Athens Land Ownership Mapping: Privatised Gains, Socialised Losses — State Led Privatisation of Public Land Assets
This is the 5th article in the series — a collaboration between Dark Matter Labs and the Institute of Human Rights and Business (IHRB). Previous articles mapped property ownership-related patterns in Copenhagen, Prague, and Lisbon. In this post, we turn our attention to Athens, identifying parallels with Lisbon in how the city’s land management, ownership and built environment patterns were shaped in the wake of the 2008 financial crisis.
Like Lisbon, Athens together with its greater public interest have been significantly impacted by the Troika loan conditions, weak regulatory frameworks to protect vulnerable groups, and a lack of data transparency in land and property ownership registers, although this is now being addressed through efforts to digitise the national cadaster.
This blog supports the argument that municipalities and state governments, just as the large developers and investment companies, play an active role in neoliberal city and country development logics leading to privatisation and financialization of the public real estate assets. It also argues that the European city and national governments should play a much stronger role in promoting spatial justice and societal resilience through land management rather than using it as a mere tool for profit and public debt repayment.
Introduction
Athens has become the second least liveable city in Europe, according to a recent report “On the quality of life in European cities, 2023”, published by the European Commission. The reasons are similar to the issues and patterns observed in Lisbon, which largely resulted in the increasing unaffordability and ever-increasing spatial exclusion of its citizens.
Acquiring, analysing and visualising data on land ownership can be a powerful tool in comprehending the past, and current built environment justice patterns and their socio-spatial intricacies. In Athens, due to a lack of data access and transparency, despite numerous efforts, it has been challenging to precisely assess and depict who owns land and property in the city, as well as what are the historical transactions that could bring actors in power into the public eye.
We have therefore taken a desk research approach to finding data on major landowners and significant land sales conducted in the past decade, contextualising them within Athens’ housing landscape and reflecting on their relationship with the city’s future transition strategies.
The blog is therefore structured as follows:
A) Largest landowners
B) Major Land Sales
C) Forces at Play
B) Athens’ housing issues
D) Data transparency review — National Property Registry
E) Concluding reflections — Future city transition
A) Largest Landowners
The state, the municipality and the church
- Greek Government
- Hellenic Republic Asset Development Fund (HRADF): A major player in land sales, HRADF was established in 2011 by the Greek government as part of its economic restructuring efforts to manage and privatise state assets. Its founding Law №3986/2011 sets an initial mandate to leverage the State’s private property assigned to it by the Hellenic Republic. It manages properties slated for privatisation or development, like the former Hellinikon Airport project, Piraeus Port, Athens Metropolitan Park, Marina Zea (please see description of those further below). According to its CEO, the HRADF’s revenues are mainly used to reduce Greece’s public debt (a core condition during the bailout programs with the EU/EC, ECB, and IMF), reinvest in the Greek economy and in projects that align with national growth and infrastructure development goals ( in line with HCAP Supervision and Allocations) and cover operational costs. However, multiple journalists, scientific scholars pointed towards its transparency, democratic accountability, and legal immunity in face of questionable tender processes.
- Hellenic Public Properties Co. (ETAΔ or HPPC): The largest company for the management and development of the real estate assets of the Greek State, it constitutes a 100% direct subsidiary of the Hellenic Corporation of Assets and Participations (HCAP).
- Hellenic Corporation of Assets and Participations (HCAP) is HRADF’s and HPPC’s sole shareholder. It is a state-owned entity — established by the Greek government in 2016 as part of the economic and structural reforms agreed upon with Greece’s international creditors (Troika: EC, ECB, and IMF) during the financial crisis. HCAP functions as the parent holding company, with HRADF and HPPC as its direct subsidiaries, each specialising in different aspects of public asset management and development.
2. Athens Municipality: The city of Athens itself owns a large portion of public spaces, including parks, squares, infrastructural land and municipal buildings (Athens Social Atlas)
3. Greek Orthodox Church: Holds substantial real estate, including historic churches, monasteries, and other religious properties, as well as land that has been bequeathed to the Church over centuries. (See: Reuters, Athens Social Atlas)
Private Developers, Real Estate Investment Companies (REICs) and Foreign Investment Funds
- Private Developers and Real Estate Investment Companies (REICs):
- Lamda Development: A major real estate developer in Athens, with a €3,5 billion euro investment portfolio. Most notably, it is leading the redevelopment of the Hellinikon area, a multi-billion euro project to transform the site of Athens’ former international airport into a large urban development.
