Elliniko: When are the first residences delivered – at 8,500 euros per sq.m.
From 2027 onwards, home traditions will begin in Elliniko, while at the same time the launch of some projects delayed three to four months due to recent changes to the building regulation (NOK). This was reported yesterday by Lamda Development administration officials with analysts with analysts commenting on the progress of the Mega Project on the extent of the former Athens International Airport.
The works in Elliniko by CBU
On the other hand, there are four residential projects undertaken by Lamda’s internal unit, the CBU, one on the coastal front and three in the Little Athens (« Little Athens ») complex that is in front of the timetable.
According to Lamda Development Chief Financial Officer Harry Goritsa, the cost of construction has increased, however, increased sales prices now amounting to over 8.5 thousand euros/sqm. From € 7.6 thousand in the Little Athens complex have contributed to improving profit margins, ranging from 36% and 44% (gross) before land and infrastructure costs.
Strong demand for malls
Chief Strategy & IR of Lamda Development Apostolos Zafolias after having stood the Group’s strong financial performance, while making special reference to the strong demand for the lease of spaces in the two shopping malls to be created in Greek: Vouliagmenis Mall (the largest in Greece). For the latter, which will be the first to be completed, there are already 77% contracts for the lease, while for the first, there are contracts for the lease of 63% of the premises.
The share price and new loans
Mr Zafolias emphasized the Group’s strong belief that the current share price clearly underestimates the significant prospects for growth and value for both the Greek and the Lamda shopping centers. The administration also stressed that Lamda will not need to receive additional bank funding in 2025, given its funds.
It should be noted that total revenue from Greek real estate sales for Lamda Development now amount to € 1.2 billion. Specifically, apartments in the neighborhood of Little Athens record significant commercial success and by 15.05.2025 559 apartments for sale had been available on the market. Of these, sales and bookings from interested buyers today are now 472 apartments or 84%.
Source OT
