The Greek Real Estate Market in March

Logistics centres, “green” office buildings and hotels seem to be keeping the investors’ appetite for the Greek market still strong. One can easily come to this conclusion by the fact that despite the ongoing pandemic restrictions, assets like the aforementioned do not stay in the market long enough (or at all).

March has kept the slow but steady pace of the previous months, but regulators (the BoG) and market experts say that the Greek NPL market is expected to boom in the very near future. On another note, large projects like Hellinikon and the recently announced transfer of the administration services of 9 ministries out of the Athens city centre, are expected to create opportunities and change the RE market balance in Attica.

According to the Bank of Greece, the country’s Real Estate market is resilient and still an attraction for investments, albeit selective ones. This is supported by the quality data on prices and construction activity. Prices have risen and construction has picked up, even though there has been a significant slowdown. Nevertheless, with the prospect of strong second half of 2021, the market is largely holding a wait-and-see attitude, while does not miss opportunity investments, not only in the residential sector, but also in commercial real estate.

March in particular has been slow, with very little announced activity:

Logistics:

Logistics centers are a very popular asset for investors. In March, Trastor REIC announced the acquisition of a logistics centre in Aspropyrgos, Attica, for €6.9 m. The acquisition price was €6,9 m and the property was described as a “state of art” new logistics centre.

Offices:

Intercontinental International REIC announced the signing of a memorandum of understanding about the acquisition and re-leasing of an office building on Kifissias Avenue, Chalandri, Attica. ICI REIC acquired the property at the price of 12.05 m.

Alternative assets:

On another note, Motor Oil announced an agreement for the acquisition of a portfolio of 11 + 1 wind farms 220 + 20MW as well as licenses for another 650 MW, taking a decisive step towards its goal of acquiring a RES portfolio of more than 300 MW. The company Teforto Holdings Ltd, of the Motor Oil group interests, was the preferred investor in the tender, announced by Fortress. Motor Oil’s offer estimates the total enterprise value of the parks at approximately €425 m.

B-Exclusives

The Largest Players in Housing Sales and Rentals in Madrid

The big data platform Brainsre has conducted a study to determine the leading real estate brokerage firms that dominate the supply of housing for sale and rent in Madrid and its neighbourhoods.

The Leaders of Spain’s Rental Housing Market

Engel & Volkers, aProperties and Spotahome lead Spain’s rental housing market by volume, according to Brainsre data.

Increased Demand for Houses in Madrid Leaves Supply at Six-Year Low

The demand for houses in Madrid following the coronavirus pandemic reduced supply by 28% in 2020, with interest concentrated on the city’s periphery. However, Moncloa-Aravaca still has the most detached properties for sale in the capital, according to Brainsre.

Latest news

How Merlin, Intu, Unibail and Redevco See the Future of Shopping Centres

Changes in use, rents, co-existence with online sales and a very different relationship with their tenants. Large retailers are evaluating the impact of the crisis on their businesses, albeit with optimism.

INE: Housing Sales Up by More Than 30% in March

 According to a report published Friday by Spain’s National Statistics Institute, the figure has returned to its highest point since July 2019.

Bankinter Finalises Acquisition of Montepino’s Logistics Portfolio

With the transaction, Bankinter has created the largest logistics real estate socimi in Spain, with a portfolio of 865,000 square metres and €1.2 billion in projects under development.