The major development of the flagship project The Ellinikon has triggered a wave of investments across the entire Athens Riviera, transforming areas that traditionally functioned as vacation destinations or leisure spaces. Athens’ southern coastal zone is attracting capital worth hundreds of millions of euros in tourism, recreation, vacation homes and public infrastructure, aiming to create comprehensive tourist and cultural hubs of international caliber.
The Ellinikon
The Ellinikon represents today the largest urban transformation in Greece, with investments exceeding 8 billion euros, including hotel infrastructure, residences, shopping centers, parks and marinas. The scale and dynamics of the project have attracted interest for secondary investments throughout the Athens Riviera, as major private and international investors view the area as a strategic destination for vacation properties, boutique hotels and high-end leisure infrastructure.
Voula Second Beach
One of the most mature interventions concerns Voula Second Beach, covering approximately 90 acres, which remained closed for more than 20 years. The property has been leased to the Athens Beach Club consortium, which is implementing an investment plan worth 15 million euros, aiming for complete infrastructure upgrade and beach reopening in summer 2026. The project includes reconstruction of basic facilities, gentle environmental interventions, creation of floating piers, sports and wellness areas, dining, as well as new recreational infrastructure. The investment scheme includes equal participation from TEMES S.A., Intracom Ventures and Litti Enterprises.
Vouliagmeni Beach
Vouliagmeni Beach maintains a central role in the investment map, as one of the country’s most famous organized seaside properties. The 72,700 sq.m. area, with over 600 meters of seafront, attracts intense interest due to high visitor numbers. In 2024 alone, it exceeded 420,000 visitors. The beach development proceeds through a 20-year long-term lease, with possible 10-year extension, via HRADF’s competitive bidding process. Four investment schemes participated in the binding offers phase, including Fais Participations, the Evergood (CVC Capital) – Gefsinou consortium, REDS – Aegean Warehouses, and Air Canteen. Permitted construction is limited to 2,000 sq.m.
Varkiza
A significant investment is also planned in the Varkiza area, at the former Yabanaki site, aimed at creating a modern leisure hub. The beach has been granted for 25 years to Black Wave Varkiza company, with contractual investment obligation exceeding 3 million euros, while according to planning, the total investment amount is estimated to exceed 15 million euros. Completion is scheduled for 2026-2027.
Apollo Hills
The area’s largest private project is Apollo Hills (Voula Project), with a budget exceeding 200 million euros, at the foothills of Mount Hymettus. The investment is implemented by the Hines – Henderson Park consortium, featuring approximately 300 luxury residences, hotels, commercial uses and extensive green spaces. Delivery of the first residences is expected from summer 2026.
Althea
Ella Resorts acquired the Althea property in Mavro Lithari approximately two years ago and is proceeding with structural reinforcement phase, awaiting building permits. The hotel, with a budget exceeding 50 million euros, is expected to open in 2028 and marks the chain’s first presence in Attica, further strengthening luxury accommodation offerings in the area. Also underway is a broader Attica coastal front upgrade program, from Piraeus to Sounio, targeting unified pedestrian and cycling routes, infrastructure upgrades and green space enhancement. Project completion is expected in 2026-2027, with planned interventions including the Varkiza fishing shelter, budgeted at 2 million euros.
Overall, the private and public investments underway in the Athens Riviera reflect a transition to a new model of tourism and urban development, emphasizing quality, sustainability and international competitiveness. The coming period will determine to what extent this planning translates into a balanced coastal front, open to both residents and visitors.
Published in Money Pro of Parapolitika
