Metro Line 4, the Ellinikon and Piraeus: how infrastructure is reshaping Athens property in 2026
· 5 min read
Where Metro Line 4 and the Ellinikon stand in October 2026, what the Line 3 extension to Piraeus showed, and what the price data does and does not tell buyers.
Athens is in the middle of its largest wave of public and private infrastructure in two decades. A new metro line is being bored under the city centre, the former airport at Ellinikon is turning into a coastal district with its first homes due in 2027, and the metro now reaches the port of Piraeus. For buyers, these projects matter because transport and amenities shape which neighbourhoods people want to live in. This article sets out where each project stands as of October 2026, what has already happened to prices, and why timelines deserve a cautious reading.
Metro Line 4: the route and what it will connect
The first phase of Line 4 runs for about 12.8 kilometres from Alsos Veikou in Galatsi to Goudi, with 15 new stations. Heading south and east, the route passes through Galatsi, Elikonos, Kypseli, Dikastiria, Alexandras, Exarchia, Akadimia, Kolonaki and Evangelismos, then continues to Kaisariani, Panepistimioupoli, Zografou, Ilisia and Goudi. It is built by the AVAX, Ghella and Alstom consortium for Hellenic Metro, with a budget of about EUR 1.8 billion. Further extensions towards Petroupoli, Marousi and Lykovrysi have been discussed, but they remain later phases rather than committed works.
The value of the line lies in the areas it reaches. Kypseli, Galatsi, Exarchia, Kaisariani and Zografou are dense residential districts that today rely on buses, or on a walk to a station on another line. Line 4 will link them directly with Kolonaki, the university campus and the hospital cluster around Evangelismos, where it meets Line 3. For residents of these neighbourhoods, journeys to the centre that now involve a bus and a change should become a single underground trip once the line opens.
Where construction stands in October 2026
Tunnelling has made real progress. In February 2026 the tunnel boring machine Athena completed the 5.1 kilometre section from Katechaki to Evangelismos, passing beneath Goudi, Zografou, Ilisia, Panepistimioupoli and Kaisariani. AVAX said at the time that about 65% of the total tunnel had been excavated. A second machine, Niki, is boring the 7.1 kilometre section from Alsos Veikou towards Evangelismos, beneath Dikastiria, Alexandras, Exarchia, Akadimia and Kolonaki, and is expected to reach Evangelismos by the end of 2026, which would complete the main tunnel.
The opening date has moved. On 9 February 2026 Hellenic Metro approved a revised completion date of 3 September 2032, replacing the original target of June 2029. The contractor had asked for February 2034, which the client rejected. Reported causes include late handover of worksites, court cases over sites such as those in Exarchia, and technical difficulties around Goudi and the university campus. Hellenic Metro is also seeking the return of performance bonuses, which the contractor disputes. Buyers should therefore treat 2032 as the official target, not a guarantee.
The Ellinikon: from plans to first deliveries
Lamda Development's regeneration of the former Athens airport is now delivering visible results. The first phase of the Ellinikon Sports Park, covering about 287,000 square metres, opened to the public on 20 July 2026, and Lamda expects the Agios Kosmas marina to be completed by the end of 2026. On the coast, the 50-storey Riviera Tower, with 173 residences, and the Cove Residences are scheduled for completion between late 2026 and early 2027, with the first homes handed over to buyers in 2027. The Riviera Galleria shopping area is due to open in the second half of 2027.
Sales figures point to strong demand at the top of the market. According to Lamda's July 2026 update, all 315 homes on the coastal front have been sold, about 90% of the 670 homes in the first phase of Little Athens have been reserved, and around 1,000 homes have been sold in total. Lamda expects cumulative investment at the site to reach about EUR 1.6 billion by the end of 2026. The wider metropolitan park is being delivered in phases, so much of the green space that defines the project is still years from completion.
Line 3 to Piraeus: a recent test case
The extension of Line 3 offers the clearest recent example of a new line reaching established neighbourhoods. It added 7.6 kilometres and six stations: Agia Varvara, Korydallos and Nikaia opened in July 2020, followed by Maniatika, Piraeus and Dimotiko Theatro on 10 October 2022. At opening, the full extension was expected to add about 132,000 passengers a day and remove some 23,000 cars from the roads. Greek press reports in 2023 described rising demand and values in Piraeus, Nikaia, Korydallos and Agia Varvara, although those reports did not publish a precise figure for the station effect.
What the price data shows, and its limits
The broad market backdrop is firm. Bank of Greece data released in March 2026 showed apartment prices across Greece rising by 7.6% in 2025, with Athens up 6.2%. Within that average, some areas along the Line 4 route have moved faster. Property platform ReWize reports an average sale price in Exarchia of about EUR 2,970 per square metre, 70.3% higher than at the start of 2022, the steepest rise it records in the Line 4 zone. In the southern suburbs, prices rose by about 7.9% in 2024, with the Ellinikon cited as a key driver.
These figures need careful reading. Athens prices have risen across the board since 2018, so it is hard to separate a metro or Ellinikon effect from wider demand, tourism and the shortage of new homes. Expected benefits also tend to be priced in early, often years before a station opens, which means late buyers may pay for gains already reflected in the price. A delayed line extends the waiting period. For buyers, the more useful questions are walking distance to a confirmed station, the realistic opening date and the quality of the building itself. Pangrati, where AKI GROUP is building Ardittos Residences, is not on the Line 4 route, though it borders Kaisariani, which will have a station.
This article is general information only and is not investment, legal or tax advice.
