Odisseas Athanasiou, CEO of Lamda Development, points to strong demand for real estate, boosted by a business-friendly government and an upsurge in tourism. In three years, €6 billion of foreign investment has been injected into the residential sector, compared with €1.5 billion in the previous decade.

Athanasiou presents a large-scale project that should be partially completed between 2026 and 2027. Three times the size of Monaco, the project will include hotels, shopping centres, schools and healthcare facilities along a four-kilometre stretch of coastline. The first phase of the project will see the delivery of 1,500 flats by Christmas 2026, with a total investment of around €3 billion. To date, 500 flats have been sold, bringing in nearly €650 million.

This development is expected to have a significant impact on the Greek economy, adding 2.5% to GDP, creating between 70,000 and 80,000 jobs, and attracting at least one million tourists over the next three years.

Athanasiou points out that Lamda Development has secured its costs by issuing two bonds at a fixed rate of 3.9% until 2027, which offers protection against market fluctuations. This financial strategy provides the company with stability in the face of interest rate fluctuations.

 

Bloomberg TV provided by MT Newswires

Bloomberg videos