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land Market News: Spanish Real Estate Intelligence

Noval REIC's three priorities in 2020

The transformation of the Piraeus street property into a complex for leisure and culture activities, offices, hotel and shops, the completion of the expansion of the River West Shopping Center in Kifissos, and the apartment building of 4,500 square meters in the Metz area are among the new developments of Noval REIC, the Viohalko Group real estate investment company.

The property on Piraeus Street covers an area of ​​approximately 73,000 sqm, and the buildings cover about 44,000 sqm. In collaboration with an internationally renowned architectural firm, Noval's administration is launching a project to build new 50,000-square-foot buildings within a leisure and green park.

With a portfolio of 41 properties with a total area of ​​429,900 sqm and worth € 298.5m, Noval is the second largest Greek real estate investment company (REIC). The company's annual rental income is projected to move close to €23.6 m this year.

The company's portfolio includes 14 industrial properties, 10 office buildings, five retail real estate, four hospitality properties and eight of other categories.

The most profitable property in terms of rent revenue is the one hosting the IKEA on Kifissou Avenue (30% of the revenue comes from that property), while 20% of the revenue comes from the Orbit office complex on Kifissias Avenue. 13% comes from 'River West'. In the fourth place is the building that houses the hotel "Wyndham Athens" on Karaiskaki Square (10% of rental income) and in the fifth place is the office building on Amarousiou-Halandriou 33 street. Next is the "Mare West" shopping center in Corinth, where expansion works have recently been completed.

Original Source: Euro2day

Adaptation/Translation: Kiki Athanasiadis

Insurance fund prepares lease tenders for several properties

The Greek Auxiliary Insurance Fund has kicked off tenders for several of its Real Estate properties.

The tender for the five-storey building of 8.5 sqkm at 41 Stadiou Street in Athens stands out. The building was leased in the past by Fokas Shopping Centre, that went bankrupt. The tender is set to close on March 19th.

The Fund has also leased the building on 65, Socrates Street in Athens to the Ministry of Tourism. Reportedly there is also a bidder for the building at the junction of 58 Stadiou and Aeolou Streets, for 30-year long leasing.

Meanwhile, the Fund has launched a tender to select a valuator for the following properties:

- Corner shop at 10 Othonos and Amalia streets, Athens, with a total gross floor area of ​​432.13 square meters (basement of 137.65 sqm, ground floor of 136.10 sqm and loft of 158.38 sqm),

- First floor of a property on 10, Othonos Street and Amalias Street, Athens, with a total area of ​​958.00 sqm,

- Fifth floor (whole) of the mansion on Ermou Street 2, Syntagma Square in Athens,a  total area of ​​525.00 sqm, leased to Turkish bank Ziraat bank.

- Land plot at the location "Vrisi Tsia”, 69,018 square meters, containing buildings of a total area of ​​approximately 1,430 square meters, as well as sports facilities, sports fields, etc., used as a children's camp, today out of service,

- Independent 7-storey property, with basement, ground floor, mezzanine, an extra smaller  8th floor and roof-room, on 28 Chalkokondylis Street, Athens, where PPC services are located, with a total floor area of ​​2,293.07 square meters and total gross floor area of ​​3,482.18 square meters,

- Independent 7-storey property, with basement, ground floor, extra smaller 8th floor, and roof-room, on 51, Amerikanikou Erithrou Stavrou 51 and Vassiliou Kavaliotou Street, in Kavala city, with total area of ​​9,071 sqm, currently vacant,

- Independent 7-storey property, with basement, ground floor and 7 floors, on Akti Miaouli street 17 - 19, Piraeus, with a total surface area of ​​4,066,17 sqm,

- Ground floor store of 66,23 sqm, with a loft of 25.20 sqm, at 2 Filellinonou str and Akti Miaouli 63 street in Piraeus, operating as a restaurant,

- Plot, at 71 Filonos Street in Piraeus (near the Judicial Palace), total area of ​​313 square meters, which functions as a parking lot,

- First floor of property, on Boukouvala 5A Street, Athens, with a total surface area of ​​108 square meters.

Original Source: Capital

Adaptation/Translation: Kiki Athanasiadis

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