- Prodea Investments: As one of the largest real estate investment companies in Greece, with over €3 billion in total assets, Prodea holds significant property assets in Athens, including commercial and residential buildings.
2. Foreign Investment Funds: Over the past two decades, several international investment funds have purchased property in Athens, to capitalise on the low real estate prices that followed the financial crisis. This includes hedge funds and real estate investment trusts (REITs) that have acquired properties, especially in tourist-heavy areas or neighbourhoods undergoing redevelopment.
- Brook Lane Capital: A Cyprus-based investment management firm with a strong focus on real estate investments in Greece and Southeastern Europe.
- Invesco Real Estate: A global real estate investment management company headquartered in Atlanta, Georgia, USA. The company has made significant investments in Athens, particularly in commercial and retail properties.
- Hines: An American real estate investment, development, and management firm, headquartered in Houston, Texas. In Greece, the firm’s portfolio exceeds €1,5 billion euros with significant investment in commercial properties, hotels, and residential developments. Key properties in Athens include: Grand Hyatt Athens and the residential complex Apollo Hills in Voula.\
B) Major Land Sales
In the past decade, Athens has seen several major land sales as part of a broader wave of real estate activity, subsequent privatisation efforts, and international interest in Greece. Below are some of the most significant land sales based on land size and estimated market value, taking into account location (prime or less-developed areas), demand (tourism, logistics, residential), and strategic importance (e.g., port facilities, large urban developments).
Major land sales by size and market value:
Hellinikon Project (former Athens Airport)
- Seller: Hellenic Republic Asset Development Fund (HRADF)
- Buyer: Lamda Development, backed by international investors including China’s Fosun Group, Abu Dhabi’s Eagle Hills, and European investors.
- Size: 6,200 acres (the largest urban redevelopment project in Europe).
- Value: Initial sale price was €915 million, but the overall investment for development exceeds €8 billion.
- Sale Date: 2014 (initial deal), construction began in 2021
- Sources: Reuters, The Ellinikon, FT, Athens Social Atlas
Astir Palace Resort (Vouliagmeni Peninsula)
- Seller: National Bank of Greece and Hellenic Republic Asset Development Fund (HRADF)
- Buyer: Apollo Investment HoldCo, a subsidiary of the Jermyn Street Real Estate Fund (backed by investors from the Middle East, including sovereign wealth funds from Abu Dhabi, Kuwait, and Turkey).
- Size: The luxury resort covers a significant part of the exclusive Vouliagmeni peninsula.
- Value: €393.1 million
- Sale Date: 2016
- Sources: Ekathimerini
Piraeus Port Authority (PPA)
- Seller: Hellenic Republic Asset Development Fund (HRADF)
- Buyer: COSCO Shipping (Chinese state-owned company).
- Size: While not strictly a land sale, COSCO acquired a 67% stake in the Piraeus Port Authority, including control of the land and facilities.
- Value: €368.5 million (initial purchase in 2016).
- Sale Date: 2016 (Lease Agreement).
- Sources: HRDAF
Marina Zea (Piraeus)
- Seller: Hellenic Republic Asset Development Fund (HRADF).
- Buyer: Lamda Development in a consortium with Dogus Group (Turkey).
- Size: 13 acres
- Sale Date: 2019–2020
- Sources: D-marin
C) Forces at play
The sale of public land in Greece, facilitated by the Hellenic Republic Asset Development Fund (HRADF), has been a major source of societal outcry, particularly in the wake of the country’s sovereign debt crisis (2009–2010).
