Elliniko: When will the first residents move into homes in a coastal zone and skyscrapers

According to the management of Lamda Development, within this year it is estimated that the basic infrastructure associated with the first residential projects will be completed, allowing buyers to receive their apartments and settle into their new homes.

The first residents are expected to move both to the coastal zone and to the new neighborhood of Little Athens, which is the largest residential part of the development. The completion of the networks, road works, technical installations and basic urban infrastructure is a basic condition for the area to start operating as a new urban neighborhood and not simply as a construction site. The value of sales in the area has already exceeded 1 billion euros and is expected to increase this year with new sales.

Riviera Tower: The first residents in the summer of 2027
The course of Riviera Tower, the emblematic residential skyscraper being built on the Hellinikon waterfront, is of particular importance. Its construction is progressing according to the revised schedule. As Lamda Development CEO Odysseas Athanasiou stated in a conference call yesterday, the 44th floor of the building has already been completed, a significant construction milestone that triggered the pricing of the corresponding installment of approximately 60 million euros linked to the progress of the project.

The tower’s load-bearing structure, i.e. the 50 floors of the building, is expected to be completed in May 2026, about a month earlier than the initial milestone that predicted completion at the end of June. At the same time, the French construction company Bouygues is accelerating work on the remaining key parts of the construction, such as the internal configurations, the parapets and the electromechanical installationsThe overall completion of the project is scheduled for May 2027, so that the gradual installation of the first residents can then begin in the summer of the same year. According to the company's management, the cost increases that occurred during the construction of the tower have already been reflected in Lamda Development's financial statements, following the latest revision of the contract with Bouygues.

The big bet on the delivery of the first homes
Lamda Development estimates that the basic infrastructure required to service the first homes will be completed on time, so that the first apartments can be delivered to buyers in 2027 both in the coastal zone and in the Little Athens neighborhood. These projects include extensive utility networks, roads, technical works and urban configurations that will support the operation of the new city.

Little Athens: The great new neighborhood of Hellinikon
Special mention is also made of the progress of the residential projects of the new Little Athens neighborhood. According to Lamda Development's management, the picture of the constructions is now clearly improved compared to the early stages of the development.
The work is coordinated by the company’s internal construction unit, which was created to strengthen control over both costs and implementation schedules. This unit works directly with subcontractors and allows for better coordination of projects.

As the company’s CEO explained, the first projects developed in the coastal zone - such as Riviera Tower and some of the initial residential projects - essentially served as a “learning period” for the company. The difficulties of the construction market, increases in material costs and delays did not leave large profit margins in the first projects.
Today, however, the company estimates that it has now gained greater experience and better control over the implementation of projects, which allows for more effective management of costs and construction time.

Undergrounding Poseidonos: A complex project with a horizon of 2028
Despite the progress of the works, one of the most complex technical projects of the development remains the undergrounding of Poseidonos Avenue. This is one of the largest infrastructure projects of the project, which is being implemented in a particularly demanding environment, in close proximity to the sea and with intense vehicle traffic. For this reason, the completion of the project is scheduled for the first half of 2028.
The undergrounding of Poseidonos is considered of key importance for the overall operation of the new city, as it will allow the unification of the coastal front with the rest of the development, creating a single urban and coastal space.

Metropolitan Park and sports infrastructure
In parallel, progress is also being made in 

important public infrastructures that will shape the character of the new city. Within the framework of the Metropolitan Park of Hellinikon, with a total area of ​​approximately 2 million square meters, plantings, landscaping and sports facilities are progressing.
The sports park of Hellinikon is expected to be delivered to the public in the summer of 2026 and will include four football fields, a track and field stadium, a throwing field, as well as tennis and basketball courts. Another section of the park is scheduled to be completed in 2027, with extensive plantings and repositioning of trees.
These specific infrastructures are considered particularly important, as they will function as basic public sports and recreation areas for both the residents of the new development and the citizens of the surrounding areas.

Shopping centers and educational infrastructures
Significant progress is also being recorded in the commercial part of the development. Commercial agreements for the two large shopping malls being developed in Elliniko have been progressing at a steady pace over the past year and a half, with demand from retailers remaining high.
The Riviera Galleria, the shopping mall being built at the Agios Kosmas marina, is already under construction and is expected to be completed in late 2026 or early 2027. Its operation is estimated to begin in spring 2027, most likely around the Easter period.

The second large shopping mall to be developed on Vouliagmenis Avenue is still in the licensing process. Lamda Development is awaiting the signing of the relevant license in order to begin construction work, while the opening of the project is scheduled for late 2028 or early 2029.

In parallel, the education projects that will be hosted in the new city are also progressing. The Costeas-Geitonas schools are expected to start operating in the fall of 2027, while the University of Nicosia campus is also scheduled to open in the same period, creating the first private university to be established in Hellinikon. The studies have already been completed and construction work is expected to begin soon, with the aim of starting operations in 2028.

The expectations of the local community
The findings of two public opinion surveys presented by Lamda Development regarding the acceptance of the project by the local communities are also interesting. According to these data, approximately 90% of citizens in the neighboring municipalities express a positive opinion of the company, while 76% evaluate the overall impact of the investment positively.

At the same time, the main demands of the residents are mainly focused on the enhancement of greenery, the development of more sports and recreation infrastructure, the improvement of beach care, as well as actions to support vulnerable social groups. The company reports that initiatives are already underway regarding the environment, the climate adaptation of the area, and the limitation of the nuisance caused by large construction sites.