The Ellinikon in 2027: What’s next for Greece’s biggest urban development
The Ellinikon enters the phase of major handovers – Lamda Development’s financial figures, construction cost pressures and the outstanding issues surrounding the major ION Group deal
The Ellinikon investment is entering a critical phase, with Lamda Development preparing to transition from a period of intensive construction activity to the gradual handover of homes, commercial spaces and infrastructure. 2027 is emerging as a milestone year for the country’s largest urban redevelopment, as major parts of the project are expected to be completed and a more comprehensive picture of the new city taking shape on the site of the former airport begins to emerge.
According to Lamda Development, the investment is on track to meet the financial targets set for 2026, both in terms of cash collections and capital expenditure. However, the next period brings significant challenges, as the company is called upon to manage the completion of complex construction projects, cost pressures and the pending major agreement with Andrea Pignataro’s ION Group at the same time.
At the same time, progress in residential developments and interest in commercial spaces are creating the conditions for stronger future cash flows, while the first sports facilities are already operational.
€2.08 billion in collections by the end of 2026
The financial picture of The Ellinikon reflects the gradual increase in collections from residential sales and land development. At the end of August, cumulative cash collections had reached €1.83 billion, compared with €1.49 billion at the end of 2025.
Of the total, €1.31 billion comes from residential developments, while the remaining €520 million concerns land sales and leases.
For the full year 2026, the company maintains its estimate that collections will amount to approximately €600 million, bringing the cumulative total to €2.08 billion by the end of the year.
Capital expenditure is also expected to stand at €600 million this year. Based on the schedule, total capital invested in buildings and infrastructure will approach €1.64 billion by the end of the year.
Also particularly important for the project’s financial trajectory are approximately €700 million in remaining revenues from assets that have already been allocated to buyers. These amounts are expected to be collected gradually through 2028–2029, providing greater visibility into future cash flows.
First phase heading toward 1,300 homes – When handovers begin
On the residential front, Lamda Development is preparing the next phase of home sales, aiming to complete the first development cycle with approximately 1,300 properties.
To date, a total of 1,065 homes have been brought to market, including the developments at Little Athens. Around 50 additional homes are scheduled to be released in the coming period, followed by another 200, completing the first phase of the residential development plan.
The focus is now shifting from sales to construction completion and the handover of properties to buyers. The process is expected to begin gradually in 2027, with the bulk of the handovers scheduled for the second half of the year.
A significant part of the handovers will concern Little Athens, where residential sales have recorded high absorption rates.
More specifically, by the end of August, 750 apartments had been brought to market, of which 610 had been sold or reserved. This represents 81% of the available stock, reflecting demand for these residential developments.
The start of handovers is a critical milestone, as it will mark the first substantial move-in of residents on a larger scale and link construction progress with the collection of outstanding purchase amounts.
Riviera Galleria: The opening schedule and Agios Kosmas Marina
On the commercial development front, 2027 is expected to bring the first major handovers, with the coastal front of The Ellinikon at the center.
Construction of the commercial spaces near the marina is scheduled to be completed in the first quarter of 2027, while the opening of Riviera Galleria is scheduled for the second half of the same year.
This timetable makes the coming year particularly important for the commercial development of the coastal zone, as completion of the buildings will need to be combined with the preparation of stores and the other infrastructure required for their operation.
At the same time, redevelopment works continue at Agios Kosmas Marina, where available berthing capacity has been temporarily reduced due to construction works. Completion of the relevant projects is expected by the second quarter of 2027.
On the commercial side, however, Lamda has already secured a significant proportion of leases for its two major developments.
At Riviera Galleria, commercial leases have reached 76%, while at Ellinikon Mall, the large shopping center planned on Vouliagmenis Avenue, the corresponding figure stands at 73%.
These percentages reflect progress in commercial leasing ahead of construction completion, without, however, disregarding the different timelines involved in each development.
Riviera Tower and infrastructure: The demanding construction fronts
Despite the progress recorded, construction activity remains one of the most complex aspects of the investment.
According to Lamda Development’s update, the infrastructure works and Riviera Tower remain particularly demanding projects, although they have made significant progress during 2026.
