Elliniko house project to start in 2022
Some apartments at coastal development will be subsidized by Lamda, financed by banks
Construction on the 200-meter Riviera Tower residential high-rise, on the southern Athens coast of Elliniko, will begin by the end of the year, Lamda Development Managing Director Odysseas Athanasiou announced on Monday, speaking at an event for the launch of the project. One year later, that is before the end of 2023, the first few floors will start to emerge, he added.
The project, amounting to 350 million euros, is expected to be built by a joint venture between the French company Bouygues and Intrakat, although the finalization of the agreement with Lamda and the signing of the relevant contract are pending. As Lamda officials have stated, the goal is for the first owners to settle in Riviera Tower on March 30, 2026.
Also speaking at the event was Prime Minister Kyriakos Mitsotakis, who noted that “the problems we had to solve in order to sign the contract and start the project were bigger than we could possibly have anticipated.” He applauded the fact that “the capital is finally turning toward the sea, through the Elliniko project, where a model of sustainable development is taking shape.” Mitsotakis also focused on the fact that the Elliniko project is expected to attract approximately 1 million tourists annually, some of whom, along with the locals, will choose to live there.
“The shift of part of the Attica population to the southern suburbs, also due to the project in Elliniko, has increased the sale prices of houses and has led to foreclosures. For this purpose, we seek to enable the economically weaker to acquire a residence in Elliniko,” said Lamda owner Spyros Latsis. He added that a hybrid model of house sales will be used so that a part of the buyers will pay market prices and another will be subsidized by Lamda Development and the banks, through longer loan contracts.
That initiative needs further specialization, as it has not been clarified e.g. how many properties will be sold in this way, who will be the beneficiaries, what will be the price subsidy percentage from Lamda and what will be the terms of the loan products.
