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.