The company is required to manage pressures stemming from the macroeconomic environment, changes in energy costs and the broader increase in construction expenses. These are factors that affect both scheduling and the financial management of individual developments.
On the other hand, the labor market appears to have improved compared with the previous year, an evolution that could facilitate implementation of the construction program.
The challenge for Lamda now is to maintain the pace of work and meet deadlines, at a time when many different projects need to move forward in parallel.
ION Group: Negotiations continue over the €450 million deal
The agreement with Italian businessman Andrea Pignataro’s ION Group remains unresolved, concerning one of the largest planned developments at The Ellinikon.
During a briefing for stock market analysts, Apostolos Zafolias, Lamda Development’s head of strategy and investor relations, said that discussions are continuing, with both sides seeking to finalize the commercial issues that remain outstanding.
According to him, a clearer picture of the outcome of the negotiations is expected within the next month. If they are successfully concluded, the aim is to complete the transaction during the fourth quarter of 2026.
The case is particularly significant, as in August 2025 Lamda announced that it had received a binding offer from ION to acquire land for €450 million.
The plan calls for the development of an International Research and Innovation Center, with a total investment estimated to exceed €1.5 billion and a completion horizon of 2030.
The facilities are expected to house approximately 2,000 professionals from 44 countries, while the development includes 50,000 square meters of office space, a 1,000-seat auditorium for international events and up to 200,000 square meters of residential space.
The initial agreement also included the purchase of Lamda Development treasury shares by Andrea Pignataro, corresponding to 2% of the listed company’s share capital.
Although previous information had placed the completion of the financial and legal due diligence within August, the transaction has not yet been finalized.
Meanwhile, according to a Financial Times report citing material from the briefing, ION has reduced its workforce by more than 20% during 2026, amid growing pressure from its creditors. This development adds another element to the environment in which the negotiations are taking place, without any announcement that it is directly linked to the outstanding Ellinikon agreement.
Projects moving beyond 2028
Beyond the 2027 handovers, a significant part of the investment has a longer-term horizon, with the relevant developments expected to be completed after 2028.
These include ION’s International Research and Innovation Center, along with the residential facilities accompanying it, provided the agreement is completed.
Ellinikon Mall also falls into this category, as do the developments linked to shipowner George Prokopiou, which include an educational institution, office spaces and residential complexes.
On the coastal front, the plans also include the Mandarin Oriental hotel and the second beachfront resort being developed by Ensofi, owned by the Konstantakopoulos family, and Lamda Development.
These investments are expected to gradually expand the uses of The Ellinikon, adding activities in the hospitality, education, business and residential sectors.
Sports Park: Opening of the €100 million investment
At the same time, The Ellinikon is gradually gaining its first major facilities that are already accessible to the public.
Sports Park, which has been operating since July 20 and has already hosted the Acropolis Rally Super Special Stage, was officially inaugurated on September 17, in the presence of the prime minister.
The project is being developed by the METKA and Aktor consortium, with total investment estimated at €100 million.
The sports park is being developed on an area of 287,000 square meters, of which approximately 115,000 square meters are green spaces.
The first phase of operation includes a track and field stadium with 1,070 spectator seats, four 11-a-side football pitches, two basketball courts and two tennis courts. At the same time, a 124-room sports hostel, a cycle path, four dining venues, recreational areas for children and 1,350 parking spaces have been created.
At the beginning of 2027, two additional 5-a-side football pitches are scheduled to be added, while Lamda has also announced the creation of the Patrick Mouratoglou Tennis Academy at the facilities.
The second phase of development will begin in 2028 and will include a second indoor swimming pool, a new gym and a fully integrated Tennis Club with 18 tennis courts, ten padel courts and two pickleball courts.
The plans also include indoor basketball facilities, four beach volleyball courts and a wellness center.
Expectations for visitor numbers are high, with estimates suggesting that Sports Park will have attracted up to 300,000 visitors by the end of 2026, with the number expected to reach approximately one million in 2027.
The operation of the sports park, combined with the residential handovers and commercial developments planned for next year, marks The Ellinikon’s gradual transition from a vast construction site into a place with genuine everyday activity.