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Globinvesting Magazine

Bulgarian & Greek properties blog

21st September 2017 8:57 PM




Greece may ease capital controls but no end in sight

Greece is looking into further easing capital controls but there is no end in sight to measure that prevented the collapse of the country's financial system nearly three years ago.Greek bank officials said Friday that a series of steps are being put together to help ease capital restrictions that are stifling investment activity and weighing heavily on economic sentiment in the country. These proposed steps have yet to be approved by the country's international creditors, eurozone countries and

Apartment prices drop 0.3% - Bank of Greece

Apartment prices in Greece fell by 0.3 percent in the last quarter of 2017, with homes in the northern city of Thessaloniki recording the sharpest drop, said the Bank of Greece, the country's central bank, on Thursday.Figures show that apartment prices fell 0.6 percent in the third quarter of last year versus a drop of 1.2 percent in the second quarter and a slide of 1.9 percent in the first three months of the year.For the whole of 2017, apartment prices gave up 1 percent, versus a 2.4% drop in

New western Athens university will be Greece's 3rd largest

Greece submitted a draft bill to parliament on Tuesday allowing for the introduction of a new university in western Athens.The new university will merge with the technical institutions of Athens and Piraeus and will be based in Aegaleo. It will be the country's third largest university, with some 24,000 students, according to government officials.

5 areas dominate Greek tourism, gap widens-study

Athens, Crete and the southern Aegean area among the top five areas dominating Greece's tourism map, according to study published by the Institute of Tourism Research and Forecasts (ITEP).ITEP said that the other areas in the country's top five destinations, which draw 85% of Greece's tourists every year, are central Macedonia and the Ionian islands. The gap between these five areas and the rest of the country is widening, said the study.The country's tourism sector has been performing strongly

Rise in constructions led by hotels, residential also robust

Construction activity in Cyprus is on the rise as the economy emerges from a severe economic downturn but where exactly is all the action taking place?The latest data from the Cyprus statistics service shows that hotels are leading the charge, alongside strong growth in residential housing.Figures for the January to November period last year show total building permits issued hit 1.34 million square metres, 45% higher than the same period a year earlier. Cyprus tourism industry is lending

Cyprus Woolwoorth sells property, books 5 mln euro loss

Cyprus' Woolworth Properties has sold three real estate assets to Bank of Cyprus for 44 million euros, freeing up cash to spend on its growth plans, the company said in a statement.The three properties are:1-The Siakola Tower on Ledra Street, Nicosia. Most of its has been leased to retailer H&M.2-Retail store in Strovolo that has been leased by Superhome (DIY)3-Store in Limassol that has been leased to Debenhams Apollon.Based on the book value of the properties, Woolworths is taking a loss of

Greece launches ambitious 2 bln euro building energy plan

In a bid to catch up on lost time, Greece will set up a state company to help government buildings switch over to more energy friendly means, as dictated by EU guidelines, according to Environment and Energy Minister Giorgos Stathakis.Speaking to local government officials on Wednesday in the city of Patras, western Greece, the minister said that a two billion euro loan provided by the European Investment Bank will pay for the switch to less energy demanding buildings used by public authorities,

Greece Logistics Markets Report 2017

"Greece’s logistic market lacks large, high quality properties with no such new development schemes in the pipeline," says NAI Hellas.See full report here

Few mergers in '17 but may rise amidst pick up in economy

The number of mergers and acquisitions (M&As) in Greece last year was low but this could improve due to the country's expected economic recovery in coming years, PwC said on Wednesday.The M&A report comes as the European Commission predicts that Greece's recovery will strengthen as long as structural reforms continue, but tough financing conditions will keep a lid on investments.PwC described 2017 for Greece as being "one more year of low investment activity mainly driven by the disposal of

Lamda sells offices for 6.5 mln, focuses on Hellinikon

Lamda Development is continuing its policy of narrowing operations, selling a three storey office complex in northern Athens for 6.5 million euros, it said a statement.Lamda, which is leading a group of investors on the Hellinikon complex, recently sold assets in Serbia to free up resources and concentrate on the Athens urban complex and shopping centers.SEE ALSO: Lamda bites the bullet, sells in Serbia to focus on GreeceGreek real estate investment company Trastor, majority owned by US

