Latest news with #Ellinikon
The Guardian
12-05-2025
- Business
- The Guardian
Greece is booming again. This time, will it last?
Cranes are finally whirling over a long-blighted stretch of wasteland on the Athens Riviera, just 6 miles from the Acropolis, which has been a symbol of Greece's rise, fall and rise again over the past two decades. Yet it remains to be seen whether the country's latest economic spring will prove more durable than past spikes in its historical cycle of boom and bust. The Ellinikon construction site, soon to feature luxury residences, the tallest apartment building and largest shopping mall in the country, two hotels, a marina, a resort complex and sports, recreational and cultural facilities, is an ambivalent symbol of peak Greece. To the government of Kyriakos Mitsotakis, darling of the European centre-right, the development is emblematic of the new dynamism of the Greek economy and the country's attractiveness as an investment location. To its critics, Ellinikon is just another luxury real-estate project built by oligarchs for the super-rich and foreigners, on public land bought for a steal, while ordinary Greeks continue to see their living standards stagnate and public services decline. The 6.2 sq km Ellinikon site was home to the capital's airport from the 1930s until 2001, when the gleaming, EU-subsidised Eleftherios Venizelos international airport opened to the east of the city in time for the spectacular 2004 Athens Olympic Games. That was the last time Greece was on top of the world. The country had just joined the euro single currency – by fiddling the books, it later transpired – and a modernising socialist prime minister, Costas Simitis, was hailed as the Tony Blair of the southern Balkans. Greek was chic (remember the hit film My Big Fat Greek Wedding?). Tourism was booming. Even the national football team had become improbable European champions. Fast forward a decade and Greece was at rock bottom after defaulting on its debt and enduring three EU-IMF bailout programmes that shrank the economy by 26% and imposed draconian austerity. The debt crisis erupted when it was revealed in 2009 that the country had massively understated its budget deficit. Bond markets panicked and stopped lending to Athens, forcing it to appeal to the EU for loans that came with harsh conditions. The ensuing descent caused mass unemployment, widespread impoverishment and a brain drain of some 10% of the population. It also blew up the country's politics, long dominated by the rival patronage systems of the conservative New Democracy and the socialist Pasok parties. An anti-austerity government, led by the radical-left Syriza party, was elected in 2015 and won a referendum to reject the bailout terms, only to bow to the creditors' conditions weeks later when faced with the alternative of ejection from the eurozone. The so-called troika of the IMF, European Commission and European Central Bank forced Athens to raise money by selling off state assets, including the port of Piraeus to the Chinese national shipping company Cosco and the disused Ellinikon airport-to-nowhere to the only bidder at the time, a consortium led by the billionaire Spiros Latsis, who has sprawling banking, shipping, real-estate and oil interests. Public protests, squatters and court challenges long prevented any development of the site, which had been due to be turned into a park before the debt crisis. The old terminal buildings had been used to house mostly Afghan refugees in squalid conditions during the 2015-16 migration crisis, as hundreds of thousands of asylum seekers poured into Greece across the Aegean Sea from Turkey. The makeshift refugee camp was eventually closed in 2017. In 2023, builders finally broke ground on the Riviera Tower, a 50-floor beachfront apartment complex designed by the star British architect Norman Foster's firm, and the 200-metre skyscraper will open next year. There will eventually also be a (smaller) public park, Latsis's company, Lamda Development, has pledged. Whether Ellinikon is really a sign of an enduring Greek renaissance is hotly disputed. For many Greeks, not much has improved since the dark days of the debt crisis. Unemployment has fallen but wages and pensions have barely increased, inflation – especially in rents – has eroded living standards, and schools, hospitals and public transport have not recovered. The country is still seething over the lack of accountability for a head-on train collision two years ago that killed 57 people and exposed chronic safety failures, raising accusations of a political cover-up to evade responsibility. This year's 10th Delphi Economic Forum, a sort of annual Hellenic Davos in the home town of the ancient Greek oracle, was disrupted by a nationwide general strike over wages and public services that prevented many foreign delegates from arriving. Mitsotakis, whose approval rating has slumped, used the occasion to trumpet Greece's healthy growth rate and take a dig at Germany, the most Scrooge-like of its creditors during the crisis. Sign up to Headlines Europe A digest of the morning's main headlines from the Europe edition emailed direct to you every week day after newsletter promotion 'We're no longer the sick child of Europe. Our economy is outperforming most European countries. When I look at, for example, the reforms that the German government is currently announcing, lots of those reforms we have already implemented in Greece,' he told an interviewer in Delphi. Greeks remember only too well when they were caricatured as profligate, lazy crooks by German media, a depiction epitomised by a German magazine cover that featured the goddess Aphrodite giving the finger to Europe, with the caption: 'Cheats in the euro family: is Greece robbing us?' On the surface, Greece is generating a healthy primary budget surplus, and the credit-rating agency S&P has just upgraded its rating to BBB. After the strike, Mitsotakis found enough spare cash to announce a €1bn (£850m) support package for low-income pensioners, tenants and other vulnerable groups. Public support for the EU in Greece has also recovered from record lows during the debt crisis. Two-thirds of Greeks now say EU membership is good for their country. But Greece's boom is fuelled by real estate, tourism and shipping rather than a revival in manufacturing or innovation. 