Lamda Development has outlined the next major milestones for the Ellinikon redevelopment, providing updated timelines for residential handovers, retail openings and infrastructure projects at the site of Athens’ former international airport.
Speaking during a conference call with analysts, the company’s management said the first homes are expected to be delivered in 2027, while work continues across residential, commercial and marina developments.
First Residents Expected in 2027
According to Lamda Development, the first residential properties will be handed over during 2027.
“The first residential property handovers will take place in 2027,” said Lamda Development’s Chief Strategy & IR Officer, Apostolos Zafolias.
Construction of the Riviera Tower, the Cove Residences and the first phase of the Little Athens neighborhood is scheduled to be completed between late 2026 and early 2027.
The company also said the Ellinikon sports complex will begin opening gradually over the coming weeks, with facilities becoming operational in stages through the end of the year.
Strong Demand for Residential Properties
Residential sales remain strong across the project.
All 315 homes on the coastal front have already been sold, while around 90% of the approximately 670 residences planned for Little Athens have been reserved.
Overall, roughly 1,000 homes have been sold. Lamda Development plans to release another 300 to 350 residential units by the end of the year, bringing the first development phase to around 1,300 homes.
The company noted that sales had slowed in recent months due to limited available inventory but expects activity to pick up as more units become available.
Riviera Galleria to Open Before Ellinikon Mall
On the commercial side, Riviera Galleria is expected to open ahead of Ellinikon Mall.
Construction of Riviera Galleria is scheduled for completion in late 2026 or early 2027, with the retail complex expected to open during the second half of 2027, depending on tenants’ opening schedules.
The larger Ellinikon Mall, located on Vouliagmenis Avenue, has recently entered the construction phase.
The Ellinikon Mall follows with 70% pre-leasing, while rents there are also at levels above €55 per sq.m., offering a premium compared with the group’s existing shopping malls.
Lamda Development said Riviera Galleria has reached 76% leasing, with preliminary agreements now being converted into final contracts. The company also reported strong rental rates exceeding €80 per square meter.
Revenue and Investment Progress
The project has generated €1.7 billion in cash inflows so far.
However, around €400 million remains recorded as deferred revenue, meaning the funds have already been received but will be recognized in the company’s financial statements as construction progresses.
Lamda’s management sees significant potential for value appreciation in the Agios Kosmas Marina as well. As Mr. Zafolias noted, construction completion is expected towards the end of the year
Investment spending continues to accelerate. Capital expenditure reached approximately €125 million during the last quarter, while cumulative investment is expected to reach €1.6 billion by the end of the year.
The combined budget for Riviera Galleria and Ellinikon Mall stands at around €800 million, with nearly €200 million already invested.
For 2026, Lamda Development reaffirmed its guidance of approximately €600 million in cash inflows and a similar level of capital expenditure.
Marina Redevelopment Nears Completion
The redevelopment of Agios Kosmas Marina is also advancing.
Construction is expected to be completed by the end of the year, with the first yachts returning gradually during the fourth quarter and into the first quarter of 2027.
The company expects the renovated marina to secure new contracts at higher rates than current agreements, creating further growth potential.
Lamda Development also said legal and financial due diligence for the planned sale of land to ION has been largely completed, with negotiations now focused on finalizing the agreement. Management said the outcome of the transaction is expected to become clearer in the coming months.
