The Greek Real Estate Market in July

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The official kick-off of the Hellenikon project with the presentation of the Marina Tower, the Marina Gallary and the waterfront plans, along with the announcement of some initial deals was the highlight of Greece’s RE market in July. Other than that, hotels changed hands especially on islands, and another mega-deal was announced in the NPL field, NBG’s Frontier portfolio of more than €6 bn passed to the doValue consortium. According to an analysis by DBRS published at the end of July, the Greek RE market was proven to be resilient despite the pandemic, but its future depends on the country’s recovery from the pandemic and on whether it can maintain a stable pace of development.

More specifically, in July mobility in transactions was monitored by the media in the following sections:

Hospitality:

Two major deals were announced the previous month, two in Crete, and one in Corfu. In Crete, Hines purchased the Blue Capsis Elite Resort for €125 m. The hospitality complex in Agia Pelagia, built on a private peninsula has a capacity of 1155 guests, consists of 42 buildings with a total area of 45,255 sq.m. Also in Crete, Hotel Investment Partners acquired the Elounda Blu hotel in Crete from the hospitality group Ledra Hotels & Villas. Elounda Blu is a 4-star, 183-room hotel located in Elounda. According to the announcement, Blackstone and HIP will invest over €6 m to upgrade, transform and reposition the hotel to a 5-star internationally branded resort. The plan includes the full refurbishment of the hotel, the development of new suites and a new pool area and restaurant. The Elounda Blu hotel will continue to be operated by Ledra Hotels & Villas under an international 5-star flag post the transformation.

In Kythnos, the Israeli businessman Abraham Ravid purchased hotel Xenia of Kythnos and two thermal springs.  Abraham Ravid won HRADF’s tender with his offer of €2,862,510. The starting price at the tender was €1.2 m. The Israeli businessman acquired the right of the surface of Hotel Xenia and the Thermal springs of Kythnos in Loutra, for 99 years. Ravid will invest more than €6 m for the renovation of the unit.

Lastly, in Corfu, the Domes of Corfu Autograph Collection, the former Grand Hotel on Corfu, opened its doors following an extensive €14m refurbishment. Domes of Corfu has joined Marriott International’s Autograph Collection Hotels. Situated on Corfu’s Glyfada beach, the resort features 233 rooms and suites, each with its own private patio or veranda, three pools, adult-only areas, and the award-winning Soma Spa.

Office buildings:

In the hunt for quality office space in Attica, Piraeus Bank announced that it agreed with Lamda Development acquisition of new office space in Hellinikon. This will be in the new, state-of-the-art Business District being constructed on Vouliagmenis Avenue, within the Hellinikon area, with the plan to transfer all Piraeus Bank’s management functions head-quartered in the Attica region”. The agreement, according to the announcement, as reflected in the relevant Memorandum of Understanding that was signed between the two parties, concerns the acquisition of office spaces with a total area of 40,000 sq.m. The project will be completed within the first five-year implementation phase of the investment in Hellinikon, i.e. by 2025.

Land plots & mixed-use buildings

Trastor announced two transactions in the last month, one is purchasing a land plot with a total area of 1,718.80 sqm at Paradeisos Amarousiou for  €3,015,700. Later in the month, the company announced the sale of a mixed-use stand-alone building, located in Chanandri, for a total price of €5.05 m.

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