Lamda Development: Another 1,000 units up for sale at upscale Ellenikon site in coastal SE Athens

Another 1,000 upscale apartments – still on the drawing board – are next up for sale at the Ellenikon site in coastal southeast Athens, part of the biggest ever privatization-cum-real estate development in Greece.

The units will be located in mini high-rise buildings of 14 to 15 storeys each (50 meters in height), according to ATHEX-listed Lamda Development, the concessionaire of the massive property redevelopment. The latter now bills the entire project as “The Ellinikon”.

According to the developer, initial prices are expected to hover at 5,000 to 6,000 euros per meter, an assessment it points out is in line with current real estate prices in the pricey coastal districts surrounding the tract of land, which once hosted Athens’ international and domestic air terminals, runways, auxiliary facilities and even a military airbase.

According to Lamda Development CEO Oddyseas Athanasiou, the company will be in position to brief the public on prospective units in the first half of 2023, with the “sales pitch” also going international, in order to attract foreign buyers.

In a recent press tour of the 6.2-million-square-meter site, Athanasiou also referred to “huge demand” for the first tranche of future apartments placed on the selling “block”, namely, 169 units in the high-rise Riviera Tower; 28 stand-alone villas and 115 apartments in organized three-storey buildings.

Those units are to be built on the coastal promenade of the Ellenikon property.

Athanasiou added that revenue in 2022 from real estate sales will reach 200 million euros, while the forecast for 2023 is 450 million euros.