'Once you scratch beneath the headline macroeconomic and fiscal data, there is darkness,' says Nick Malkoutzis, the editor and co-founder of the Greek economic website MacroPolis. 'Mitsotakis runs a tight fiscal ship, but we can't rely on tourism and real estate for ever.' Underinvestment in forestry and emergency services means that Greece is particularly ill-prepared for climate-induced disasters such as the wildfires and floods that have become increasingly frequent, Malkoutzis says. A handful of powerful, politically connected oligarchic families continues to dominate the economy, with highly concentrated media ownership. Corruption remains corrosive, while the country is near bottom of the table in the EU for press freedom and the rule of law. So on closer inspection, the new Greece looks uncannily like the old Greece, with stronger public finances but enduring social and economic imbalances. They may well return to haunt a country where hubris is never far from nemesis. Paul Taylor is a senior visiting fellow at the European Policy Centre
Daily Mirror
10-05-2025
- Business
- Daily Mirror
Abandoned Greek airport and huge £7.2b plans to transform it into seaside city
Once considered the gateway to Athens, this abandoned airport is set to gain a second life after a multi-billion pound investment Airports have become a source of increasing intrigue for travellers, with some becoming tourist destinations in their own right. But for all the internationally acclaimed airports with waterfalls and state-of-the-art attractions, there are some that are in dire need of repair and some which have been abandoned altogether. The Ellinikon International Airport (ATH) is one former air hub that has become a relative ghost town, though that soon may change. The airport previously served as the primary airport in Greece for 63 years, accommodating 20 million passengers annually. But what was once the main gateway for Athens and its surrounding cities, was closed after the opening of the Eleftherios Venizelos Airport (ATH) in 2001 made it redundant. The decision to close Ellinikon was also influenced by noise and security concerns. Ellinikon subsequently became a symbol of Greece's economic struggles, though plans to transform the airport into a smart coastal city will see those fortunes reversed. The abandoned airport is set to be the site of the 'largest urban regeneration project in Europe' with a total investment of €8.5 billion (approximately £7.2 billion). Lamda Development, a Greek real estate developer, has revealed that the first phase of this initiative is set to finish by early 2026 and will include a public park, spanning two million sq metres. According to Odisseas Athanasiou, Lamda Development CEO: 'Ellinikon is the first area in Greece to be developed from the outset as a smart city and it was designed to be environmentally sustainable and resistant to climate change.' The development is planned in collaboration with various international and local partners, with the master plan including a combination of residential, commercial, recreational and cultural spaces. The project will reportedly create more than 10,000 new homes, a 200-hectare park, shopping centres, hotels, and a wide range of cultural and entertainment venues. The entire urban project revolves around a central concept: the '15-minute city'. In essence, this means that the layout will be designed to ensure all essential services are reachable within a 15-minute walk or bike ride from residential areas. This central concept is meant to promote quality of life, while also reducing the area's reliance on cars. That said, sustainability is a key priority for the Ellinikon Project. The development will be integrated with renewable energy sources, smart grids and waste management systems. The buildings will also need to meet high environmental standards, with a focus on energy efficiency, water conservation, and the use of sustainable materials. The plan is also to make Ellinikon a new hub for tourism and international business in Athens, attracting travellers with state-of-the-art commercial spaces and entertainment centres like a Hard Rock casino. The project also includes plans for the development of a 400-wide marina, which will cater to the growing demand for luxury yachting in the Mediterranean. The Tower at Ellinikon is also set to become the tallest building in Greece and one of the tallest in the Mediterranean. It will feature 50 floors of 173 luxury residences, including one- to five-bedroom apartments and penthouses. The building is pre-certified for LEED Gold, emphasizing its commitment to sustainability through climate-conscious design and advanced biophilic architecture. In fact, the entire project will feature extensive use of smart city technologies, including intelligent transportation systems, smart lighting, and advanced security features. The Ellinikon Project is expected to have a significant economic impact on Athens and Greece in general. The construction and upkeep of the development alone will lead to thousands of jobs, ideally attracting foreign investment. Since the final flight from Ellinikon Airport in 2001 - when an Olympic Airways Boeing 737 flew to Thessaloniki - the airport has been closed for 25 years. But this second-chance development will see its legacy renewed.
