New Prestigious Hellinikon Area In The South Of Athens - Is It Worthy Of Investor Attention?

After seven years of anticipation, the Greek government and Lamda Development have finally reached an agreement on the eagerly awaited Hellinikon residential area in Athens. This transformative project, which aligns with the UN Sustainable Development Goals, is set to have a profound impact on the Greek real estate market. Lamda Development, a prominent Greek real estate investment company, is spearheading the construction of this visionary district.

The journey began in 2014 when the Greek government and Lamda Development inked a pivotal contract to acquire shares in Hellenic SA. Fast forward to June 2021, when Lamda Development paid an initial installment of 648 million euros to the Greek government, kickstarting the colossal €8 billion project.

Key Highlights:

Massive Investment: An eye-watering 8 billion euros will be poured into the development of Hellinikon, promising to reshape the Athenian landscape.
The Vision: Hellinikon represents a contemporary Greek marvel, meticulously designed to align with the UN’s Sustainable Development Goals. It’s set to rise on the grounds of a former airport in the picturesque Athenian Riviera.
Explore the Vision: For a detailed glimpse into this groundbreaking project, visit theellinikon.com.gr.

The Athenian Riviera has been evolving since 1954, marked by the development of residential areas, marinas, and jetties. Along its enchanting coastline, you’ll find inviting beaches, gourmet restaurants, boutique shops, and a myriad of marine equipment rental outlets.

What’s in Store for Hellinikon? The new district is slated to feature the largest shopping center in Attica, luxurious hotel complexes, state-of-the-art office centers, an impressive 200-meter skyscraper, and approximately 800 exquisite houses and villas.

Impact on the Greek Property Market:

Real estate experts at Immigrant Invest believe Hellinikon to be a game-changer for Greece. As construction kicks off, property values in the country are expected to surge. Prospective buyers should anticipate price increases in both residential and commercial properties.

The Athenian Riviera, a sought-after tourist destination, is also home to vibrant residential areas like Glyfada, Vouliagmeni, and Voula. Savvy investors are already pouring their resources into these thriving locales, with rental yields soaring as high as 10% during the peak season.

Unlock the Golden Visa Opportunity:
The question of whether property purchases in Hellinikon will qualify for Greece’s residence permit program remains unanswered. This program, known for granting “golden visas,” offers foreigners the chance to invest in Greek real estate and secure residency.

Here’s How It Works:
Under this state program, investors can obtain a residence permit by opening a deposit in a local bank, purchasing real estate, or acquiring securities in Greece.

The real estate option is particularly popular among investors, as revealed in an interim report by the Greek Ministry of Immigration. From 2014 to April 2020, a whopping 7,825 investors opted for property investments.

Requirements for Gold Visa:

Investors must buy one or more properties in North, Center or South Attica valued at €500,000 ( Santorini , Mykonos, Athens & Thessaloniki require an investment of 500.000 euros while the rest of Greece the requirement is 250.000 euros) or more and hold onto them for five years. Afterward, they can sell the property and recoup their investment.
During ownership, the property can be rented out, with rental income ranging from 3 to 10% annually. For context, a three-bedroom apartment in Greece rents for approximately €575 per month, and in Athens, rental prices hover around €715.

With the Hellinikon project and Greece’s economic recovery post-pandemic, real estate values are on the ascent. Immigrant Invest recommends seizing the opportunity now rather than waiting until the end of 2021, allowing investors to secure prime real estate at favorable prices while also obtaining a coveted Greece golden visa.

A Greece residence permit offers not only a chance to live, study, and work in the country but also the freedom to travel across Schengen states for you and your family. Don’t miss out on this transformative opportunity!

Summer 2023 Hellinikon: Homes with 1.2 Billion Euros in Revenue Sold, New Units Coming - How Will the Coffers Fill, and What Are the Selling Prices?

Given that not a single one of the initial homes offered for sale in Hellinikon remains, Lamda is gradually activating the promotion of new projects. As Mr. Athanasiou noted during yesterday’s extraordinary General Meeting, the sale of all the residential units in the first phase has now been “closed” (317 units, totaling nearly 1.2 billion euros in revenue, with 700 million set to enter the coffers by the end of 2023), while new properties are also emerging for development at various locations.

Among these is the new 50-meter-tall tower (where one-third has already been sold), a new residential product towards L. Alimos, and more. In fact, the flow of income from property sales is such that loans for Hellinikon will not be needed in 2024.

Lamda: Lamda Malls Listed on the Athens Stock Exchange by July 2024, Plans for Marinas – Stock Discount.

As revealed in Lamda’s presentation, all 317 properties (apartments, villas, etc.) of the initial “package” (170 tower apartments, 28 cove villas, and 115 cove residences) have been sold, with a total gross revenue of 1.17 billion euros (625 million from Riviera Tower, and 214 million and 279 million euros from villas and cove residences, respectively). The total gross profit amounted to 422 million euros, representing a margin of 38%. The average selling price reached 12.3 thousand euros per square meter, meaning the average gross profit per square meter reached 4.6 thousand euros