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land Market News: Spanish Real Estate Intelligence

Property prices keep rising in Thessaloniki

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

LAMDA development surpassed €650 m share capital increase target

The results from the increase in the share capital of LAMDA Development were impressive.

According to the announcement, the increase of the share capital by paying cash with preference to the old shareholders was successfully completed by raising funds of € 650.000.098.

More specifically, the Growth was covered by approximately 1.1 times as the demand from investors reached 105,737,572 shares. There were no unsold shares resulting in the final share capital increase of 100.00%.

The Company's share capital increased by €29,104,482.00 with the issue of 97,014,940 new shares (nominal value of € 0.30 each). Thus, the Company's share capital amounts to € divided into 176.736.715 shares.

The new shares will be credited to the accounts of the beneficiaries and the commencement of trading on the ATHEX on a date that will be announced by the Company.

Original Source: Banks.com.gr

Adaptation/Translation: Kiki Athanasiadis

Briq Properties bought two properties for € 6.76 million

Infoquest Group's Briq Properties REIC invested 6.76m euros to boost its real estate investment portfolio. The most significant acquisition of the two is that of an office building that has commercial stores at the ground floor.

The building is located in the heart of Athens, on 67 Aeolou Street and the price for it (total built area 2,854 sq.m.) amounted to EUR 6.5 million. The property extends over seven floors, was fully renovated in 2009, and is 100% leased. According to Anna Apostolidou, CEO of the company, "We are looking for investment opportunities and real estate located in the historic center of Athens, which is dynamically upgrading, while at the same time undergoing a major redevelopment, both by the Municipality of Athens and by institutional and private investors".  This is the most expensive building acquisition to date for Briq Properties and is an example of the management's intentions, which plans to double the portfolio of the company in the near future.

In addition to the office building on Aeolou str, the company also announced the acquisition of a 518.4 sq.m. land plot at the "Agios Georgios" location on Paros island. The plot is adjacent to the Briq Properties Hotel Mr & Mrs White Paros, and is currently used to cover the car parking needs of the hotel. The cost of acquiring the land amounted to 260,000 euros.

Original Story: Kathimerini