The first inhabitants of its apartments are expected to be installed in 2027 Lamda Development to Greekas the infrastructure of the projects will be ready, as announced yesterday (26.6.2025) by the company’s chief executive, Odysseas Athanasiou, at the General Meeting of shareholders.
“We have developed additional houses in the” Little Athens “neighborhood in Elliniko and so far 560 apartments have been on the market, 85% of which have already been sold. For the remaining 15%, appointments have not yet been completed, “the Lamda chief said, adding that 40% of sales come from abroad – with Americans now having the lead. “Until now the foreigners we had were fewer and came mainly from countries such as Egypt, Lebanon and Syria. But now the Americans have taken the lead, “he commented characteristically, expressing optimism that this percentage will increase in the coming years.
Referring to the delivery schedules, Mr Athanasiou estimated that in 2027 the iconic housing skyscraper that “has already reached the 25th floor” will be completed and will be inhabited and will reach 50. Exact number, but it may cost up to € 5m due to delays, “he said.
The obstacles to the evolution of works
“Until recently, the main problems were found in infrastructure, with public sector delays and individual local difficulties,” the company’s chief executive stressed.
“However, we are getting better and better in this area and we believe that the infrastructure will be ready not only to serve the first residents who will be installed in the apartments in 2027, but also to complete all the projects we implement within the same year,” he said.
Seeing market weaknesses, Lamda decided to set up an internal construction unit. “We made a brave decision, out of strategy, to build a construction unit within Lamda. It is not a construction company, but a unit that could undertake direct understanding and coordination with all kinds of workshops and start piloting some projects, ”Mr Athanasiou explained.
This unit currently deals with 18 building developments, which are all pre -deadlines, and employs 40 full -time people. “It is very good for us and I am very pleased that this unit has been so well,” he said, saying that “it is very likely that in the future we will be able to undertake some complex projects in Elliniko, such as the skyscraper we have to make on the coastal front.” This move is expected to reduce capital spending by 5%.
Shopping malls
At the same time, the development of the shopping malls is moving. By the end of July, the largest mall in the country (100,000 sqm) will be assigned to the contractor and the work will begin in 2025, with the aim of operating the stores by the end of 2028, according to him.
Concerning the Riviera Galleria (20,000 sqm), in Agios Kosmas Marina, CEO noted that “work with METKA has already begun, which are going very well, so they have already reached the first floor”, adding that its construction track is expected to be completed by the end of 2026.
Financial size
“The past year was accompanied by impressive results,” Mr Athanasiou stressed. EBITDA increased by 9%, reaching € 88 million, while the total value of the portfolio was 3.3 billion euros, making Lamda the largest real estate company in the history of the Greek market. “It has never exceeded 3 billion euros in the portfolio. In the future this number will look small when the Greek begins to grow after 2027, “he noted.
Despite the extent and complexity of the project, he said that the company had not received any bank loan for the Greek project. “We have 756 million euros in our accounts. Our loans are € 1.2 billion and consist mainly of two tracks, the € 550 million of them are the two bonds we had issued in 2020 and 2022, while the rest are in our commercial already operating. “
It is worth noting that Lamda plans to use part of its available cash, amounting to around 700m euros, for early repayment of one of the two green bonds it has issued, € 230 million expired in 2029.
Regarding the villas sold in a previous phase, Mr Athanasiou said that they were given “on the basis of market prices” and that “price yield is not good, but we cannot affect prices”. Asked about the company’s profit from investment in Elliniko, he replied that it was € 1,450 per square meter. At the same time, ENFIA that Lamda Development will be called upon to pay for 2025 on the plots of the project reaches 4.5m euros.
He also added that the company aims to sell 50,000 sq.m. Plot. “We have already put part in a competition and we will see if we will get the rest,” he said, leaving open the possibility of expanding the offer, depending on the demand that will arise.