HomeThe Greek Rea...

The Greek Real Estate Market in November

atenas 2 1

Amidst the second wave of the SARS-COV-2 pandemic and the second lockdown in early November, the RE market Greece kept its pace with few transactions but an optimistic attitude. Where does this optimism come from? Mostly it is caused by the announcement of investments, especially in the fields of technology and infrastructure, as well as the announcements that the vaccination for the virus is about to start soon all over Europe. 

According to PwC Emerging Trends in Real Estate survey that was published in November, logistics centres, quality office buildings and residential properties to be used as rentals are still in high demand, while the hospitality and retail sectors are in a worse position.

According to the Bank of Greece the apartment prices in Q4 2020 are 3,2% higher than 2019 respectively. In Athens and Thessaloniki the rise was 5,6% and 4,3% respectively.

In Cyprus, according to PwC, the market of luxury home has suffered a big blow, as did the properties in the popular holiday resorts. According to the Central Bank of Cyprus there has been a rise of up to 1,3% in apartment prices, mainly in urban territories, but the pandemic along with the cancellation of the Golden Visa programme by the government may cause a drop in the future.

At the NPL market, the conclusion of the Galaxy project and the sale of the mega-portfolio to Davidson-Kempner has been the big news. This concludes also the carve-out of the NPL department of Alpha Bank which is now be incorporated to the New Cepal.

Transaction wise:


A hotel sale made the news in November and no wonder, since hospitality is one of the sectors most hurt by the pandemic. Cretan Investments Group Hellas acquired its first hotel unit,  the lti AKS Minoa Palace hotel with a total capacity of 119 rooms from the AKS Hotels Group.The hotel will be part of the portfolio of MK Hotel Collection which is the investment arm of the CIG Hellas group in the hospitality sector. Unique Blue Resort is going to open its doors and welcome the first guests on April 17, 2021.


Despite the pandemic, investment deals in logistics centers are still taking place, among others due to the privatization of Greece’s two major ports. In November, the Dutch company Ten Brinke completed the acquisition of the company Delta 4 which is based in Thessaloniki. Delta 4 does distribution, transit and handling of goods. The company has a building of fire protection specifications Z3, area 22,500 sq.m., with modern office spaces of 1,500 sq.m., located at the entrance of the Industrial Area of ​​Sindos. This is one of the largest such facilities at the port of Thessaloniki. “Seagull” has taken over the management of the company since early November.


Despite the blow the retail sector has suffered, Noval Property announced the acquisition of full ownership of the River West shopping center and the IKEA hyper-market located on Kifissos Avenue.


As offices remain in the center of transactions, the Power Transmission Orerator (IPTO) purchased a four-storey building in Peristeri, Athens, from Piraeus Bank Group. Piraeus Real Estate conducted an auction for the building at the junction of Kifissos Avenue and Konstantinoupoleos 1 str. The property is worth €12 m and has a total space of 15,583 sq.m. It includes offices, shops, auxiliary spaces and a Public Power Corporation (PPC)  substation.


Volkswagen has announced that it will turn Astypalea into a Green Island by investing in the energy autonomy of the island, based on Renewable Sources. The “Smart & Sustainable Island” investment was presented at an event in the presence of the Greek Prime Minister Kyriakos Mitsotakis.Regarding the electrical system of the island, the Hellenic Electricity Distribution Network Operator (HEDNO) has already completed a study to achieve a RES rate above 60%: a hybrid system that combines RES production – wind and solar – with energy storage in batteries. The study is being updated in light of the new energy needs for charging electric vehicles as well as developments in installation and equipment costs and is expected to be ready next month.


CVC Capital has reportedly been negotiating with NBG the purchase of 80% of Ethniki Asfalistiki, and it has also been exclusively negotiating with MIG for Vivartia. Purportedly CVC is also interested in the hospital Henry Dunant, which Piraeus Bank is preparing to put up for sale again. Although CVC holds a leading share in the market of private clinics in Attica and the claim of Henry Dunant would provoke reactions from insurance and clinics, nothing can be ruled out.


Últimas Noticias

300x600 re financing