Three investor groups show interest in Chios marina

Greece has received three initial expressions of interest for the development of a marina on the island of Chios, the country's privatisations agency said on Monday.The companies that showed interest in the marina are:1. KASOS SA2. PAN PROTHERS ASSOCIATES, INC 3. AVLUM ENTERPRISES COMPANY LIMITED – IOANNIS & ELIAS D. TEFAS NAFPIGOPLASTIKI – CLEOPATRA MARINA SA – TOURISTIKOS LIMENAS PREVEZAS SA The privatisations agency, the Hellenic Republic Asset Development Fund (HDRAF) will evaluate the

Terna signs Cyprus marina deal for 164 mln euros

Construction company Terna, a subsidiary of GEK TERNA, has been awarded the second phase of the construction of the luxury development in Ayia Napa Marina in Cyprus, in a deal worth 164 million euros, it said Monday. The project includes a variety of residential, commercial and cultural uses, the company said in a statement. Terna has also been awarded the first phase of the project which is currently being built and includes the construction of the marina with a 600 berth, infrastructure and

New kid on the short term rental

Short term property rental platform is increasing its push for a share of Greece's fast growing tourism market, launching a Greek language version of its site.The platform, owned by UK's New Estate Consultancy, said that it has expanded its team and investing in its platform."For the last quarter of 2017, we started partnerships with more than 200 individual owner and professional management companies, which added more than 250 vacation properties in the most popular parts of Greece.

Alimos marina sale draws interest from 10 investors

Greece has received ten expressions of interest regarding the initial phase of the privatisation of the Alimos marina, in southern Athens, according to the country's privatization agency.Advisors to the privatizations agency, the Hellenic Republic Asset Development Fund (HDRAF), will now evaluate the expressions of interest and recommend to the board which candidate should qualify for the next phase of the tender, HDRAF said in a statement Wednesday.SEE ALSO: Alimos, Chios marinas put up for

5 tips on how best to negotiate with Greeks

Looking at a deal in Greece but not sure which lines to cross and which to avoid? Local culture often shapes the way in which deals are negotiated and Greece is no exception. talks to the experts to get the lowdown on how best to clinch a super deal.Ready, set, bargainHistoric ties and close proximity to the Middle East have left Greeks with a love for kebab and bargaining tactics. Giorgos Palaios, who trains industry leaders on negotiations at The Purpose, says the tactics adopted

Look out for it-5 tips on negotiating with Greeks

Negotiating a property deal in Greece?Katerina Stavrinou (KSPREAL.COM) talks about the 20% ruleMore tips on how to best bargain with GreeksThe dos and the don'tsComing out on greekguru.netKeep an eye out for it

Greeks go cold on property; ownership rate drops

The rate of home ownership in Greece has fallen sharply since precrisis levels and looks to keep dropping with a growing number of properties coming onto the market, according to research results published Monday.The research, conducted by Kappa on behalf of property group POMIDA, show that property ownership fell to 73.9% in 2018, from 81.6% in 2006. This looks to further decline as one in two surveyed believe that it is more beneficial to rent rather than own property, the survey found.

Vasilopoulos supermarkets to open 40 new stores in 2018

Supermarket retailer AB Vasilopoulos, a subsidiary of Belgium's Delhaize group, plans to invest 90 million euros this year in 40 new stores across the country, the company said FridayVasilopoulos, one of Greece's largest players in the supermarket business, said in a statement the new outlets will bump up its network to 454 stores at a time of major changes for the sector.SEE ALSO: 22 supermarkets up for sale in Athens, CreteLast year a total of 700 new supermarket outlets opened sector-wide,

House prices seen up globally but not Greece-Fitch

Greece is one of the three countries in the world which is not expected to see a rise in real estate prices this year, according to ratings agency Fitch.National house prices are expected to rise in 19 countries out of the 22 markets highlighted by the report published earlier this week, with the exception of Greece, Norway and the UK. Prices in Greece are seen dropping 2% in 2018 and remaining flat in the UK, said Fitch, that also forecast a 5% decline for Norway.Fitch has a positive or

Piraeus Port unveils 500 mln euro investment plan

Piraeus Port Authority, majority owned by China's Cosco, has unveiled a 500 million euro investment plan in a bid to make its mark on the global transport map.The master plan, made public Monday, includes the construction of an 80,000 square meter logistics center, hotels and the expansion of facilities enabling a larger number of bigger sized freight and passenger ships to dock at the port.After taking over the management of a container terminal at OLP in 2009, Cosco has been investing in

What sort of property deals are now taking place in Greece?

