Ellinikon Impact on the Greek Economy

The Ellinikon Park at The Ellinikon consists of 2,000,000 sqm of vibrant new green space that will refine the coastal front of the city and make a lasting impact on the community, prosperity and quality of life of all Athenians. It will be more than a green oasis. It will be one of the largest coastal parks in the world — and an ambitious rival to the great urban parks of New York and London. Open to all, The Ellinikon Park will be a platform for cultural events, sports and recreation, public health and personal wellbeing.  As a special destination, a daily respite or an inspiring walk to work, The Ellinikon Park will transform the way Athenians and visitors alike live, work and play, for generations to come.

Ellinikon is expected to accelerate economic growth in Greece, both at macroeconomic and microeconomic level. More specifically, the expected contribution of the project to the country’s Gross National Product, is going to be 2.3%. This is the generation of new national wealth, which will come from all sectors of Greek enterprises, as a consequence of the revitalisation of dormant productive potential and the creation of new investments, boosting the growth rates of the Greek economy. Moreover, on an annual basis throughout the construction of the project, approximately 10,000 jobs will be created throughout the construction period, while after the end of construction and during its operation, approximately 70,000 jobs will be created with the prospect of their permanent preservation. Taking into account the multiplier effects of the investment in zones of influence, the total number of jobs is expected to exceed 100,000. It is noteworthy to mention that this project will increase demand for real estate as well as it will attract over an additional million tourists annually. This project will also bring Investment liabilities worth €4.6 billion over 15 years and return to the Greek State 30% of net profits, plus a minimum return for the 99 years of the contract term. Revenues from the upcoming casino licensing tender, as well as from gaming taxes on an annual basis and Revenues for the Greek government during the 25-year investment activity of the project (construction & operation), estimated in total taxes (income, corporate, insurance contributions, property taxes, VAT) of over €13.5 billion  are also going to arise. Furthermore, the Implementation of infrastructure works with an indicative budget of up to €1.5 billion and the Investor is fully responsible for the maintenance and security of the metropolitan park throughout the duration of the contract.  Another source of income will be the payment to the State of €915 million in instalments over 10 years, of which the first instalment is €300 million, for the acquisition of 100% of the shares of ELLINICO S.A. and the exploitation of the area for 99 years.

By and large, the Greek economy is highly dependent on tourism revenues, while in recent years the importance of diversifying the tourism product has been highlighted, in order to create additional benefits to the economy from sectors where Greece, and Athens in particular, has significant potential, which have not been explored to the required extent. These sectors require new and innovative projects, recognising the trends that can create a competitive advantage for Greece and, by extension, for Athens. Ellenikon offers the opportunity to upgrade the image of Athens while simultaneously offer massive economic benefits to the Greek economy.