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residential Market News: Spanish Real Estate Intelligence

Radisson Hotel develops serviced flats in Cyprus

Radisson Hotel Group announced the signature of the deal for the first apartments in Larnaca, that will be called "Radisson Blu serviced Apartments Larnaca".

The project is part of the agreement with SunnySeeker Hotels and the Quality Group and consists of four projects and more than 550 rooms fully operational or under construction.

The new property will have 59 serviced apartments (studios, one and two bedroom flats). There will be a café on the ground floor, and a lounge bar on the top floor, while the facilities will include a fitness center, a spa with a swimming pool, and a 100m2 area for meetings and events.

The apartments are easily accessible to visitors as they are located only 7 kilometers away from the Larnaca International Airport.

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.