As part of the bailout agreements imposed by the Troika (European Commission, European Central Bank, and the International Monetary Fund), Greece was pressured to privatise public land and assets, a move critics argue significantly weakened the state both politically and economically. This privatisation agenda, which often disregarded national social needs, was aimed at settling debt by selling off strategic assets such as airports, ports, and vast tracts of land. Projects like the Hellinikon redevelopment, where public land is being transformed into private luxury developments, have marginalised lower-income residents and reduced public access to urban and coastal areas. Local communities, environmental organisations, and political opposition have strongly resisted these sales, especially of large coastal sites like Ellinikon, which includes the former Athens airport and Agios Kosmas beach, arguing that the privatisations prioritise elite interests over broader public needs.
Politically, the HRADF’s operations have been highly controversial, with opponents dubbing it the “Sell-out Fund of Greece” and questioning the constitutionality of its mandate. Additionally, the low sale prices of assets, such as Lamda Development’s acquisition of Hellinikon for a fraction of its real value, have intensified public resentment, with many viewing these transactions as a fire sale of national treasures.
As noted in the Athens Social Atlas article, the privatisation programme fits into a long history of public land abuse and illegal seizures. This includes everything from individuals and companies encroaching on public land for private purposes to large-scale speculative developments by private enterprises. What is more, in some cases, this also relates to the opposite scenarios when privately owned land has been taken over by the state. The absence of a transparent National Land Registry, coupled with a fragmented bureaucracy, has facilitated large-scale exploitation and commodification of public assets.
The great article from Athens Social Atlas (2015), by renowned scholar and economic geographer Costis Hadjimichalis summarises some of the dynamics that shape the land seizures in Attica. He also writes that:
“The main reason for land-related abuses and illegal activities, but also for the delays in privatisation and sell-off by the HRADF, is the lack of a National Land Register. Essentially, due to a variety of factors, the state is not fully aware of the actual size and location of its real estate assets. Other than the lack of a land register, other important factors are the fragmentation of public services dealing with public land, the weakness or indifference of civil servants and the combination of political expedience and corruption.”
The recent development of a national land register provides some hope for a more informed and democratic decision process in terms of land management. However, while HRADF records its most profitable year, the rhetoric remains the same: “With a record contribution to the public funds as well as to the development course of the country, it seems that the operation of the TAIPED will be completed, and by the end of the year it will be absorbed by the Superfund” and “In total, the revenue from concessions — privatisations this year — will, for the first time in the history of the Fund — exceed 4 billion euros , an amount that will be automatically directed to the repayment of a not inconsiderable part of the public debt, contributing to its reduction by almost two percentage points of GDP“. This year alone, Greece hopes to raise more than 5 billion euros in 2024 from the sale of state assets, including a stake in Athens International Airport and concession deals for two toll roads, a senior privatisation official said on Wednesday — the privatisation logic continues. What has changed are add-ons such as “Decarbonisation Fund” and ESG compliance, with the support of the largest consulting firms.
To understand some of the further reasons behind the present spatial injustice issues in the Athens Metropolitan Area, one has to further examine the forces that came into play, prior to and following the financial crisis, as well as the enabling policies and regulatory mechanisms that facilitated their enforcement. These include:
Sources: (Law 2778/1999), (Law 4646/2019), (Law 4714/2020 — Article 5B), Law 4242/2014, Laws 4242/2014 and 4373/2016), (Law 5006/2022),
1. Housing financialisation a la Griega” — Alexandri, 2022
2. Social justice and a city: surplus capital and the remaking of Athens
3. Housing Crisis and Neoliberal Social policy in Greece
4. “Platform — driven housing commodification, financialisation and gentrification in Athens
D) Athens’ housing and real estate related issues
The dynamics described above led to multiple urban socio-spatial problems. Eteron — the Institute for Research and Social Change — a non-profit organisation working towards the production of knowledge and citizen empowerment through its
provides an impactful overview of the present housing problems in Greece.
E) Data transparency review — National Property Registry (Ktimatologio)
Property ownership in Greece is fragmented and often difficult to track accurately. This is partly due to incomplete land records and inheritance processes, outdated property registries, and legal complexity. The creation of a comprehensive, unified land registry system, the National Property Registry, also known as ‘Ktimatologio’, has been a laborious process spanning over three decades.
