Elliniko’s project and the housing and tourism development plan presented by Lamda Development rank the region among the most expensive markets in the world, with prices per square meter now being comparable to those in New York, Shanghai and Geneva. At the same time, the project is a guide to the growth of Lamda.
According to a Bloomberg report, Lamda Development has already secured more than 700 million euros in advances with prices starting at 9,000 euros per square meter. and is estimated to reach 14,000 euros in 2025, a price that will be the highest in Greece and comparable to real estate prices in New York, Shanghai, and Geneva.
The development of the old airport of Athens offers a unique opportunity to acquire seaside homes near a large city. Demand is so high that all the apartments in the 45-storey Marina Tower and the 27 beachfront villas included in the plan will be sold before construction begins next year, or even earlier, according to Odysseas Athanassiou, Lamda CEO Development.
“It is huge because we are talking about a value close to 1 billion euros,” from the moment the property will be delivered, Athanassiou stressed.
Sales are a good sign for the project. The growth of Elliniko covers an area three times larger than Monaco and according to Lamda estimates will contribute up to 2.2% to the country’s economy and 80,000 jobs by 2025.
The project is designed to be an example of what modern Greece can be like. At the same time, the plan is crucial for Lamda, which plans to secede from the mall sector and enter the stock market, seeking to raise more than 400 million euros. The company plans to gradually reduce its malls stakes to less than 45%, from 88% today.
Lamda Development aims to triple its value by 2025, according to Athanassiou. Its shares are up 12% this year, with the company’s capitalization amounting to 1.4 billion euros.
Latest News
SYRIZA Votes for New Leader: A Pivotal Moment Amid Challenges
Whether the left-wing’s central efforts to reorganize and connect with regional members have borne fruit, will ultimately be revealed by the election numbers.
Greek Government Targets Record Investment Program and Tax Relief for Middle Class
The digitalization of transactions and measures introduced by the Ministry of Finance, such as the imputed taxation of professionals, generated an additional 1.8 billion euros.
Kasselakis Reveals Name of New Party: ‘Movement for Democracy’
Arriving at the venue, Kasselakis greeted his supporters warmly, saying, “You became the movement, and today we become a party.”
PM Mitsotakis on TikTok on ‘Gigabit Voucher’ Program
The "Gigabit Voucher" program will provide an array of benefits for households and small businesses, as Mitsotakis pointed out in his video post.
Presidential Decree Downgrading Art School Degrees in Question
The Council of State has challenged a presidential decree downgrading art school degrees, citing constitutional violations
Stormy Winds and Thunderstorms, as Cold Snap Hits Greece
Special units from the electricity distribution network HEDNO are working to restore damage caused to electric poles after trees fell on them due to the strong gusts in Preveza.
Fitch Ratings Maintains Greece at BBB-; Retains Stable Outlook
Fitch Ratings: Greece's ratings are supported by income per capita levels above and governance indicators in line with the 'BBB' median
Global Citrus Production Declines – Greece’s Outlook
In Greece, specifically, orange prices increased by 30.18% this Sept.
NATO Secretary General Rutte to visit Greece
Former Dutch PM Mark Rutte, the Alliance's new chief will first visit Ankara a day earlier to meet with Turkish leadership
PM Mitsotakis from Naxos: Decarbonization Fund to Facilitate Islands’ Green Transition
“The resources will help connect the islands to the mainland's electricity grid," he noted.