The redevelopment of Elliniko — the site of Athens’ former international airport, which served the Greek capital for 63 years before closing in 2001 — has crossed a major financial threshold. Cumulative revenues from property sales and leases have surpassed €1.5 billion, according to developer Lamda Development.
The €8 billion project, which has been described as the largest urban regeneration effort in modern Greek history, is transforming a sprawling coastal site in southern Athens into a mixed-use district that will include residences, hotels, retail, and green spaces. The developer estimates the completed project will contribute 2.4% to Greece’s GDP and generate 75,000 permanent jobs in tourism, commerce, and technology.
Little Athens Drives Residential Demand
A significant share of that revenue momentum is coming from Little Athens, the project’s flagship residential development. Of the 671 apartments brought to market, 571 — or 85% — had been sold or reserved as of the end of February 2026.
Revenues from residential developments reached €291 million in 2025, nearly double the figure recorded in 2024, representing a 96% year-over-year increase. An additional €105 million was recognized from property sales during the same period, primarily from land plot transactions.
In a recent transaction, Lamda accepted a binding offer for two plots in the so-called “A-Π2” zone for €41.5 million, or roughly €2,650 per square meter of buildable area — a figure that reflects rising land values across the site.
Riviera Tower Approaches Key Milestone
On the construction front, attention is focused on the Riviera Tower, a skyscraper taking shape along Athens’ coastal front. The tower is nearing completion of its 44th floor, an achievement the company describes as both an architectural and financial landmark.
Reaching that floor is expected to trigger a contractual payment of approximately €60 million within March, providing a further boost to the project’s cash flow.
Strong Finances, No Bank Loans Drawn
Despite the scale of ongoing construction, Lamda Development reported that no bank loans were drawn for the Elliniko project in 2025, even though an approved credit line of €232 million remains available from lending banks.
Liquidity was further strengthened in November 2025 through the issuance of a €500 million bond at an interest rate of 3.8%. Cash reserves attributable exclusively to the Elliniko project stood at €567 million at year-end 2025 — nearly double the prior year’s figure.
€1 Billion Invested on the Ground
Capital expenditure for the project reached €426 million in 2025 alone, covering construction of buildings and infrastructure. Cumulative investment since the project’s launch now stands at approximately €990 million — just under €1 billion — underscoring the scale of physical transformation already underway at the former airport grounds.
