The newly established company will begin operations with an initial capital of €1.5 million, entirely funded through equity, while total investments in the first phase are expected to reach up to €4 million.
The company’s first agreement concerns a plot in the Filothei area, where it is close to finalizing a deal for land acquisition, with plans to develop residential properties. According to Mr. Antonis Stavrou, head of the Kastelorizo Group, “real estate has always been a safe haven,” and as he explains, “this is a carefully planned, gradual investment—not an opportunistic move.”
Beyond the Northern Suburbs, the company is also evaluating investment opportunities in the Southern Suburbs, including the Glyfada area. There too, the company is close to reaching an agreement for the acquisition of a plot intended for the development of luxury residences. Mr. Stavrou highlights that profit margins in the construction sector can reach 25% to 30%, roughly double that of the foodservice industry, in which the group has traditionally operated for decades.
The Kastelorizo Group
The Kastelorizo Group currently operates a network of 14 locations, with 2024 revenues reaching €21.6 million, up from €19 million the previous year.
Pre-tax profits also increased from €1.4 million to €1.8 million.
The group employs 320 staff members, offering an average gross monthly salary of approximately €1,800.
