Little Athens Commercial Spaces 70% Leased Ahead of Residential Occupancy
Athens, April 28 – A significant portion, approximately 70%, of the commercial spaces within the Little Athens residential complex at Ellinikon has already been leased, even before the first residents are expected to take occupancy. This strong demand highlights the growing dynamism of this new urban neighborhood.
High Rents Reflect Strong Demand
Market information indicates that lease agreements have progressed substantially, with major retail and F&B players securing prime locations on the ground floors of the residential buildings. Rents are reportedly high, driven by the intense interest in these spaces. While the average rent in some agreements is around €30 per square meter, prime locations command significantly higher prices, ranging from €50 to €100 per square meter, depending on the location, visibility, and commercial appeal of each store.
Based on these figures, a commercial unit of approximately 50 square meters could be leased for €2,500 to €3,000 per month. In the most prominent spots, monthly rents could reach €5,000, €6,000, or even €7,000. Furthermore, in several cases, more complex cooperation models are being explored, with Lamda Development reportedly discussing agreements that include a percentage of turnover with businesses.
Everyday Services at the Forefront
The fact that 70% of these commercial spaces are already leased before the first residents move in underscores the confidence major businesses have in the project’s potential. These spaces primarily cater to daily convenience stores, which will operate on the ground floors of the residential complexes. The development’s philosophy aims to create a city that does not rely solely on large shopping centers but features vibrant neighborhoods with amenities that meet residents’ needs within walking distance of their homes.
Agreements have already been finalized with well-known chains and businesses, including bakeries, pharmacies, supermarkets, food stores, organized meat brands, as well as coffee shops and restaurants. The presence of these businesses from the initial phase of operation is crucial, as it enhances Ellinikon’s character as a ‘self-contained city’ where residents can access daily services without having to travel outside the area.
Changes Due to New Building Regulations
The leasing process was not isolated from changes in design and permits. Modifications to building terms due to the New Building Code (NOK) also affected commercial properties, altering floor areas, layouts, and specific characteristics of the spaces. Initially, some neighborhoods featured ground-floor and mezzanine spaces, while others included ground floors with basements. These designs were adapted in many cases to better meet the needs of tenants and new technical or urban planning parameters. These adjustments highlight the complexity of such a large-scale project, where commercial uses are not designed in isolation but in direct connection with residences, infrastructure, and public spaces.
Little Athens Nearing Completion
Currently, interest is primarily focused on the Alimos side and Little Athens, where construction is closer to completion. Specifically, the Promenade Heights, Trinity Gardens, and Atrium Gardens residential complexes are scheduled for delivery in late 2026 to early 2027. Other projects in the broader area, such as Park Rise and Pavillion Terraces, are also at an advanced stage, with most apartments already sold, leaving mainly the more expensive, premium properties starting from approximately €2 million.
The newer project, Sunset Grove, recently launched, also shows significant momentum. It includes approximately 219 apartments, ranging from 60 to 200 square meters with one to four bedrooms, in buildings up to five stories high. Unlike other units that have already sold out, this complex is still in the sales phase, offering new opportunities for interested buyers.
Who is Buying at Ellinikon?
According to market professionals, the Ellinikon market is characterized by strong investment features. Buyers are primarily Greek investors from sectors such as shipping, tourism, and construction. These are mainly investment-driven purchases by individuals who benefited from economic growth in previous years and sought high-potential real estate investments. Indicative of the added value already created is that several individuals who entered the project early, buying properties in previous years, are now choosing to sell them at higher prices.
Resales, however, are subject to specific conditions. Contracts stipulate that a significant percentage of the price, approximately 60%-70%, must be paid before any resale. This trend indicates that Ellinikon has already begun to create a secondary market even before most properties are delivered.
2027: A Pivotal Year
The next decisive phase is expected from 2027 onwards, when the first residents will truly begin to settle in. In terms of overall project development, crucial infrastructure is currently at an advanced stage, which will define the image of the first operational phase. The iconic Riviera Tower is nearing completion, having reached very high floors, close to the 45th floor, with the goal of completion in the coming months. Simultaneously, work on the casino and marina is progressing, with a delivery horizon by the end of 2026.
A significant aspect of the planning is the aim to deliver as many projects as possible simultaneously. The goal is for Ellinikon not to appear incrementally as a construction site but to be presented as a complete and functional city from the outset. Thus, even if some residential complexes, particularly in Little Athens, are ready earlier, their availability and operational activation will be coordinated with the completion of essential infrastructure, roads, public spaces, and commercial uses.
Furthermore, the Sports Park is another important infrastructure. Its first phase is expected to be completed within the first half of 2026, with its expansion to follow in 2027. These facilities will cover a wide range of sports activities and enhance the quality of life for residents.
Source: https://www.powergame.gr/akinita/1342577/elliniko-poso-misthonontai-ta-eborika-katastimata-sto-oikistiko-sygkrotima-little-athens/
