At least four major malls are scheduled for completion in Attica by 2019-20 in a combined investment of more than 800 million euros, as shopping centers appear to be crisis-resistant in Greece.
The new mall developments will apparently be supported by foreign capital too, with investors realizing that malls have not been affected by the financial crisis and the drop in consumption. Instead, they have managed to increase their market share at the expense of traditional stores. Therefore one could presume that the capital gains for malls will be even greater when retail commerce recovers.
Within 2017 developer Artume is expected to land the building permit for the new mall at Akadimia Platonos in Kolonos, western Athens. Named Academy Gardens, the 300-million-euro development will create 48,000 square meters of commercial spaces on a plot of 20,000 sq.m.
On a plot of 315 sq.m. at Kantza in eastern Attica, REDS is developing a mall which is expected to be inaugurated in 2020.
The former airport plot at Elliniko, southern Athens, is projected to see significant commercial activity according to the plans of the Lamda Development-led consortium. If all permits are received by mid-2017, it is estimated the mall planed at Elliniko will open in 2020 or 2021.
Construction is expected to start next year on a mall at the former Babis Vovos property in Votanikos, west of the city center, which has now come into the hands of the creditor banks.
Besides this, there is another 37,000 sq.m. of new commercial spaces planned as extensions to existing malls, with construction work expected to get under way in the coming months and up to 2018.
In fact, Greek malls are doing so well that even in a period when retail commerce has suffered, in the first half of this year, the three major shopping malls that Lamda Development operates (The Mall Athens, Golden Hall at Maroussi and Mediterranean Cosmos in Thessaloniki) recorded an 8 percent increase in operating profits, which came to 21.5 million euros.