The Independent
06-05-2025
- The Independent
Best hotels in Athens for luxury beachside resorts and inner city boutiques
With tons of exciting new projects in the pipeline, including the Athenian Riviera's ongoing revamp and the mega Ellinikon scheme, touted as 'Europe's greatest urban regeneration project', the city where democracy was invented back in 508 BC is currently having a 'moment'. As once-grubby districts such as Piraeus and Psyrri buzz with innovative art galleries, cool new hotels, and gourmet food venues that are putting a spin on Greece's age-old cuisine, it's no surprise that this Parthenon-topped town described by Nicolas Bellavance-Lecompte – co-founder of Beirut's contemporary design gallery – as 'the new Berlin', was crowned the globe's Leading Cultural City Destination in the 2024 World Travel Awards. As a slew of exciting new hotels open their doors on the city's age-old streets, Athens certainly is an exciting place to be right now, which is why we've rounded up the best places to stay. Whether you want to be in walking distance to ancient ruins or would prefer a more modern, contemporary look on Greek life, we're sure we've found a hotel for everyone. The best hotels in Athens 2025 1. Asomaton hotel Asomaton might translate as 'incorporeal', but creature comforts are plentiful in this adults-only hotel, housed in a lovingly restored 19th-century building, which was once a repair shop for horse-drawn carriages. Looking out over Thissio's hilly streets – lined with Neoclassical houses, hip cafes and wine bars – the 19 cosy suites and lofts are decorated with dot-pop artwork and have bijou balconies. There's also a spectacularly pretty courtyard pool, perfect for chilling after a long day's sightseeing. You'll also find a rooftop restaurant where breakfast and dinner are dished up with stunning Acropolis views. Address: Asomaton 10, 10553, Athens Highlights: Acropolis views 2. Divani Apollon Palace & Thalasso hotel If kicking back on a silk-sand beach after a long, hot day strolling storied streets appeals, this sumptuous spa hotel on Athens' swanky Riviera delivers in spades. Just a two-minute taxi ride from the city centre (or an hour's leisurely dawdle on an air-conditioned bus), this luxury hotel is decked out in classical style (think chandeliers, gleaming marble floors and solid-wood furnishings), has 280 rooms (most with sea views) and a state-of-the art thalassotherapy spa with large jet pool. The icing on the cake? There are several excellent restaurants serving everything from steaks and delicious seafood burgers to healthy detox menus. Address: Agiou Nikolaou 10, Vouliagmeni 16671, Athens Highlights: Beach hotel 3. St George Lycabettus hotel With its leafy streets lined with hip designer stores, trendy bars and gourmet restaurants, Athens' Kolonaki district delivers a mega dose of romance. At the wildly beating heart of this elegant district – and just around the corner from the funicular that will whisk you on a scenic trip to the top of Mt Lycabettus' wooded slopes – is St George Lycabettus. The hotel's 16 stylish rooms and suites are decked out with plump Coco-Mat beds, blonde-wood furniture and funky artwork. Other loved-up accoutrements include a bijou cinema showing Hollywood classics, and a rooftop pool perfect for sunset sipping while dipping. Dyed-in-the-wool romantics should book the Panoramic Acropolis View Suite, a vast white-on-white haven with breathtaking views. Address: Kleomenous 2, 10675, Athens 4. Hotel Grande Bretagne Set in a Neoclassical building overlooking The Houses of Parliament – and the pom-pom-wearing presidential guards on Syntagma square – this ultra-luxurious hotel, which has just been awarded two Michelin keys, is loved by rockstar royalty and foreign dignitaries alike. Celebrating its 180th birthday this year, this grand dame has aged exceedingly well. All of its 320 rooms and suites combine elegant style (antique furnishings, dramatic velvet drapes and gleaming wooden floors) with lashings of very modern comforts, such as plump king-size beds and vast marble bathrooms. Elegant extras include the rooftop pool with uninterrupted views of Lycabettus' forested slopes, a rooftop restaurant with Acropolis views, and an award-winning destination spa, complete with a mud chamber and thermal steam room. Pick a room on the sixth or seventh floors and you'll even get 24-hour butler service. 