Strong interest has been expressed from foreign nationals in purchasing a residence in Ellinikon, according to the management of Lamda Development.
Regarding the beachfront residences, they were mainly purchased by Greeks with the percentage of foreigners ranging between 5%-10%.
In the new residential neighborhood under the name Little Athens, 30% of the deals concern foreigners as a result of the international campaign that started in March.
Agreements for hundreds of residential properties
It is noted that of the 1,121 residential properties of the first phase of the Ellinikon development, 315 of which have already been “closed”, 301 are located on the beachfront. In the neighborhood of Little Athens, of the 342 that have been put up for sale, there have been reservations for 206 or about 60%.
In other words, approximately 40% of the residential properties of the first phase have been allocated and this contributes to Lamda’s estimate that operational profitability will continue in the coming quarters.
Haris Goritsas, Chief Financial Officer of Lamda, noted that the first quarter results are an additional example of how the company’s performance will further improve quarter by quarter, while Ellinikon has achieved operational profitability after 3 years of its launch.
Until 27.05.2024, Lamda’s cash receipts from real estate sales in Ellinikon amounted to 670 million euros.
Capital expenditure of 46 million euros
In the first quarter of the year, capital expenditures (Capex) in Hellinikon amounted to 46 million euros, with the total amount (for buildings and infrastructure projects) from the start of the project to 31.03.2024 totaling 361 million euros.
“The following quarters are expected to move accordingly. “Investments in Ellinikon towards the end of this year will be increasing and will be further strengthened in 2025 due to the larger construction volume, as the project matures,” Lamda executives noted.
In reply to a question about the timetable for listing Lamda Malls on the Athens Stock Exchange, Lamda executives reiterated that “we have advanced the preparation, however, we will not rush, we will wait until the market conditions are suitable and favorable.”
