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.
The plot is a total area of 25 acres to be sold for just
over 11 m euros. The sale will be completed after a
Presidential Decree has been issued and approved by the Council of State, which
will resolve the legalization issues of The Mall Athens Shopping Center.
The two plots are 16.5 and 8.5 acres. The second is in the adjacent stream accession area, so it is of very little value.
The Council of State decided in 2014 that the conditions required under Article 24 of the Constitution for the determination of the building coefficient given to The Mall Athens shopping center were not met. Following the signing of the agreement with NBG, Lamda Olympia Village, a subsidiary of Lamda owned by The Mall Athens, will submit a new plan to the environment ministry. A draft Presidential Decree will follow, which will be submitted to the Council of State for approval.
Foreign Capital inflow for the purchase and development of RE has increased by 130% at the first quarter of 2019, according to data provided by the Bank of Greece.
It looks like foreign investors will keep driving the demand in the Greek RE market. If the current rate of investment growth will remain the same throughout 2019, it is likely that at the end of this year there will be a total inflow of € 3 billion. The two main reasons for this rise are the short lease renting platforms such as Airbnb and the Golden Visa regulation. At least 80% of the Golden Visa investors, buy assets in Attica.
There is a high demand for luxurious RE assents on the Greek islands, especially Mykonos and Santorini. According to the data, for the first time there after ten years, there has been a rise in the prices of land plots in Attica.
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