Receipts of Lamda Development for Ellinikon amount to 2 billion euros amid strong demand for luxury apartments, as the group accelerates construction works.
In a Lamda conference call held yesterday on the occasion of the presentation of the first-half results, management spoke about the positive course of the project, adding however that new challenges are also emerging.
Specifically, Apostolos Zafolias, Chief Strategy and IR Officer of Lamda Develοpment referred to higher energy prices, which are part of construction costs, and to the unstable macroeconomic environment. He also stressed that the increase in interest rates may weigh on property valuations in Ellinikon.
According to data up to the end of August, receipts for Ellinikon amount to 1.8 billion euros, of which 1.3 billion euros concern home sales and 500 million euros from land plot development.
If revenues of 200 million from the shopping centers are also added (intra-group land plot sales), total receipts amount to 2 billion euros.
Properties in the coastal zone are “hot sellers”
Demand for the luxury properties of the urban redevelopment remains strong, with 100% of the homes in the coastal zone having been sold, while 81% of the apartments in the Little Athens area have been sold or reserved.
It is noted that of the 750 units (apartments) that have been put up for sale, a buyer has been found for 610, corresponding to a percentage of 81%. In the coming months, about 50 more apartments are expected to be put up for sale, Mr. Zafolias added.
Also, Lamda has already begun launching on the market the first apartments from the Skyline Havens complex, which belongs to the East Village area, with prices reaching up to 4 million euros.
Of the 150 apartments available in the complex, about 30-40 have been sold at an average price of 1.7 million euros.
Full speed on construction
At the same time, construction works at Ellinikon are accelerating. In fact, it is estimated that capital expenditures (capex) at Ellinikon in 2026 will amount to 600 million euros, with the total amount for Ellinikon reaching 1.64 billion euros.
Projects nearing delivery
After the inauguration of the Sports Park, which was completed yesterday in the presence of the prime minister, other Ellinikon projects are next in line. Within the first months of the year, the first residential complexes are expected to be completed, while the construction of the Riviera Galleria shopping center and the Agios Kosmas marina is expected to be completed in the first quarter of 2027.
Profit decline
According to the group's financial results published yesterday, the group's consolidated operating results for the first half fell by 91% to 22.4 million euros from 236.6 million euros in the same period last year, following the drop in revenues from land plot sales at Ellinikon and the lower valuation gains of the shopping centers.