Lamda Development’s project for Hellinikon hailed as the largest smart city in Europe by Bloomberg, is gaining momentum on the southern coastline of Athens. Despite a decade of delays, progress is evident as Greece’s first skyscraper, the Marina Tower, and steel-framed apartment buildings take shape. Lamda’s CEO Odysseas Athanassiou acknowledges early scepticism but highlights the project’s transformative potential, envisioning a future city with open spaces, sustainable energy, and lush greenery.
Spread across 6,200 acres, a 20-minute drive from Athens, Hellinikon will transform both the coastline and the country. It’s the kind of project we usually see in China or the United Arab Emirates, and a sign of Greece’s revival after the crisis. Developers predict it will add 2.5 percentage points to Greece’s GDP, create up to 80,000 new jobs, and generate tax revenues of over €10 billion after its completion in 2037. It’s also expected to attract an additional million tourists annually, who will have the choice between a Mandarin Oriental hotel and an integrated casino-resort for their stay.
The mega project of Hellinikon
Greece’s tourism sector has rebounded since the Covid era, with 32 million visitors last year and a record number of arrivals expected in 2024.
For those looking to buy 243 units have already been put up for sale and 140 have been committed. The apartments belonging to the Marina Tower, the seaside villas, and the condos have already sold out. Lamda development announced earlier this month that property sales revenue amounted to €641 million since last March. The majority of buyers were Greek nationals, and the city is expected to accommodate up to 20,000 people in approximately 10,000 residences over the next 13 years.
Based on the urban concept of the 15-minute city, Hellinikon residents will have access to schools, parks, offices, shops, and even the beach in less than a quarter of an hour. Throughout the complex, there will be software for monitoring waste, water, and energy services. “It’s a smart city from end to end,” said CEO for Lamda Development Mr. Athanassiou, adding, “We like to call it ‘Zip Code Paradise’.”
The process for launching Hellinikon faced numerous obstacles. When Lamda acquired the land in 2014, it was left with remnants of the former airport and had hosted refugees and migrants in some areas. The coastal area was left with abandoned nightlife venues and sports facilities. Licensing delays compounded the challenges, aggravated by Greece’s financial crisis at the project’s inception. The construction sector was weakened, with high costs due to the energy crisis. Although these hurdles have diminished, a labor shortage persists. Lamda anticipates needing around 7,000 workers for the commercial center construction, while currently employing about 2,000. Discussions with contractors are underway to bring in workers from abroad.
However, Athanassiou described the company’s greatest challenge as “lack of credibility.” Before construction began, the CEO said, “you had a bankrupt country, a huge project even by European standards, let alone for Greece, and a company that had never undertaken such a project in the past.” These obstacles, however, gradually faded as the new city became a reality.
By the end of summer, seven new apartment buildings will be visible from the coast, alongside the skyscraper under development. By the end of the year, this high-rise will have reached 100 meters (330 feet), and the number of seaside residential buildings under construction will skyrocket to 15. By the end of 2025, a sports center with football fields, tennis courts, and pools will open to the public. “By Christmas 2026,” Athanassiou stated, “we want residents to be living in their homes.”