5. The Foundry Suites hotel Home of some of the city's best street art, gritty effervescent Psirri – where antique stores and souvlaki joints rub shoulders with indie boutiques, art galleries and hip cafes – is the perfect backdrop for this bougie hotel. Seamlessly combining industrial chic with urban style, 12 spacious high-ceiling apartments have antique fixtures and fittings – from wood-burning stoves and huge factory-like windows, with the original creaking mechanism that opens them – alongside modern extras, including fully equipped kitchens. The hotel is housed in an ancient foundry, which has an eco-friendly vertical garden façade. There's also a wonderful echo-filled wine cellar set within an ancient water reservoir, and a gloriously green jungle of rooftop garden with wraparound Acropolis views Address: Sarri 40, 10553, Athens Highlights: Best boutique hotel 6. Xenodocheio Milos hotel Hailed as 'the man who pioneered the introduction of the Hellenic food scene in North America', chef Costas Spiliadis's latest hotel restaurant venture was designed by Divercity, the company responsible for the spectacular new W Algarve. Housed in a listed Neoclassical building dating from 1880 are 43 rooms and suites, all with soaring ceilings, marble fixtures, magnificent hand-crafted wooden furniture and minibars stocked with local goodies. Most guests flock here to dine in the ground-floor restaurant, with its sheer-white walls, elegant tables and open kitchen where Greece's most talented chefs prepare Spiliadis's inimitable gourmet take on traditional Greek cuisine. Highlights: Best for foodies 7. Athens Flair hotel Housed in a stunning neoclassical building built in 1906, this boutique beauty boasts original elements such as a Scarlet O'Hara-worthy marble staircase and intricately detailed plasterwork. Athens Flair has six vast suites opulently decked out with period-style furnishings and a delightfully private rooftop terrace with views to Lycabettus's pine-studded slopes. Just around the corner from Kolonaki's high-end designer stores and chic cafes, this stylish hotel is an easy stroll from the city's mains sights. The Benaki museum and the plant-strewn National Gardens are five minutes' walk away, whilst half an hour's stroll will take you to Monastiraki's famed flea market and the not-to-be-missed Acropolis museum. 8. The Alex hotel Once just the place where you went to catch a ferry to the islands, Piraeus is currently getting a facelift as countless art galleries, including Rodeo (sister to the Rodeo in Istanbul), move into the port's long-abandoned warehouses. You'll also find a string of hip hotels, cool bars and funky restaurants opening their doors in Piraeus's cobbled backstreets. Overlooking the buzzy port from a tree-shaded hilltop in Piraeus's Kastella district, The Alex is a design-led boutique hotel, just a five-minute stroll from Michelin-starred restaurant Varoulko in Mikrolimano port. The hotel offers a dozen comfortable rooms with good-sized beds, powerful rain showers and balconies (all tiny but some come with sea views). Best of all is The Alex's wooden-decked rooftop restaurant, where you can snack on Med-fusion food and watch the ferries pootling across the Saronic Gulf far below. 9. La Divina hotel Not even the notoriously picky Maria Callas could find fault with this swanky sleep-stop carved out of a neoclassical building where the opera singer once performed (hence the hotel's name). Set along a pedestrian artery snaking between tat on Monastiraki's flea market and the temples of the city's ancient Agora, the hotel, which is well-situated for seeing the city's main sights, is also just a short stroll from a slew of cool cocktail bars and hip nightlife venues. With massive crystal chandelier dangling from lofty ceilings, white orchids in pots lining the lobby, and a circular staircase leading to 12 suites, including several with jetted tubs or balconies with breathtaking Acropolis views, drama is a constant leitmotif here. Leonidas choccies at turn down and a gourmet restaurant steps from The Agora are the icing on this operatic cake. 10. One&Only Aesthesis hotel Greece's first outpost from the ultra luxurious One&Only hotel chain, this exclusive hideaway sprawled along a wooded stretch of blond sand-studded seaside near the ritzy designer stores and cocktail bars of Glyfada and within easy reach of the Acropolis and other city sights, manages to be select without being snobby. With decor evoking the legendary Asteria Beach Club that was once a magnet for the globe's celebrities there's a sense of age-old elegance. Unobtrusively superb service, and modern comforts ranging from spa and tennis courts, to a kids' club, several sparkling pools and spacious rooms and suites (some with private pools) ensure that this stylish resort is bang up to date. 11. Perianth Hotel After decades of cruelly neglecting its glorious Art Deco buildings, Athens is increasingly investing in its more recent past. Housed in a beautifully refurbished 1930's building, Perianth is a case in point. Behind the classic exterior of this chic hotel a short walk from Monastiraki's bustling flea market and well-connected metro station, however, 38 rooms buzz with quirky detailing: there are colourful velvet sofas, walls lined with contemporary art work, standalone bath tubs, plants in light-filled bathrooms, glass brick separations and terraces with Acropolis views. And when the city's vim and vigour seems overwhelming, there's even a zen centre which provides a calming space, while also offering classes in everything from martial arts to meditation. Address: 2, Limpona Street, 10560, Athens
