affected by changes in the thresholds of the Golden Visa, geopolitical developments, economic conditions in investors’ countries of origin, and, of course, by the level of prices in Greece.
It does not, however, negate the fundamental change: the Athens market now has an international audience.
According to RE/MAX research on transactions carried out through its network in 2025, in Attica Israelis were the largest group of foreign buyers, followed by Turks and Lebanese, while a significant presence of buyers from China and Ukraine was recorded. Of particular interest is also the fact that 90% of the foreign buyers in this specific survey used their own funds to purchase the property.
The official data on valid initial investor residence permits at the end of 2025 reflect an even greater geographical dispersion. China and Turkey were in the top two positions, while Israel and the United States were also among the ten main countries of origin.
These two sets of data do not measure exactly the same thing — the first concerns transactions of a large real estate brokerage network and the second investor residence permits. They do, however, lead to the same basic conclusion: international demand now comes from many different markets.
For the southern suburbs this is of particular importance. The sea, the climate, proximity to central Athens and the airport, access to marinas and tourism infrastructure and, now, the development of Elliniko create a product that can appeal simultaneously to Greek and foreign buyers.
The international buyer, in fact, does not necessarily compare a property in Alimos or Glyfada only with another property in Athens. They may compare it with corresponding options in Cyprus, Spain, Portugal, or other coastal markets of the Mediterranean.
This also affects the way valuation is approached. The view, energy efficiency, parking space, construction quality, proximity to the sea, security, and easy access gain even greater weight.
Pricing future capital gains
There is, however, one critical question that every buyer should ask: How much of Elliniko’s future upgrade has already been incorporated into today’s prices?
The Athens housing market has already gone through a significant period of price increases. According to the Bank of Greece, apartment prices in Athens increased on average by 6.5% in 2025, while across the whole country the corresponding increase reached 8.1%.
These figures do not mean that the rise is due exclusively to Elliniko. They do show, however, that today’s buyer is entering a market that has already appreciated significantly.
In real estate, even an excellent property can prove to be a mediocre investment if it is bought at an excessively high price. The prospects of an area are important, but equally important is the entry point into the property market.
Buying in a good area is one thing, and whether that purchase will ultimately be a good investment is another. The right decision depends not only on whether Elliniko will succeed — but also on how much that success has already been priced in to the price the seller is asking today.
New demand and new competition
Elliniko does not create only additional demand. It also creates a large supply of new high-specification homes. The new constructions will have features not always found in the older housing stock of the southern suburbs: high energy efficiency, modern operating systems, parking spaces, organized common areas, security services, and an upgraded urban environment.
This may benefit the area as a whole, raising its prestige and international recognition. At the same time, however, it also raises buyers’ expectations.
An older apartment without a parking space, with low energy efficiency, high maintenance costs, or the need for extensive renovation is not certain to follow the same path as a modern property, even if it is located close to the project.
On the contrary, a properly maintained or renovated property, on a quiet street, with good orientation, easy access, and a competitive price, can be an attractive alternative for buyers who want to be close to Elliniko without paying the prices of the new developments.
The project, therefore, will not eliminate the differences between properties. It will most likely make them even more visible.
The other side of development
Every major urban development creates value, but at the same time increases demands on infrastructure. According to the development body, Elliniko is estimated to create more than 10,000 jobs during the construction phase and 70,000–80,000 during its full operation. These figures are project estimates and do not mean that all workers will commute daily in the same direction. They are, however, indicative of the scale of the economic activity that is developing and is expected to develop.
At the same time, the new residences, offices, retail stores, hotels, leisure spaces, and visitors will create a completely different volume of movement.
The critical question is to what extent the wider network of the southern suburbs will be able to absorb this new mobility. The project itself is designed with emphasis on pedestrian and bicycle movement and access by public transport. Its success, however, will not depend only on what is built within its boundaries. It will also depend on the way it is connected with the existing neighborhoods and the wider road and transport network.
Travel time, traffic congestion, parking availability, noise, and easy access are characteristics of a property, even if they are not listed in its advertisement.
A new infrastructure project can increase the value of a location. Excessive strain on everyday life, however, can work in the opposite direction.
There is also a broader social dimension. Rising prices and rents strengthen the wealth of existing owners, but they may make access to housing more difficult for younger households and workers in the area. A successful urban redevelopment should not only attract capital and visitors. It must also keep the surrounding neighborhoods functional and sustainable.
As is logical, not all properties will benefit equally. This is perhaps the most important conclusion for a buyer or investor.
The fact that a property is “close to Elliniko” does not automatically mean that it is a good investment. Two apartments a few hundred meters apart may follow completely different paths.
One may be close to a public transport station, a park, schools, and upgraded infrastructure. The other may be located on a road axis that will receive increased traffic. One may gain in quality of life and residential demand. The other may acquire greater commercial appeal, but at the same time more noise and disturbance.
The view, the floor, the orientation, the width of the street, the parking space, the age of the building, its energy condition, and the actual distance from the new infrastructure will affect the final value more than a general reference to “proximity to Elliniko.” In the property market, micro-location is often more important than the postal code.
What the buyer should examine
Anyone looking for property in the wider area today should not ask only: “How much does it cost today?”. They also need to ask a more difficult question: “How will this specific neighborhood function in five or ten years?”.
Where will the new entrances and the main infrastructure be located? How will traffic flows change? Which points will gain better access? Where will new commercial activity be created and where might disturbance increase?
They also need to examine the actual condition of the property and not only its location: the renovation cost, its energy efficiency, its legal and urban planning status, parking possibilities, common expenses, and resale or rental prospects. Above all, they must compare the purchase price with truly comparable properties and not with the highest asking prices that appear in listings.
The right investment decision is not based on the belief that “the area will rise.” It is based on the assessment of how much it can rise, over what time period, with what risks, and from what initial price.
Elliniko is expected to act as a powerful catalyst for the Athenian Riviera. It will strengthen its international visibility, bring new infrastructure and activities, and create significant opportunities in the property market. It does not, however, constitute a guarantee of capital gains for every property located in the wider area.
The real value will be determined by the micro-location, the quality of construction, access, the everyday life that will take shape and -above all- the entry price.
In real estate we do not buy only square meters. We buy location, quality of life, and a part of the future of an area. And the role of a modern real estate advisor is not simply to know what is being sold today. It is to be able to discern where tomorrow’s value is being created — but also which risks can erode it.
* Nikolas-Theodoros Filippas holds an MSc in Fin Tech and is a property advisor at ENIKO Real Estate.