The better-than-expected sales in Ellinikon makes Lamda Development able to proceed with the development of the area without borrowing, except for the construction of the large shopping center, The Ellinikon Mall.
According to CEO Odysseas Athanasiou, the funds needed for Ellinikon amount to 1.5 billion euros from the second half of 2024 until 2027. Revenues from the sales of apartments, plots, etc. are estimated to be around 1 billion euros by the end of the year, while the company’s funds are around 650 million euros.
Therefore, Athanasiou noted that bank borrowing (around 500 million) will only be used for the construction of The Ellinikon Mall, the largest shopping center that the country will have (100 thousand square meters of leasable space) with a construction budget that it is currently under review due to changes to the original designs.
The first residents of the apartments in Ellinikon are expected at the end of 2026. Regarding the Riviera Tower, he said that a six-month delay cannot be considered significant, especially for a project of this size. He attributed the delay to the difficulties faced by construction companies in finding the right staff and added that the relevant clauses for the skyscraper are activated from October 2026.
“Any apartments put up for sale are sold immediately,” he added, despite the fact that sales prices are increasing (sales range between 7,000-17,000 euros per square meter), while the percentage of foreigners buying properties reaches 40%.
