Greek Real Estate Flash Update – Marina Tower: A long-anticipated real estate project in Athenian riviera unveiled
During the first week of July 2021, the design for Greece’s tallest of the six skyscrapers to be constructed at Elliniko, Athens, reaching up to 200 meters on 45 floors, has finally been revealed. Located in the marina area of Agios Kosmas and one of Elliniko’s first architectural landmarks, the Marina Tower is meant to be the tallest green beachfront high-rise building in the Mediterranean, according to the most recent press release of “Lamda Development”, the developer of the monumental endeavour.
The 45,000-square-meter project is expected to be completed within the next five years, and, specifically, during the second half of 2025. Although the size of the investment was not officially revealed during the virtual presentation of the project, that took place on July 7th 2021, it is estimated at approximately 100-250 million euros.
It is worth mentioning that all geotechnical research and studies have already been completed, while the team includes globally renowned companies and, such as the well-known architectural office Foster + Partners, Faithful & Gould, Buro Happold, among numerous engineers from Greece and abroad. All studies, during the totality of the project, will be submitted in a Building Information Modeling (BIM) environment, thus reducing both the necessary budget and the timeframe of completion by 20-30%.
As expected, the ambitious project for the luxury 200-apartment high-rise immediately attracted the interest of many major national and foreign investors. Real estate agencies have already received numerous requests from both Greek and third-country nationals respectively wishing to acquire one of the 200 apartments featuring large balconies, gardens and an unobstructed mountain and sea view. It is worth noting that various high-net-worth investors have already signed a preliminary purchase agreement and, therefore, secured a place in the emblematic building.
The sale prices will vary according to the size of each apartment, the floor and the features included, starting from €7,500-€8,000/sq.m. for one to four-bedroom apartments and reaching up to €25,000/sq.m for an up-to-five-bedroom apartment on the top floors featuring a private pool.
At the same time, a high demand for the luxury detached houses in the area of Elliniko, Athens, has been recorded. As noted during the above-mentioned virtual presentation, 80% of the luxury houses have already been sold, i.e. 21 villas, while it is expected that a total of 27 will have been sold by the end of this year. The average sale price reached the amount of approximately €17,500/sq.m.
As far as the area of Elliniko is concerned, it has been on the investment spotlight for a while, with multiple projects already taking place. Indicatively, the works for sport facilities, a public information center and the Metropolitan Park have already commenced, at the same time as infrastructure improvements to the road network. Besides, the Marina Tower is, perhaps the most impressive, yet only one of the six building of such size that will be built in Elliniko.
The Marina Tower will be one of the greenest high-rise buildings in the world and will serve as a model of sustainable design, incorporating the best environmental practices. Following the principles of esthetic simplicity, the building is meant to be constructed in harmony with the sea and the special characteristics of the Mediterranean area, highlighting the green and water elements, while implementing the latest international security protocols, thus offering the highest standard of living possible to its inhabitants.
According to the head of the architecture team that designed the Marina Tower, Antoinette Nassopoulos-Erickson, the “proposal for the Marina Tower is based on basic principles of sustainable design, creating an archetype new development model and a new ‘green’ landmark for the country”. Thus, the tower will incorporate extensive green and water elements and is expected to increase energy efficiency by 35% compared to a conventional building of a similar size.
This unique real estate project is anticipated to be one of the highlights of Elliniko, currently attracting the interest of the global elite in the largest greenfield urban infrastructure development investment in Europe. It is anticipated that said project will not only constitute an architectural landmark, but it will also enhance the country’s image, attract both investments and tourism and will showcase the area’s unique development.
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Athens, July 2021
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