Lamda Development’s CEO, Odysseas Athanasiou, referred to the delays in the completion of some of some projects in the Ellinikon, mainly those concerning the residential tower, Riviera Tower, and the infrastructure.
He attributed the delays to the shortage of labor observed in the construction market and, with regard to infrastructure, to the changes made mainly in the design of the water and energy networks.
Riviera Tower to be completed by summer 2027
As he said, Riviera Tower will be completed by summer 2027, after consultation with the construction consortium (Bouygues – Aktor). One residential complex on the beachfront, designed by Bobotis Architects, will be ready before the end of 2026 and the second by Easter 2027.
Regarding the sports facilities, work is progressing and is expected to be ready by the end of 2025. Some of them will be leased to management companies.
The completion of the large shopping center, The Elliniko Mall, on Vouliagmenis Avenue (with the developer to be selected by the summer) is set for the end of 2028 and the Riviera Galleria on the beachfront for the end of 2026. “We are in discussions with the users about the optimal time of operation of the project, probably early 2027,” Athanasiou said.
According to the CEO of Lamda, the first phase of the projects, which is being postponed, corresponds to a total investment of 2.3 billion euros, of which approximately 1.1 billion euros will have been invested by the end of 2025.
Lamda’s investments in Ellinikon will amount to 500 million euros in 2025 and its income from residential properties to approximately 550 million euros. From the start of the project until the end of 2024, 563 million euros were invested (184 million in infrastructure and 379 million in building projects).
Strong demand for houses
Lamda management reiterated that demand for housing remains strong with receipts having exceeded 1.1 billion euros. Prices – indicatively – in the Little Athens neighborhood (and in particular in the Park Rise complex), where 81% of the houses have been sold, range from 7,200 euros to 11,000 euros per sq m.
At the same time, Lamda is also continuing the sale of plots. A process is underway for three more plots, with a buildable area of 39,000 sq m. It is estimated that buyers will have been found by the end of May. According to Lamda management estimates, the average selling price of new plots is approximately 2,250 euros per sq m (on average, it received 2,100 euros per sq m from the sale of five plots in 2024).
In total, 14 different developments are underway in Ellinikon by 12 different developers. Work has begun on all of the residential developments that have been put up for sale.
