Housing deliveries at Ellinikon will begin in 2027 and beyond, although the launch of some construction works has been delayed by three to four months due to recent amendments to Greece’s building code (NOK). This was confirmed by senior executives of Lamda Development during a teleconference with analysts, where they discussed the implementation progress of the mega-project on the site of the former Athens International Airport.

Residential Projects at Ellinikon by CBU

In contrast, four residential projects undertaken by Lamda’s in-house unit CBU — one on the coastal front and three in the Little Athens complex — are ahead of schedule.

According to Lamda Development CFO Haris Goritsas, construction costs have risen. However, the increase in sales prices, which now average over €8,500/m², up from €7,600/m² previously in the Little Athens complex, has helped improve profit margins. Gross margins now range from 36% to 44%, excluding land and infrastructure costs.

Strong Demand for Malls

Apostolos Zafolias, Lamda’s Chief Strategy & IR Officer, highlighted the company’s strong financial performance and robust demand for leasing space in the two major shopping centers under development at Ellinikon:

  • Vouliagmenis Mall – set to become Greece’s largest mall
  • Riviera Galleria – the first to be completed, already has 77% of its space under lease agreements

As for Vouliagmenis Mall, 63% of the leasable space has already been contracted.

Stock Price and Funding Outlook

Mr. Zafolias emphasized the company’s strong belief that its current stock price undervalues the significant growth potential and value creation prospects of both the Ellinikon project and Lamda’s retail assets. The management also stated that no additional bank financing will be needed in 2025, given the company’s current cash reserves.

So far, total revenues from property sales at Ellinikon have reached €1.2 billion for Lamda Development.

In particular, the Little Athens neighborhood is performing exceptionally well commercially. As of May 15, 2025, 559 apartments had been put on the market. Of these, 472 units — or 84% — have already been sold or reserved.

Source: OT