Property worth up to 60,000 euros is the most popular type of real estate being traded in Greece, according to a survey prepared by the Broker Price Opinion Resource (BPOR) Greece.The survey, held in December, found that three quarter of property transactions completed related to residential housing, with 15% of deals concerning land plots.The data shows that 40% of deals were on assets worth up to 60,000 euros and 20% was on real estate valued at between 61,000 to 110,000 euros. Just over a

Greek-Austrian venture to launch train route in January

Rail cargo logistics Goldair, a Greek-Austrian joint venture, is expected to launch its first train route in northern Greece by the end of January, the company said Wednesday.In an bid to open up the market, Greece has awarded a licence to the joint venture to operate its own trains on the national railway network, in a sector estimated by some experts to be worth 100 million euros.The company, comprising of Austria's Rail Cargo Group and Greece's Goldair, will start off with the train route

Barnes International opens shop in Athens

Real estate agent Barnes International has entered the Greek market, opening offices with a local partner in Athens.Katerina Mitsotaki will head Barnes Greece that will be located at Kolonaki, downtown Athens.

Qatar Airways to fly to Thessaloniki as of March

Qatar Airways will launch in March flights to Greece's second largest city, Thessaloniki, as part of global expansion plans.The airline will operate four weekly flights to Thessaloniki commencing March 27, it said in a statement.The new service between Doha and Thessaloniki will be operated by an Airbus A320 aircraft.Qatar Airways currently operates three daily flights to Athens and provides more than 4,000 seats to the Greek capital each week. With the addition of Thessaloniki, this will

Greece drops home auctions in courts to beat resistance

Forced home sales for debts owed to the Greek state will be held exclusively online as of May after resistance to the sales blocked the auctions from going ahead in the country’s courts, according to a draft bill submitted to parliament.The bill, set to be voted on by lawmakers late Monday, aims to reduce the growing amount of money owed to the tax office and social security funds amidst Greece severe economic downturn.Violent resistance to the home auctions has embarrassed the left wing Syriza

Athens street crackdown starts in affluent Kolonaki-mayor

Athens mayor Giorgos Kaminis plans to crackdown on cafes and restaurants illegally placing their chairs and tables on street sidewalks, starting off with the affluent area of Kolonaki.Many stores have been illegally increasing the amount of pubic space they use due to poor policing on the issue, said the mayor on Thursday.The Athens municipal police department shut down in 2013 due to budget cuts but was set up again in 2015. Since then, however, staff numbers remain low. Currently, the

7 in 10 struggle with inheritance tax-survey

More than seven in ten Greeks struggle to pay inheritance taxes, according to survey results published Wednesday.A survey of 150 people held by insurance company 4Life Direct in October showed that 74% of Greeks believe that paying for taxes that come with an inheritance is a real challenge to pay.SEE ALSO: Greeks rejecting property inheritance may triple to 150,000 in 2017High taxes and low real estate values have prompted a growing number of Greeks to reject property left to them by deceased

Greece approves 300 mln euro mall under cloud of threats

Greece has approved the construction of a 300 million euro shopping mall in central Athens after investors threatened to pull the plug on the investment that has been ten years in the pipeline.Environment and Energy Minister Giorgos Stathakis signed a presidential decree Tuesday paving the way for the construction of the 55,000 square meter shopping mall by Artume, backed by US asset manager Blackrock.The site is located in the area of Akadimia Platonos, or Platos' Academy, where Plato practiced

Greek neighbors among the noisiest in Europe

Greek neighbors are among the noisiest in the European Union, according to statistics office Eurostat.Nearly 20% of Greeks complain about the noise coming from their neighbor or street, Eurostat said in a statement last week, citing 2016 data. This compares with 17.9% of people in the European Union that are miffed with their neighbors and 15.6% in Cyprus.The economic crisis in Greece appears to have having a quietening affect on the streets though. Eurostat data shows that 23.2% of Greeks

14 new shipping companies set sail for Piraeus-ministry

Fourteen shipping companies have been issued new licences to operate from the Greek port of Piraeus, according to the country's shipping ministry.In the last three years, some 290 shipping companies have requested permits to work from the port, Greece's largest, said the ministry in a statement Thursday. No further details were provided.

