New Prestigious Hellinikon Area In The South Of Athens — Is It Worthy Of Investor Attention?
The Greek government and Lamda Development have agreed on the terms of the new Hellinikon residential arearnin Athens. The project was designed seven years ago but has been constantly postponed for various reasons. We tell you what is known about the project and how it will affect the Greek real estate market.
Author •Elena Ruda
Chief Development Officer at Immigrant Invest
New Prestigious Hellinikon Area In The South Of Athens - Is It Worthy Of Investor Attention?
Lamda Development, a Greek investment company specialising in real estate, will build the new district. In 2014, the Greek government and Lamda Development entered into a contract to buy shares in Hellenic SA.
648 million euros was paid by Lamda Development to the Greek government as the first installment in June 2021. The total amount under the contract was €8 billion.
8 billion euros
Will be needed for the construction of Hellinikon
The Hellinikon project is the design and visualization of a modern Greek arearnthat is in line with the UN Sustainable Development Goals. Hellinikon will be built on the grounds of an old airport in the south of the Athenian Riviera.You can view the project of the district on the website theellinikon.com.gr.
Greece has been developing the Athenian Riviera since 1954. There are several residential areas on the coast and marinas and jetties have been built. Near the shore, there are beaches, restaurants, shops, and marine equipment rentals.
The new arearnwill have the largest shopping center in Attica, hotel complexes and office centers, as well as a 200-meter skyscraper and some 800 houses and villas.
This is what the southern part of the Athenian Riviera will look like in the summer of 2021. A new residential arearnwill appear on the site of the runways
How the construction of the Hellinikon will affect the Greek property market
Immigrant Invest real estate experts believe that Hellinikon is a significant project for Greece. The construction of the new district will increase real estate values in the country. Prices for housing and commercial buildings will start to rise as soon as construction starts.
The Athenian Riviera is a popular tourist destination. The coast is also home to the residential areas of Glyfada, Vouliagmeni, and Voula. Investors are already investing in these areas. Local rental yields of up to 10% in the high season are available.
Whether the purchase of property in Hellinikon will be available under the residence permit program in Greece remains to be seen. The investment programme in Greece offers foreigners the opportunity to buy any property in the country.
How to get a residence permit by purchasing a property
The Greek government issues "golden visas under a state programme. Investors open a deposit in a local bank, buy real estate or securities in order to obtain a residence permit.
The real estate option is the most sought-after by investors, according to an interim report from the Greek Ministry of Immigration.
7,825 investors chose to buy a property between 2014 and April 2020.
€250,000
Minimum value of property under the Greek residence permit programme
An investor needs to buy one or more properties with a value of €250,000 or more and own the property for five years. The property can then be sold, and the money invested can be paid back.
During the ownership period, the investor may rent out the property. Rental income varies from 3 to 10% per annum. A three-bedroom apartment in Greece costs €575 per month and rental prices in Athens are €715.
The value of the real estate will be affected not only by the construction of a new district. The Greek economy is gradually recovering from the coronavirus crisis, with house prices rising next. Real estate specialists Immigrant Invest recommend not to postpone the purchase of objects until the end of 2021. Now investors can buy real estate at a better price while getting a Greece golden visa as a bonus.
A residence permit in Greece gives the investor and his family the opportunity to live, study and work in the country, as well as travel freely in the Schengen states.
Examples of properties in Greece
Greece, Santorini
€388,000 — €905,000
Villa in a gated complex overlooking the sea and vineyards in Santorini
109 m² — 224 m²
3—5 
2—4 
Greece, Santorini
€505,000 — €550,000
Mediterranean style villa next to the sea in Santorini with guaranteed rent84 m² — 94 m²3 1 
Greece, Kissamos
€830,000 — €1,550,000
Traditional style villas on the seafront in Crete, Greece126 m² — 157 m²3 3 Immigrant Invest is a licensed agent of the residence permit programme in Greece by investment. If you want to buy Greek real estate and visit Schengen countries without visas, seek advice from experts in investment programmes.
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