The demand for houses in Elliniko remains strong with prices having risen by 15-20% compared to 10 months ago, the management of Lamda Development said.
On the occasion of the 2023 results, the company’s managing director, Odysseas Athanasiou, stated that the Elliniko is the only investment of this scale which is self-financed and will continue in the same way, due to the sales of houses.
He added that last year was an excellent year for Lamda with strong consolidated operating EBITDA results at 206 million euros, estimating that “they will double once the Elliniko investment is operational.”
According to the data announced by the company, the total cash receipts from property sales and leases from the start of the project up to the first quarter of 2024 have amounted to 641 million euros. During last year’s financial year, no bank loans were disbursed for Elliniko (excluding lending for shopping centers) despite the approved credit line from the lending banks amounting to 232 million euros.
At the same time, Lamda proceeds with selective sales of plots for residential use.
“It has been part of our strategy from the beginning – in addition to possible collaborations and joint ventures – to simultaneously proceed with selective sales of land for residential developments in order to finance the project, maintain a healthy cash position and reduce the overall risk,” the head of Lamda noted.
