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residential Market News: Greek Real Estate Intelligence

Sheikh invests millions in the Greek real estate market
Sheikh Tahnoun bin Zayed Al Nahyan, the son of the founder of UAE and a major investor in real estate, purchased the prominent property on Dionysiou Areopagitou street in Athens, which had been auctioned a few months ago. He also purchased an old hotel in Porto Heli. Starting early next year the property in Athens, with plenty of views of the Acropolis, will be transformed into a luxury accommodation and the hotel in Porto Heli will be transformed into a six-star hotel. For those who are familiar with how the Sheikh manages Royal Group UAE, a group of dozens of companies, with a turnover of 75 bn USD, his activity in Greece does not come as a surprise. The property on Dionysiou Areopagitou str, one of the most expensive streets in Athens, used to belong to the businessman and major investor of the Stock Exchange, Giannis Tzivelis. It is located at the junction of Areopagitou and Makrygianni streets, and it was auctioned off by a bank. The price at which it was purchased by the Sheikh’s companies has not been made public. The five-storey building will be transformed into luxury homes for high-income residents, and it will also host two prominent foreign restaurants, such as Cipriani. The Ermioni Club, an old hotel in Porto Heli, covers an area of ​​220 square kilometres and was purchased last year, as the location is ideal. A luxury six-star hotel, private villas and renowned restaurants will be set up there. The sheikh's third investment in Greece is in the area of energy; however the deal that has to do with the Meliti area in Florina has not yet been completed so there isn’t any information available yet. Original Source: Proto Thema Adaptation/Summary: Kiki Athanasiadis
BidX1 completed the most expensive online property sale in Cyprus
The real estate investment company BidX1 completed the sale of a residential plot and an unfinished apartment complex in Latsia, Nicosia, at the price of €1.23 m. The sale took place through the online platform of BidX1 and is the largest online sale of real estate in Cyprus to date. The lot consists of an unfinished three-storey complex of 7 apartments and a residential plot that extends to 2,554 sq.m. The first is located at the corner of Chrysostomou and Thrace streets in the parish of Agios Eleftherios in Latsia, while the residential plot is located on the opposite road. This property provides the successful bidder with a significant investment opportunity, as in the additional space located next to the unfinished three-storey apartment complex, a building of similar size can be built, while the plot across the street is in zone "Ka5" where a permit is required. Original Source: Sigmalive.com Adaptation/Summary: Kiki Athanasiadis
Lamda Development and TEMES announced strategic agreement for the Elliniko project
Lamda Development S.A. and TEMES S.A. announced their strategic agreement for the joint development of two state of the art, luxury hotels and residential complexes on the costal front of the Elliniko project, during the first five year phase of the project. The partnership will bring to life a commonly shared vision to further establish Athens as a top world-class tourism destination and place the Athens Riviera on the world tourism map. The strategic agreement envisages the development of a 5-star hotel of distinct architecture at the Agios Kosmas Marina, as well as a second beach front 5-star luxury hotel along the coastal front. Both hotels will be accompanied by branded residences. According to Lamda Development’s plan, a commercial zone consisting of high-end retail, dining and entertainment venues will also be developed at Agios Kosmas  Marina. The overall investment for the development of the two hotels and the respective branded residences is estimated to reach €300 m. The development of the two complexes will be carried out by two SPVs, in which TEMES and Lamda Development will hold a stake of 70% and 30% respectively. The design of the units will be assigned to globally renowned architecture firms, whilst the operation of the hotels will be entrusted to world leading hotel operators. Original Source: Proto Thema Adaptation/Summary: Kiki Athanasiadis