Built on the derelict site of the former Athens Airport, The Ellinikon development is gaining international attention and could be an opportunity for golden visa investors.
According to The Standard, The Ellinikon is Europe’s biggest real estate project. It will be a smart city three times the size of Monaco and occupy 6 200 square kilometres along 3,5km of coastline. The development will incorporate cutting-edge technology and include 8 000 homes, offices, luxury malls, hotels, a marina, casino, riviera, and a 243-hectare public park.
The €8 billion (R163 billion) project is currently being spearheaded by Greek firm Lamda Development – and an investment in the property could secure a golden visa to the country under the following conditions:
- A minimum investment of €250 000 (R5,1 million) is made;
- For areas in northern, central and southern Athens, as well as in Attica, Salonika, Vari, Voula, Vouliagmeni, and the islands of Mikonos and Santorini, a minimum investment is €500 000 (R10,2 million);
- Spouses can act as joint buyers to be eligible for the golden visa. Children up to 21 can also then receive a golden visa;
- Power of attorney documentation must be completed in the presence of a notary in Greece or an embassy if applicants are travelling from abroad.
The first phase of construction on The Ellinikon began in 2022 and is expected to be complete by 2026, while the entire project development timeline is 25 years.