Before the establishment of the Ktimatologio, property records were managed by ‘Ypothikofylakeia’ (Mortgage Registries), which were responsible for recording legal documents related to property transactions, such as mortgages, deeds, and other encumbrances. As the Ktimatologio gradually expands, it is replacing the Ypothikofylakeia. In areas where the Ktimatologio is fully operational, the Ypothikofylakeio is either phased out or its role is significantly reduced. However, in areas where the Ktimatologio is not yet implemented, the Ypothikofylakeio continues to function as the primary land registry. Presently, the Greek government expresses optimism regarding the Ktimatologio project’s culmination by the year 2026.
An interactive digital map, with all properties currently incorporated into the registry, has been recently released, accompanied by the number for each plot. In adherence to data protection protocols, under both national law and the General Data Protection Regulation (GDPR), ownership details will remain undisclosed within the map.
To uncover ownership information, Greek Law permits anyone invoking “legitimate interest” to apply for information held in the land registry, which is provided by the Land Registrar in the form of a certificate or excerpt of the Land Book” (ELRA) — therefore the information can be considered public in the sense that anyone can have access to it. Each property is marked with a unique number, the so-called Code Number E of the national K thematic catalogue (KAEK), which is the exclusive code number for each parcel of land, the identity of the property. The interactive digital map represents the first time that each plot’s code is publicly available. One can purchase different types of information upon registration through a Greek digital system Taxisnet for residents with Tax registration number.
As this is a work in progress, property holders are still having the liberty to register their properties and update information conveniently, eliminating the need for physical visits to government agencies with supporting documentation. Though the deadline for property registration has lapsed, the online map aims to serve as an incentive for registration, ideally before November 30th, 2024.
E) Concluding reflections
After analysing Copenhagen, Prague, Lisbon, and Athens, it is clear that European States have followed certain common patterns in land management and real estate development. The role of the state and municipalities, often perceived as passive guardians of public interests against large private investors, has shifted towards active promoters of privatisation. Publicly owned development companies, such as Copenhagen’s City and Port Corporation or Greece’s TAIPED (Hellenic Republic Asset Development Fund), are increasingly used to stimulate economic growth and repay debt — whether infrastructure-related as in Copenhagen or tied to Greece’s financial crisis.
This system inherently incentivises the maximisation of returns on investments, often through the sale and development of public land into high-value, luxury projects. This approach prioritises short-term financial gains and large-scale developments, with little room for smaller, complex, or low-return projects, such as providing or retrofitting affordable housing.
While balance sheets may look strong, with institutions like HRADF showing greater financial returns, the reality is that profits are privatised, while the risks and losses are borne by society at large.
This raises the questions:
- What alternative, more -just development models can be employed, especially when the current neoliberal paradigm perpetuates socio-economic inequalities in urban development?
- How the new digital infrastructure may give more transparency and accountability in urban development?
- And finally, in the post-bailout context, yet with continued economic and environmental stresses, what is the role of publicly owned institutions which are foundational to city development like HRADF?
Contact
This research and blog post is conducted and written by Aleksander Nowak (aleks@darkmatterlabs.org) and Anna Nazou (annanazou7@gmail.com).
in collaboration with the Institute of Human Rights and Businesss — Giulio Ferrini (giulio.ferrini@ihrb.org)
Please feel free to reach out!
Further Useful Links
The Athens Social Atlas aims to highlight key structures and processes that constitute the city’s social fabric, as well as the interactions between social processes and the built environment.
General
Housing
- Athens apartmentalized, 1955–1970
- Recording the use and ownership patterns of apartments in the Athenian apartment block (polykatoikia)
- Social Housing Estates in Athens
City centre
Large land patterns
- Seizing public land in Attica
- The social profile of the city’s waterfront and the real estate market
- Large infrastructure projects
Vacancy
Policy overview
- Urban governance and spatial policies in Athens during a period of crisis (2009–2015): Attempts to reconstruct the city, institutional turning points and the role of Local Governments
- The Incomplete Reform: Regulating space in Metapolitefsi Athens 1978–1985
- Access to owner-occupied housing through mortgage lending, 1990–2013: Loan-holders’ housing mobility towards the suburbs and exclusion from mortgages in the city centre
