Huge Riviera Tower uptake
The process of pre-selling the luxury homes launched by Lamda Development in Elliniko has been completed, with sales rates up to 32,000 euros per square meter, ensuring total revenue of €1.2 billion.
Managing Director Odisseas Athanasiou reportedly told Lamda’s annual general meeting that “in the Riviera Tower, the prices of the apartments started from €10,000/sq.m. on the lowest floors and reached up to €32,000/sq.m. on the highest floors. Correspondingly, in the Cove Residences apartment complex, sales prices ranged from €9,500/sq.m. to €14,000/sq.m.”
Even in cases where there were cancellations of provisional contracts, the immediate resale of the respective property was achieved at a price 15-20% higher than the original, allowing the company to secure higher income.
In the case of the Riviera Tower, the 170 apartments were sold for a total of €625 million – i.e. the average sale price was €3.6 million. The buyers were 96% Greek (whether they live permanently in Greece or abroad), while half of the 110 apartments of the Cove Residences and the plots where luxury villas will be built have been sold to Greeks and half to foreigners. Lamda has not yet promoted real estate sales outside of Greece, which will be done as of 2024.
