In a recent briefing to market analysts, the company’s Chief Financial Officer, Mr. Haris Goritsas, confirmed that the first residential projects are on track to be completed by the end of next year, with handovers to buyers scheduled between 2027 and 2028.
However, three new residential developments, initially planned to launch in May and June 2025, will face delays of approximately three to four months. These postponements are due to recent regulatory changes to the New Building Code (NOK), which have necessitated a full redesign. The company remains confident that the situation will normalize progressively in the coming months.
Despite certain scheduling adjustments, the upward trend in residential property prices continues unabated. As reported, property prices in the Little Athens development have risen by approximately €1,000 per square meter compared to previous estimates. Moreover, the delay in releasing new units—due to redesign requirements—presents an opportunity for the company to revise sales prices upward, leveraging strong market momentum.
Specifically, the average selling price at Little Athens has increased to €8,500 per square meter, up from €7,600 in the previous project presentation. According to Mr. Zafolias, the project now yields gross profit margins of 36% to 44%, before taxes and excluding land and infrastructure costs—levels that exceed even those seen in prime coastal areas.
As of May 15, 2025, a total of 559 residential units had been released for sale, of which 472 (84%) have either been sold or reserved by buyers.
The most complex elements of the broader development continue to be the infrastructure works (contracted to AVAX) and the construction of the Riviera Tower (contracted to BOUYGUES-AKTOR). In contrast, four residential projects—located along the waterfront and within the Little Athens complex—are progressing ahead of schedule.
Little Athens: Commercial Success Reflected in Financial Performance
The commercial momentum of the Little Athens development is also evident in the company’s financial results. In Q1 2025, revenue from residential activity reached €66 million—an increase of 116% year-over-year.
Since the project’s launch through May 15, 2025, total cash inflows from property sales have surpassed €1.18 billion, with €67 million recorded in Q1 2025 alone.
As of March 31, 2025, cash reserves for the project stood at €290 million, virtually unchanged from year-end 2024 (€292 million). Notably, no bank loans were drawn during this period, despite the availability of an approved €232 million credit facility.
At the same time, key developments within the Metropolitan Hub—including the Riviera Galleria and Sports Complex—are proceeding on schedule. The first sports facilities are expected to be delivered within the second quarter of 2025.
Capital expenditures (CAPEX) for buildings and infrastructure reached €81 million in Q1 2025, bringing total investment since inception to €644 million as of March 31, 2025.
It is worth noting that Q1 2024 revenues included €56 million from land sales (notably Cove Villas and the Mixed-Use Tower). In contrast, no land sale revenues were recorded in Q1 2025, though such transactions are anticipated in upcoming quarters.
