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land Market News: Spanish Real Estate Intelligence

Lamda agreed with NBG to purchase the two plots next to The Mall

The plot is a total area of 25 acres to be sold for just over 11 m euros. The sale will be completed after a Presidential Decree has been issued and approved by the Council of State, which will resolve the legalization issues of The Mall Athens Shopping Center.

The two plots are 16.5 and 8.5 acres. The second is in the adjacent stream accession area, so it is of very little value.

The Council of State decided in 2014 that the conditions required under Article 24 of the Constitution for the determination of the building coefficient given to The Mall Athens shopping center were not met. Following the signing of the agreement with NBG, Lamda Olympia Village, a subsidiary of Lamda owned by The Mall Athens, will submit a new plan to the environment ministry. A draft Presidential Decree will follow, which will be submitted to the Council of State for approval.

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.