More construction to be allowed at Elliniko to attract investors

Further incentives are to be offered to investors interested in bidding for the lease of one of the most valuable pieces of real estate Greece has to offer, the 620-hectare site of the former airport at Elliniko in southern Athens.

During a parliamentary debate on Wednesday on the draft law that paves the way for investors to build on the land, the government made two significant adjustments to the bill in order to allow greater commercial use of the seafront area of the site, which stretches to 3.5 kilometers.

The amendments allow investors to use 40 percent of the seafront section, almost 10 hectares, to construct residential property. This equates to roughly 230,000 square meters of housing. The second change increases from 10 meters to 16 the maximum height of buildings that can face the sea.

The bill allows the construction of buildings, including for entertainment and business purposes, totaling up to 3.7 million square meters. Some 2,000 square meters will be set aside for the creation of a park. The deadline for tenders is April 17.

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