Tender process for 1.5 bln euro highway on Crete to start

The tender process for the construction of a 1.5 billion euro highway running along the north of Crete will commence this month, said Stavros Arnaoutakis, regional governor of Crete, on Wednesday.The Greek government is in talks with the European Investment Bank to fund the 180 kilometer highway connecting Kissamo, on the island's west, with the eastern town of Siteia.Funding has been a key problem for the project, holding up its construction in recent years.

LOOKING AHEAD-2018. A hung start

Tassos KotzanastassisUrban Land Institute Greece and Cyprus chairManaging Director of 8G Capital PartnersThe restart of the Greek property market has been eagerly awaited by local and foreign investors alike. Indeed, the prime segment of the market has witnessed a number of landmark transactions, focusing on the hotel sector as well as on the prime end of the commercial market. Market participants are now hoping that the rest of the market will spool up. There is an abundance of international

LOOKING AHEAD-2018. Promising prospects across the board

Konstantinos SiderisSenior AnalystAlgean PropertyThe real estate industry showed signs of stabilization during 2017, with most of the sub-sectors ending the year with a positive sign. The prospects for 2018 are promising, backed by the positive performance of the economy, tourism and the overall favorable investment climate.The commercial and the office sector maintained a steady course, albeit with a low volume of transactions. 2018 is expected to be a stronger year for both markets, due to the

LOOKING AHEAD-2018. Tranio investing 8 mln euros in Greece

George Kachmazov – Investor, founder and managing partner at, international real estate platformGreece’s real estate market is one of the remaining few in Europe that hasn’t recovered since the 2008 economic crisis. Prices in other markets such as Spain, Portugal, Ireland, Poland and Hungary have returned to pre-crisis levels because of high liquidity in Europe. This represents a unique market opportunity that can generate high rental yields and capital gains.We have already

LOOKING AHEAD-2018. Diversity of investors is unprecedented

Marios ApostolinasChief Executive OfficerIntercontinental International REICWith the start of the New Year, the Greek commercial property market has presented clear signs of a turnaround. During the last few months a yield compression has been observed in the sales transactions of prime assets, but the most striking feature is the widespread presence of foreign (direct or indirect) property investors and in particular: i) The - unprecedented for Greek standards - diversity of active foreign

LOOKING AHEAD-2018. Property will play active role in economy

Giannis Kaligiannakis, MRICSManager Valuations & InvestmentsREDVISIn late 2016, signs of early recovery were evident, but we could not predict what 2017 would bring in the real estate market.After starting off slow, 2017 proved to be a year with major improvements towards the recovery of the Greek real estate market.We have witnessed the first major NPL portfolio sales, banks’ understanding the need to accept discounts for “bad loans”, investors’ increasing share in property market, advanced

SOLD-Five story building in Marousi goes for 7.5 million euros

Grivalia Properties has purchased a five story building in Marousi, northern Athens, for 7.5 million euros, the company said in a statement. The building is located on 50 Aghiou Konstantinou street and includes a ground floor store, office space and underground parking. The property stretches over a total area of 5,470 square meters.

SOLD-Kolonaki apartment goes for 450K

Real estate investment company Intercontinental International (ICI) has purchased a 223.8 square meter apartment in Kolonaki, central Athens, for 450,000 euros. The property is located at 4 Pindarou street and was financed by the company's own funds, the company said in a statement.

