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All Market News: Spanish Real Estate Intelligence

The authorities gave the green light for the demolition of 400 buildings in Elliniko
The demolitions in Elliniko was the main topic at the teleconference of the Central Council of Architecture. The council gave its opinion on whether it agrees with the proposed maintenance and demolition of buildings or if it considers that additional conditions should be set. As expected, the council agreed with the decision of the Central Archaeological Board, which ratified the precautionary decisions a few days ago. The request for the demolition of most of the 450 buildings scattered around the old airport was submitted on March 13 by Elliniko SA. It was preceded by an arrangement in early February that legalized all construction on the site of the old airport and St. Kosmas. According to the request submitted to the Central Council of Architecture, the existing preserved buildings will not be demolished. The rest of the building excluded from demolition are the these the belong to EYDAP, PPC, Tram and Metro, four temples, the Olympic baseball and canoe kayak slalom facilities, as well as specific Civil Service buildings. The remaining buildings (about 400) that will be demolished are mostly scattered airport facilities. The only building complex that stands out among them is the complex that hosted the American College of Women in 1932-1965 and was used by the CAA in recent years before the airport was transferred. Original Source: Kathimerini Adaptation/Summary: Kiki Athanasiadis
The pandemic brings uncertainty and slows down the rising real estate prices
According to the BoG analysts, the uncertainty over the wider impact on the domestic and global economy is shaping new conditions, with potentially significant, at least in the short term, effects on the real estate market. As noted in the analysis, "given the high dependence of the real estate market on tourism and other sub-sectors of the economy, it is expected that in the first months of 2020 property prices will remain stagnant or in some cases subject to pressure, which will depend mainly on the duration of the current special circumstances. The restoration of the investors' trust in the market and the domestic demand improvement depend on how soon the coronavirus crisis is left behind. In recent years, the domestic real estate market has become much more extroverted, as most of the demand comes from abroad. In 2019 the net inflow of funds for real estate purchases by foreign investors, as recorded in the BoG, reached 1.5 billion euros, up 28.5% from 2018, when the relative size was more than 1 billion euros, up from 442 million euros in 2017. Much of that investment went to residential properties, either in popular holiday destinations, in central Athens and the southern suburbs of Attica. In this context, sales prices have also increased accordingly. Nationwide throughout 2019, prices rose 7.2% compared to 2018, while in Athens the rise reached 10.4%. However, as the BoG's annual report points out, the increase in prices and demand does not appear to have spread to the whole market, because of the preference of foreign investors in specific areas. It is therefore clear that the precondition for a definitive and comprehensive recovery of the real estate market is the strengthening of domestic demand, which is expected to be done gradually, in conjunction with further improving the economy. Apart from prices, the gradual improvement in the housing market is also confirmed by the increase in investment in residential construction, as the index rose by 12.1% in 2019, against a 17.2% increase in 2018, however at a low level as a percentage of GDP (0.8%). Throughout the year, private building activity increased by 13.3% in the number of permits, by 9.2% in surface area and by 9.8% in volume, compared to 2018. In the real estate business sector, growth is also visible, with prices in the first half of 2019 (latest data available) rising by 6.7% for offices and 9.7% for shops in Athens. Nationwide, the increase was between 5.4% and 7.3%, respectively. Original Source: Kathimerini Adaptation/Summary: Kiki Athanasiadis
Coronavirus threatens the deal for the Porto Carras resort sale
The businessman Ivan Savvides (Belterra Investment) is looking to renegotiate with Techniki Olympiaki the terms of the Porto Carras deal. The two sides are in an exclusive discussions period for the sale of the resort. The buyer asks for a price reduction as well as the change of the payment terms due to the strong impact of the pandemic on tourism. It remains to be seen whether Techniki Olympiaki will accept the request or the exclusive discussion period will be interrupted. Porto Carras is valued at €394.5 m. The hotel complex is located on 17,630 acres in Sithonia and includes Villa Galini, the five-star Meliton and Sithonia hotels, and Village Inn. The hotel complex has the largest private marina in Northern Greece, one of the largest in the Balkans, an 18-hole golf course and a conference center. Original Source: Euro2day Adaptation/Translation: Kiki Athanasiadis