WITH ancient ruins like the Acropolis and the Temple of Zeus, Athens has long been considered one of the oldest cities in the world – but it’s about to get much more modern.
A new billion-pound seafront regeneration project with a towering skyscraper and luxury shopping has resulted in the city being dubbed the ‘new Dubai‘.
Major changes are happening in Athens especially on the riviera where an enormous development is underway.
A regeneration project called The Ellinikon an estimated €8billion (£6billion) is set to completely transform the area to become its first ‘smart city’.
At its core is an enormous skyscraper called Riviera Tower – once transformed it will be the tallest building in Greece at over 650 feet high.
Inside will be around 170 luxury apartments including penthouses and each one will have panoramic views over the coastline.
It will also have private infinity pools, spa and gym as well as shared wellness spaces and greenery and plant filled terraces around the building.
The skyscraper was formerly part of Ellinikon International Airport which served the city until 2001.
The Ellinikon will also have new additions including ‘Little Athens’, a new neighbourhood right next to the beach with apartments as well as small shops and cafés.
The Riviera Galleria will be a new complex for luxury shopping with 80 new shops covering 10,000 square metres.
At the galleria will also be upscale restaurants, artisan ice-cream parlours, beauty salons and organic markets.
The upscale and luxury aspect mirrors what visitors expect when heading to the seafront neighbourhoods of Dubai.
In order to entice expats into Greece, the country is also offering tax breaks – much like Dubai which is a playground for the wealthy.
Since its debt crisis in around 2009, Greece has made a ‘remarkable economic recovery’, according to the IMF.
Part of this is thanks to tax breaks aimed at families, young workers and expats.
Under new rules this year, investment professionals who relocate to Greece can pay five per cent on “carried interest” – this is a fraction of the rate in the UK.
Talking to The Times, Henley & Partners, which organises residence and citizenship planning for the rich says interest in moving to Greece has surged.
It’s now the second-most popular destination after St Kitts & Nevis for relocation.
Mario Rafael, a managing director at the firm. said: “Greece is increasingly competing for the attention of the same internationally mobile families considering places such as Milan and Dubai.”
If it does turn into a Dubai-alternative, for Brits it’ll be much easier to get to as the flight is around four hours less.
While it might not be the winter hotspot like the city in the UAE, Athens still has scorching summers too.