Lamda Development is gearing up for a major revenue jump from The Ellinikon project in 2026, with management forecasting €600 million in cash collections for the year, a 46% rise on the €410 million booked in 2025.
To date, homes worth a total of €1.9 billion have been sold. Of that, €1.1 billion has already been collected, while a further €800 million is expected to flow in during 2028–2029, linked to presale contracts (~€600M) and reservations (~€100M), including the 112 units at the Sunset Groves complex launched at the end of 2025.
Executives note that 300–330 additional homes are slated to go on the market during 2026. A key milestone will also be reached this month: completion of the 44th floor of the Riviera Tower, which will trigger a €60 million collection clause.
In the Little Athens neighborhood, the average selling price now stands at €9,400 per sqm. When the fully presold seafront homes are factored in, the overall average jumps to €10,600 per sqm. So far, residential developments at Ellinikon have generated gross profits of €750 million, with a healthy margin of 32%.
Schools, university and malls
Beyond housing and the Riviera Tower, several anchor projects are progressing, the Costeas Geitonas school campus is slated to open in autumn 2027, and the University of Nicosia site is expected to be operational by autumn 2028.
Riviera Galleria, the high-end waterfront shopping destination, is scheduled to open in early 2027, as building permits for The Ellinikon Mall are expected soon, with opening targeted for late 2028 or Q1 2029.
, pushing total receipts near €2.1B, with residential gross profit at €750M){kind=link}