This year is set to close for Lamda Development with almost double the investments compared to 2024 for the Ellinikon project, bringing the total bill to over €1.1 billion since the project’s inception. At the same time, total receipts — including residential sales, land plots and agreements with third-party investors — for 2025 amount to €1.6 billion.

Overall, as shown in the latest December 2025 investor presentation of LAMDA Development, secured revenues from the Ellinikon project have reached €2.2 billion to date.

For this year alone, receipts in 2025 amount to €500 million, of which €200 million concern the first half of the year. On the investment front, infrastructure and building construction accelerated in 2025, totaling €500 million — €200 million in H1 and the remainder in the current second half.

By the end of 2024, total investment spending since the beginning of the project stood at €600 million, a figure expected to rise to €1.1 billion by year-end 2025.

According to LAMDA Development, investment spending includes mandatory infrastructure works, building construction costs, studies and technical management costs, but excludes the cost of the two shopping centers — The Ellinikon Mall on Vouliagmenis Ave. and the Riviera Galleria in the marina area.

Project progress and challenges

Regarding the progress of construction works in the major redevelopment project — and the challenges the company faces as Phase 1 advances — it is noted that Riviera Galleria is proceeding on schedule, while construction in the residential neighborhood of Little Athens is also on schedule and accelerating. This area is expected to contribute increasingly to the group’s profitability as works progress. Significant progress is also noted in the construction of the sports facilities planned for delivery in 2026.

However, difficulties faced by the Greek construction sector — including labor shortages — continue.
“The construction works of the Residential Tower and the infrastructure remain particularly demanding and are facing challenges; however, efforts are being made to resolve pending issues with the aim of accelerating progress going forward,” the presentation states.

Regarding the Residential Tower, which includes 173 apartments (the first units sold), along with 27 villa plots and low-rise complexes of 115 residences (all 100% sold), concrete works are underway for the main structures of the 31st level of the Tower and the slabs of the 28th level.

In Little Athens, of the 559 units released to the market, 93% have been reserved or sold. The total value of the contracts for these 874 residential units amounts to €1.77 billion, while management has already announced that an additional approximately 450 residential units are expected to be released to the market by early 2026.

Commercial centers

As for the group’s commercial centers, based on the presentation, construction of the country’s largest mall — The Ellinikon Mall, featuring 350 stores — is expected to be completed by the end of 2028, with preliminary agreements already covering 64% of available space.

Earlier, by late 2026, construction of Riviera Galleria, with 100 stores and preliminary agreements covering 78% of its total leasable area, is expected to be completed.