Lamda Development Financial Results: Update on The Ellinikon Project
The company reports increased development expenses at The Ellinikon alongside significant progress in residential sales. Key insights for investors.
- Development expenses for The Ellinikon rose due to accelerated infrastructure and construction works.
- Over 80% of apartments in the 'Little Athens' neighborhood have been sold or reserved.
- The company aims to deliver the first residences in this neighborhood during 2027.
For investors, these figures reflect the continued intensive development of the Ellinikon area. If you are considering purchasing a property there, it is important to check the updated delivery schedules with the company and verify the status of specific units.
Financial Overview
Lamda Development has released its financial results for the first nine months of 2026. The data shows that the company invested a significant 415 million euros in infrastructure and construction during this period, bringing total investments in The Ellinikon project to 1.405 billion euros since its inception.
The financial results were impacted by these development costs and the timing of land sale revenues, with the company recording a net loss of 60.2 million euros for the period, compared to profits in the same period last year. However, the total value of the company's investment portfolio reached a historic high of 3.96 billion euros.
The Ellinikon Project Progress
Despite fluctuations in profitability, operational activity at The Ellinikon site continues at full speed. The company's revenue from residential sales in the project recorded a 27% increase, reaching 272.2 million euros.
Meanwhile, the 'Little Athens' neighborhood shows strong sales figures: by the end of September 2026, 615 out of 750 apartments offered for sale had been sold or reserved, representing approximately 82% of the neighborhood's supply. The company's CEO, Odysseas Athanasiou, stated that the primary goal is the delivery of residences in this neighborhood during 2027, alongside the completion of the coastal zone development by the summer of that same year.
Commercial and Tourism Activity
Beyond The Ellinikon project, the company reports positive performance in other income-generating assets. Its four shopping centers recorded a 4% increase in operating profit (EBITDA), with a 7% rise in visitor numbers. Marina Flisvos also showed a 10% increase in revenue.
FAQ
When are the first apartments in the Little Athens neighborhood expected to be delivered? The company expects the delivery of residences in this neighborhood to take place during 2027.
What is the current sales volume for the residential project at The Ellinikon? As of the end of September 2026, approximately 82% of the apartments offered for sale in the Little Athens neighborhood have already been sold or reserved.
