10,800 new Lamda apartments pose big test for Greek market

November 26, 2019

 

 

 

Lamda Development will build 10,800 apartments at the Hellinikon complex, in what will be a major test for Greece's recovering residential housing market.


Strong demand from foreign buyers seeking to take advantage of low prices and Greece's Golden Visa program has driven up housing prices in the country but a sharp rise in supply levels could well dampen the positive momentum.

 

Experts warn that the property market is facing a key hurdle as banks and funds get ready to auction off 180,000 homes tied to unpaid loans in the next few years. The economy of Greece is recovering but at a moderate rate as the labour market remains very weak and household income levels low.

 

Lamda said in a prospectus on its upcoming 650 million euro rights issue that the apartments will be an average of 110 square meters and priced between 3,500 euros to 4,000 euros per square meter, except for those located right on the beach.

 

The company, controlled by the Latsis family, has been busy striking up deals to local real estate agents to sell the new apartments, while demand from abroad is expected to be strong,

 

In a time frame that stretches over 25 years, the Hellenikon urban complex also includes the construction of three hotels with a total of 1,000 rooms, two shopping malls, a museum, sports facilities, offices and a metropolitan park.

 

Featured homes for sale in Athens from Epsilon Team:

 

 

 

VIEW LISTING

 

The perfect view. Wake up in the mornings and feel inspired by the Acropolis. This fourth level apartment covers 161 square meters and features large balconies, two spacious bedrooms (one master) and two bathroomsPriced to sell.

Agent: EPSILON TEAM

Special price for GreekGuru.net readers.

 

 

 

 

VIEW LISTING

 

Neoclassic beauty. This 1936 detached house is in top condition. Split over two levels, its provides 3 bedrooms, 3 bathrooms, two fireplaces  and inner stairs. It stretches over 270 square meters and also features wooden floors, garden and storage areas. For those looking for more independent living.

AGENT: EPSILON TEAM

Special price for GreekGuru.net readers.

 

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