Where the old Athens Airport once stood, a so-called 'smart city' is coming to life.

With modern living areas, green spaces and state-of-the-art technology, The Ellinikon is set to accommodate 9,000 homes, in addition to shopping centres, offices, hotels and a ginormous Riviera Tower.

A far cry from the ancient attractions Athens is best known for, such as the Acropolis and Parthenon, it marks the beginning of a new age for the Greek capital.

And it's bang on time. 

For the last decade, Dubai and its Middle Eastern siblings, including Abu Dhabi and Doha, have given British expats lusting after the high life the chance to live out their dreams for a fraction of what a similar lifestyle might cost at home. 

But recent months have seen the streets of Dubai tarnished by the war between Israel/US and Iran. 

As such, Brits who can't face the reality of high prices and grey skies at home may well be on the hunt for the next destination to point their compass at – and Athens is looking like a stellar choice.

The Ellinikon is an urban redevelopment initiative located on the historic grounds of the former Ellinikon International Airport in Athens – and is contributing to the city's status as a potential new Dubai, as reported by The Times.

Thanks to its location, the city will have panoramic views of the sea and sunsets gracing the Athens Riviera.

According to initial plans, Ellinikon will have contemporary residences, dynamic shopping districts, thriving business centres, entertainment venues and tranquil retreats.

It is hoped the first phase of developments will be completed between 2027 to 2028.

A vibrant shopping hub that would not look out of place in Dubai has also been confirmed. 

Riviera Galleria, a new premium destination for elevated shopping and dining in Athens, will bring together leading international and Greek names across fashion and dining.

Meanwhile, The Ellinikon Mall will boast 340 stores, and 100,000 sq.m. of retail area, with sustainability at the core of the design.

But it's not just the uber-glamorous Dubai alternative that's luring foreigners to Athens and Greece overall. Tax incentives and other financial motivations are drawing in more Britons.

Federica Grazi, the founder of Mitos Relocation, which works with Brits – especially retirees – who plan to relocate abroad, said: 'Greece offers tax incentives for most expats. New workers (both regular employees and digital nomads) benefit from a 50 per cent discount in income tax. Retirees pay a seven per cent flat tax on all their foreign income.

'As such, while regular tax rates are quite high, most Brits who move to Greece have very favourable treatment.'

What about the cost of living?

She said: 'The country experienced an increase in costs over the past few years as it finally recovered from its crisis, but this was from a very low base level, and cost of living remains competitive. Numbeo estimates that rent is close to 60 per cent cheaper than in the UK.

'Greece offers a diversified set of residence permits, for both digital nomads and retirees as well as a golden visa - one of the few rare ones still attached to real estate investments.'

She added that Greece has one of the highest English proficiency levels in southern Europe, and is famous for its culture, from summer open-air cinemas and concerts in ancient Greek theatres to some of the best bars in the world.

The abundance of international schools is another plus.

If you needed more convincing, look no further than the city's ranking as one of the top five happiest holiday destinations.

In fourth place, Athens boasts 2,773 hours of sunshine and plenty of history and culture for visitors to soak up.

It's also ranked as the most walkable destination in the study, with key attractions all accessible on foot, such as the Acropolis of Athens, Temple of Olympian Zeus and Panathenaic Stadium.

Food is top tier as well, with nearly 10 per cent of restaurants serving healthy options and an excellent cafe culture on hand.

It is also home to one of the world's coolest neighbourhoods: Neos Kosmos is a must-see part of Athens, filled with independent businesses and new restaurants.

Once a blue-collar community, it has been transformed by an influx of art and culture, including contemporary exhibition spaces and a new theatre.

So forget all about Dubai... and say kaliméra to Athens.