The company DIAMONA GREECE is just one example: foreign interests, with catalytic activity in areas of Athens that are changing the physiognomy of the city — and social cohesion.
Properties & values
- Η DIAMONA GREECE owns dozens of properties in Koukaki, Kypseli, Exarchia and Metaxourgeio, with a total value of over 35 million
- The company was established in 2019 from the Israeli BLOOM-TREE LTD and the Israeli citizen Alon Gingis, former IDF executive and former CEO of DIAMONA GREECE until 2022
- Today, it is 87,5% owned by BLOOM‑TREE LTD and 12,5% by the Cypriot DIAMONA HOLDING LTD
- BLOOM‑TREE LTD is 50% owned by Eyal Elkon and 50% in Arie Yehuda Elkon, which appear in the Panama Papers as shareholders of other real estate companies
Demolitions & new projects
- Koukaki – Noti Botsari 16: purchase of an old detached house and demolition plan in order to build an apartment building with 11 apartments
- Koukaki – Veikou 62: the "Mitsi" cinema operated at the same location until the 80s, later a municipal gym. DIAMONA is planning to build an apartment building with 41 apartments
- Exarchia – Komninon Street: an old two-story house will be demolished to build an apartment building there with 11 apartments
What is the overall scenario?
- Changing the character of neighborhoods
This activity is changing the characteristics of areas that were previously mixed, affordable and vibrant. Modern real estate is cementing Athens.
- Lack of transparency & public control
With large foreign-owned companies developing a framework of opacity, the justification for journalistic scrutiny and highlighting the impacts on the lives of residents is strengthened.
- The broader context of change
This is just one company. There are many others like it that are participating in the urban transformation phenomenon. What is behind this stream of investment “development”?
Who founded Diamona Greece?
Η Diamona Greece founded in 2019 from the Israeli company BLOOM-TREE LTD and an Israeli citizen, Alon Gingis, a former officer in the Israeli Armed Forces (IDF), who also served as CEO until 2022.
Today, the company's ownership belongs to:
- At 87,5 % at BLOOM -TREE LTD, based in Israel.
- At 12,5 % At Cypriot company Diamona Holding LTD.
BLOOM -TREE is owned by two entrepreneurs, Eyal Elkon and Arie Yehuda Elkon, which also appear in Panama Papers as shareholders of the offshore company Foothold Capital Ltd.
What are they planning in the neighborhoods of Athens?
- Koukaki – Noti Botsari 16
Demolition of a single-family house for the construction of an apartment building with 11 apartments. - Koukaki – Veikou 62
Former "Mitsi" cinema and municipal gym will give way to a new apartment building with 41 apartments. - Exarchia – Komninon Street
Two-story house intended for demolition and replacement by another apartment building 11 apartments.
What does this "investment" mean?
The continuous purchase of real estate and the construction of modern apartment buildings by companies with foreign interests is not simply a matter of urban development. It is issue of social change, changing the character of areas and, ultimately, expulsion of the old residents from their neighborhoods.
The process is known internationally as gentrification — investments that “modernize” areas, but raise rents, drive out locals, and turn neighborhoods into lifeless tourist zones or sterile investment bubbles.
Who controls the change?
The presence of companies like Diamona Greece raises questions:
- Who supervises such purchases and sales in key properties in the capital?
- How is the architectural and historical identity of the regions protected?
- What is the role of the Municipality, the Ministry of Education, and the citizens?
In the case of Veikou 62, for example, it is a building with historical memory and cultural use. Today, it is not recognized as a protected site. No reaction from the State. No consultation with the residents.
Final Thought
Athens is not only burning from the fire. It is also burning from the opacity, from the absorption of its soul into investment maps.
Growth is not destruction. But Destruction cannot be called development..
Exploring My New Neighborhood in Athens – Koukaki | Living in Greece
go video A Girl and Her Passport
From the journalistic team of Greek News and Radio FL
photo geralt, https://pixabay.com
