Lamda Development posts €17.7m loss as Hellinikon investment intensifies

Greece's largest developer, Lamda Development, reported a loss of €17.7 million in the first quarter of 2026, driven by substantial capital deployment in the Hellinikon project, the landmark complex being developed on the site of Athens's former airport.

Paradoxically, despite the quarterly loss, the company delivered record results across other business lines. Shopping centres, marinas and residential complexes are operating at full capacity. The Hellinikon investment represents a long-term strategy that is currently weighing on quarterly figures.

For investors, this signals an important message: major Greek developers are willing to absorb losses in pursuit of ambitious projects. Hellinikon is not merely a construction site; it represents the transformation of an entire Athens district. When the project reaches completion and operational status, returns could be substantial.

Source: GreekCityTimes Real Estate