An “ancient”, even by modern Greek standards, legal battle was irrevocably adjudicated this week with the publication of a ruling by the country’s supreme court, giving the state ownership of a large tract of land worth possibly hundreds of millions of euros. The defendant in the case is real estate & tourism developer Kekrops SA.
The case dates back to 1988, when the Greek state claimed 29.2 hectares (116.8 acres) of land, mostly rocky hilltops and steep slopes, exploited by a local company for quarrying construction materials, such as concrete, since the 1920s.
The ruling recognizes 24.2 hectares as belonging to the state.
The estimated value of the entire property is considered as very high, given that over the decades its boundaries bumped up with the expansion of two of the most upscale districts in the greater Athens area, Paleo Psychiko and Filothei. The latter today are leafy and exclusive communities host most of the country’s “diplomatic row”, and are viewed as “old money” areas.
The specific area that serves as the “trophy” in the legal battle, in fact, is called “Latomio”, Greek for quarry. Most of the area has so far remained outside town planning zones.
Conversely, in an announcement on Friday, the ATHEX-listed company clarified that the high court ruling rejected the claim of the Greek State for 4.97 hectares of land that lie within town planning zones.
According to the company, the land awarded to the Greek state does not affect its portfolio and financial situation, as this area has not been included in its results.
At the same time, the company said it will evaluate any further legal action after receiving the full text of the decision.
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