New Private Club and Luxury Apartments to Open at Ellinikon 

Lamda has just announced a new 70 million euro deal with Greek real estate investment company Orilina Properties for the Ellinikon project, which will include a private club, luxury apartments with sea views, as well as a food court and an entertainment complex. 

One of the most emblematic projects within “The Ellinikon” is the revitalisation of the Coastal Zone, encompassing as key elements the creation of the new freely accessible beachfront and a number of architectural landmarks.

In this context, Orilina Properties announced a new strategic partnership with Lamda Development, where Orilina is acquiring from Lamda two prime land plots next to the marina of Agios Kosmas.

The commercial development will consist of a private club with extensive facilities and state-of-the-art restaurants, as well as a wine and spirits retail store and bar by the marina, which will be accessible to the public and is to offer an impressive range of wines from around the world.

The prime residential development will feature exclusive sea view apartment units, which will be branded and serviced by the club, as the apartment buyers will automatically acquire a life club membership and be able to “indulge, unwind and socialise in the vibrant atmosphere of the club,” according to the press statement.

The development of an estimated budget of €70million will conform to the highest green and energy-efficient standards and will be designed by the prominent global architectural firm Kengo Kuma & Associates, who is also designing the Riviera Galleria constructed by Lamda in the neighbouring area, thus ensuring in this prominent position next to the marina of Agios Kosmas, a unified coastal front of high caliber, and an important addition to the architectural landmarks of the area.

This article was first published here 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru

*Image courtesy of Lamdadev 

First Part of the World’s Largest Coastal Park Opens in Athens

The largest seaside park in the world has opened its first section of greenery and entertainment area at The Hellinikon on Athens Riviera, for locals and international visitors to enjoy just in time for Christmas.

Named “Experience Park” it forms part of the Metropolitan Park being developed on the site of the former international airport at Hellinikon, as one of the biggest urban redevelopment projects in Europe and is set to turn into one of the largest parks in the entire world.

Insights Greece - First Part of the World’s Largest Coastal Park Opens in Athens
“Experience Park” at Athens Riviera

The park covers an area of seven hectares including a water maze, a forest playground, a Zen garden with many water features and an outdoor fitness area with free-to-use outdoor equipment.

Hellinikon officials say, “This will be more than a green oasis. It will be one of the largest coastal parks in the world — and an ambitious rival to the great urban parks of New York and London. Open to all, The Hellinikon Park will be a platform for cultural events, sports and recreation, public health and personal wellbeing.”

“Experience Park” was completed six months ahead of schedule and according to Lamda Development, who is overseeing the entire project, 500 trees and over 55,000 varieties of Mediterranean flowers and bushes have already been planted, in line with a design selected for its biodiversity and positive carbon balance, as well as being symbolic of the nation’s environmental resilience in challenging times.

Stretching out into the adjoining southern Athenian neighbourhoods, The Hellinikon Park offers a network of almost 50km of paths for bicyclists and walkers that are aimed to connect classical ruins and listed buildings with elite sporting events, multi-use exhibition venues and a contemporary sculpture park.

Insights Greece - First Part of the World’s Largest Coastal Park Opens in Athens
Large play areas for children

According to officials the highlight of the path network will be the 2.6km Promenade — a broad pedestrian thoroughfare stretching from the beach to the breezy hilltops above The Hellinikon.

To kick off the holiday season, from December 20 to January 9, “Experience Park” will present a cheerful Christmas experience for visitors, with two exceptional light installations, which will be seen in Greece for the first time. “The Stalactite,” with particularly bright patterns is synchronised to music, with the signatures of artists Christopher Bauder and Boris Divider, and “Helios,” is an impressive light installation designed by the Algorithm team, which creates a landscape full of light, movement, and rhythm.

A 17-metre-tall Christmas tree has also been placed at the Park, consisting of 180 real trees. Here visitors can taste festive flavours from famous Greek chef Akis Petretzikis, Elias Skoulas, Lukumades, OPSOPHY as well as other dishes from Esteban and Falafeladiko. 

During the holidays, from December 20, 2021, to January 9, 2022, the opening hours are Monday to Sunday (including public holidays) from 5 pm to 10 pm. 

Admission to “Experience Park” is free for all guests; and is accessible from the boulevard Vouliagmenis,  close to the Hellinikon Metro station. Free parking is also provided at the Park for all visitors.

Images courtesy of Lamda Development 

Rents Rise for Homes by the Sea in Athens

Winter or summer, a place by the beach has always a special appeal. With demand for homes shifting away from central Athens due to the pandemic, there is a clear preference for larger, more spacious houses in the capital’s less crowded suburbs.

This has boosted the average price of renting a house in the southern suburbs by 2.1 percent to 10.21 euros per sq/m in the third quarter of the year, data shows. This compares with 9 euros per sq/m in the city center and 9.47 euros per sq/m in the northern suburbs, where demand has been strongest recently.

A recent breakdown of figures provided by RE/MAX shows that rent prices along the southern Athens coast vary.

Progress on the construction of the Ellikino complex at the former international airport has boosted demand in the area as the development project is seen transforming the southern stretch, boosting its strong appeal among locals and foreigners. The beach area does not have access to the Athens subway which services the southern suburbs but further inland, along Vouliagmenis Avenue.

Most of the stretch, however, on the beach is well serviced with buses and the tram line. The majority of areas are also in close proximity to central Athens and landmarks, such as the Acropolis.

Glyfada remains a popular choice, costing 9.60 euros per sq/m, according to RE/MAX data. Next door in Voula, rents are cheaper at 7.80 euros per sq/m.

In Alimos, monthly rents for houses are at 7.9 euros per sq/m, versus 7.80 euros per sq/m in Elliniko and 7.30 euros per sq/m in Paleo Faliro.

Further out, the affluent area of Vari-Varkiza tops the rent price list at 9.50 euros per sq/m.

Near the Port

Down by the port of Piraeus, the country’s largest, prices are lower but fast-rising. Figures show that the price of renting a home in the suburbs of Piraeus rose 14.7 percent in 2021 to 6.88 euros per sq/m, from 6 euros previously. Along with improving infrastructure in the area, the construction of new office buildings has drawn large multi-national tenants, boosting housing needs.

This article was first published here. 

For more Real Estate News & Views on Greece and Europe’s South, head to The Greek Guru.

*Image courtesy of Sotheby’s

‘Hellinikon’ Luxury Apartments in Athens Riviera Are in High-Demand 

International and local buyers have set their eyes on the new luxury apartments that will be built along the Athenian Riviera, and are part of the huge “Hellinikon Project,” at Athens’ former airport.

Construction of the apartments is set to commence very soon and expected to add enormous value to Greece’s largest development project, worth upwards of €8 billion; this includes a combination of public parks, beachfront residences, high-end shopping, restaurants, cafes, and office space. 

Insights Greece - 'Hellinikon' Luxury Apartments in Athens Riviera Are in High-Demand 

As part of the Hellinikon Project, developers Lamda plan to build around 9,000 apartments in the Athens Riviera neighbourhood, with an average size of 110 square metres per unit.

Next week, Lamda Development will share its digital presentation of the architectural designs of the first building, the Marina Tower, which will become the first green tower in Greece. 

The luxury apartments will be selling from around €8,000 per sq. m and up to €26,200/sq.m., depending on what level and views the apartment offers. 

This week, Lamda announced to Greek media that there has been a huge interest from both foreign and local investors, and on July 15 they will provide data on home pre-sales.

According to the developers, due to high demand, Lamda will construct around 2,000 homes in the first five years and will also concentrate on other parts of the project including parks, office space, etc. which is estimated to be completed by 2025.