Some Christmas cheer-Trade up for first time in 8 years

Christmas retail trade rose 2.5% this year, rising for the first time since Greece's debt crisis erupted in 2010, according to data from a research group.Data collected by the Institute of Commerce and Services (INEMY) shows that larger stores, retail chains and those in shopping malls outperformed the sector, with revenues up 5-6% from last year's levels. Smaller players in regional districts saw sales drop up to 12%.Based on the data collected so far this year, retailer sales look to come in

Hellinikon project plan heads to top court in big step

Greece has submitted a presidential decree on the Hellinikon urban project, one of Europe's largest, to the country's highest administrative court for approval in what is seen by many as a crucial step in kickstarting the delayed eight billion euro development.The presidential decree was signed by the country's economy, environment and culture ministers after the latest bout of delays to the project from archaeological authorities. It is not clear when the Council of State, Greece's top

After 40% dip, property prices seen bottoming out in 2018

Greece's real estate price are seen flattening out in the next few quarters after tumbling by more than 40% since 2008, according to the Bank of Greece. the country's central bank.In an interim monetary report released last week, the bank said that large scale property sales to private investment funds and the commencement of electronic auctions regarding red loans is seen as putting further downward pressure on prices but that this will be short term, mostly affecting poorer quality assets.SEE

SOLD: Nea Erythraia building goes for 2.65 mln euros

Grivalia Properties has purchased a commercial building in Nea Erythraia, northern Athens, for 2.65 million euros, the company said in a statement.The building is located at 152 Harilaou Trikoupi street, covers some 930 square meters and is leased to a clothes retailer.

Property auctions earn Piraeus Bank 13 mln euros in 2017

Piraeus Bank, Greece's largest lender, sold 26 properties tied to bad loans earlier this month on its recently launched electronic auctions platform, it said in a statement Thursday.The latest sales results bring the total number of properties sold by the bank this year to 84, earning 13.4 million euros. The sales are a positive step in the lender's attempt to get a grip on bad loans, but the revenues are a drop in the ocean when compered to Piraeus Bank's total non performing loans that amount

Property capital gains tax put off for another year-draft bill

Greece will put off the introduction of a capital gains tax on property transfers by a one year, according to a draft bill submitted to parliament Wednesday.Under pressure from international creditors, Greece was expected to lift a freeze on the tax as of January but has decided against the measures industry officials had described as seriously detrimenting the sector.SEE ALSO: Greek property groups up in arms over capital gains taxThe decision will cost Greece some 24 million euros in lost tax

EBRD teams up with Dimand on Papastratos project

The European Band for Reconstruction and Development (EBRD) has entered a joint venture with the Greek real estate developer Dimand S.A., to invest in brownfield redevelopment and urban regeneration projects, the two companies said in a joint statement.The aim is to create sustainable green products across various property sectors focusing on offices, mixed-use developments, city hotels and student accommodation projects, said the statement published Tuesday.As a starting point, the joint

Green light for 60 mln euro biomedical research building

A Greek government committee approved on Tuesday the construction of a 60 million euro building to accommodate biomedical research in Athens.It will be built as a private public partnership (PPP), meaning that a private sector company will build and finance the project before handing it over to the state that will pay to use the facilities.The building will be used by the Biomedical Research Foundation of the Academy of Athens (BRFAA) ."The facilities will house state of-the-art laboratories

Stavros Niarchos Foundation up for RIBA architecture prize

The Starvos Niarchos Foundation Cultural Center (SNFCC) in southern Athens has been nominated for the RIBA international prize 2018, an architecture award given by the Royal Institute of British architects.The prize, which is awarded every two years, highlights the most inpsired and significant new buildings constructed around the globe. The SNFCC is one of 62 buildings that have been nomiated across 30 countries. The winners will be announced in December 2018. Designed by Renzo Piano Building

Pockets of growth emerge but no bed of roses-Pangaia CEO

Pockets of growth have been appearing in the Greek property market but have failed to rub off on the broader sector, according to Aristotelis Karytinos, chief executive of real estate investment company Pangaia.After tumbling by more than 40% in the last eight years, property market prices are still edging lower despite an improvement in Greece's economy and growing talk of foreign buyers hovering above the sector.SEE ALSO: Home prices retreat 0.6% in third quarter - central bankIn an event

Don't rely too much on real estate, IMF tells Cyprus

The International Monetary Fund (IMF) has warned Cyprus against relying too heavily on the construction sector as the country's economy make an "impressive" recovery from the 2013 banking crisis.In its latest report on the small island state released Thursday, Washington-based IMF forecast that the Cypriot economy will grow by 3.8 percent this year and 3.6 percent in 2018 on the back of fiscal and structrual refoms. But bad loans left behind by the crisis have failed to come down significantly,