hospitality Market News: Spanish Real Estate Intelligence

Reportedly the Lebanese hotelier YAZBEK has leased the YMCA building on Akadimias street and will turn it into a 4-star hotel with approximately 90 rooms. Last year Mariott opened its new boutique hotel very close to the YMCA building, the Academy of Athens Autograph Collection. The building is owned by the Naval Retirement Fund, and has also been leased by Yazbek Hotel Establishment.

Meanwhile a large-scale project of the Grecotel Group on Corfu is expected to be announced soon, while Sani-Ikos group is also planning to launch new business ventures in Corfu, Crete and Rhodes.

Hine’s deal with Cean Hotel chain in Crete is expected to be completed by the end of January, while there have been delays reported in the Savvidis-Stengos negotiations for the purchase of the Porto Carras Hotel in Halkidiki by the Russian-Greek businessman.

The operation of the Kokkalis Group Hotel on Kolokotroni str in Athens has been delayed, while the Brown Hotels hotel on Omonia Square will finally open in March.

According to the Association of Greek Tourism Enterprises, €5.6 bn were invested in the Greek hotel market over the last three years.

Original Source: Bankingnews.gr

Adaptation/Translation: Kiki Athanasiadis

In 2019 the Thessaloniki real estate market started to rise. In the center of the city there is already a shortage of available properties and large increases in rental prices. There is strong interest in land plots in the eastern suburbs, heralding a further increase in building activity in 2020.

Especially in the city center and in the neighboring areas over the last two years there has been a significant increase in rental prices, which in the center exceeds 40%. This is attributed not only to the exploitation of old apartments through short-term rental platforms, but also to NGOs, which have rented apartments to host refugees. Increase in prices and lack of real estate is also recorded in areas between the center and the eastern suburbs.

Forecasts for 2020 speak of continuing the upward trend, with the main characteristic being the shift in buyers' interest in newly built homes.

According to the BoG's data for the first nine months of 2019, there was a remarkable growth rate of apartment prices which reached 7.6% in the wider Thessaloniki region. This recovery was primarily a result of the investment interest in buying older apartments, and turning them into short-term lease rentals.

Original Source: Naftemporiki

Adaptation/Translation: Kiki Athanasiadis