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land Market News: Spanish Real Estate Intelligence

Greek RE market 'skyrockets' according to BoG's first quarter figures

Foreign Capital inflow for the purchase and development of RE has increased by 130% at the first quarter of 2019, according to data provided by the Bank of Greece.

It looks like foreign investors will keep driving the demand in the Greek RE market. If the current rate of investment growth will remain the same throughout 2019, it is likely that at the end of this year there will be a total inflow of € 3 billion. The two main reasons for this rise are the short lease renting platforms such as Airbnb and the Golden Visa regulation. At least 80% of the Golden Visa investors, buy assets in Attica.

There is a high demand for luxurious RE assents on the Greek islands, especially Mykonos and Santorini. According to the data, for the first time there after ten years, there has been a rise in the prices of land plots in Attica.

Court puts Ektasis Development into administration

Property development company Ektasis Development has been put into administration by an Athens court. Ektasis used to control a portfolio of real estate assets and leasing contracts worth more than €390 m.

Reportedly, the court’s decision was based on the failure of the Ektasis defense to make its main statement, tipping the balance in favor of the crediting banks, even though the company claims it paid €272 m from 2009 to 2017 to pay off debts.

Today Ektasis owns over 30 properties, most of them plots of land, with an estimated combined value of 110 million euros. Ir also collects rents of €4 m/year.

South Afandou property sold to T.N. Aegean Sun Investment Ltd

The launch of an important tourism development project in the island of Rhodes marks the completion of the agreement for the granting of the property in the South Afandou region.

The Executive Chairman of HRADF, Mr Aris Xenofos and the legal representative of T.N. Aegean Sun Investments Ltd, Mr Vasileios Nicolaides signed the agreement for the sale of South Afandou estate, followed by the financial closure of the transaction with the payment of a lump sum of €15.2 million.

According to the investment plan of T.N. Aegean Sun Investment Ltd. with a budget of €150 million, in the total area of 268.651,76m2, three new high-quality hotel complexes will be built, as well as a tourist -holiday village of 20 independent residences within the framework of the Special Plan for the Spatial Development of Public Real Estates (ESHADA) of Southern Afandou.

The SPA of the Golf -North Afandou was signed by HRADF and M.A. Angeliades Inc., while the financial closure of the transaction for a total consideration of €26.9 million, is expected soon.