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residential Market News: Greek Real Estate Intelligence

Cyprus: REMU announced the sale of 4 villas for €2.23 m
REMU, the Real Estate Management Unit of the Bank of Cyprus, announced that this year, it has sold four villas in Nicosia, Paphos and Larnaca with a total revenue of €2.23 m. The first villa is located in Lakatamia. It is a 4-bedroom house, and it was sold for € 535,000. The property is located on Andromedas Street in Lakatamia. It has an area of ​​344 sqm and a large garden, pool and a basement of 125 sqm. The second property is a 3 bedroom house in Pyla and it was sold or  € 540,000. It is located in the complex "Larnaca Bay". It has an area of ​​110 sq.m. with a large pool and is built on a plot of 410 sqm The third property is a 2-bedroom jouse in Kouklia and it was sold for € 565,000.  It is built in the complex ‘Theseus Village’, at the Aphrodite Hills Resort. It has a swimming pool and a total area of ​​127 sq.m. The fourth property is a 3-bedroom house in Pyla, which was sold for € 590,000. It has an area of ​​144 sqm and is located on a plot of 420 sqm at the complex "Larnaca Bay" in Pyla. It has a large garden and pool. Original Source: Philenews.gr Adaptation/Summary: Kiki Athanasiadis
 
What next with the mega-residential project of Hines-Henderson in south Attica
The mega investment in Voula, south Attica, was put into consultation in mid-February by Enterprise Greece. The consultation went into force in order for the file to be submitted to the Interministerial Committee for Strategic Investments and to be approved as a strategic investment. The consultation was open for comment until March 4th. The project has a budget of €136 m and will be developed in a total area of ​​approximately 71,000 square meters. Local entities such as the Municipality, have reacted to the building conditions, seeking restrictions on construction in the wider area or suspension of licenses. The area is more widely known as Koniari Estates. It was bequeathed many decades ago to the Benaki Museum, and last year it was purchased Hines-Henderson. The project follows the existing spatial - urban planning framework and will be developed in 3 phases. In total it will include 250-350 apartments and houses, as well as gyms, swimming pools, playgrounds, security and underground parking. Original Source: Insider.gr VoulAdaptation/Summary: Kiki Athanasiadis
 
Sheikh invests millions in the Greek real estate market
Sheikh Tahnoun bin Zayed Al Nahyan, the son of the founder of UAE and a major investor in real estate, purchased the prominent property on Dionysiou Areopagitou street in Athens, which had been auctioned a few months ago. He also purchased an old hotel in Porto Heli. Starting early next year the property in Athens, with plenty of views of the Acropolis, will be transformed into a luxury accommodation and the hotel in Porto Heli will be transformed into a six-star hotel. For those who are familiar with how the Sheikh manages Royal Group UAE, a group of dozens of companies, with a turnover of 75 bn USD, his activity in Greece does not come as a surprise. The property on Dionysiou Areopagitou str, one of the most expensive streets in Athens, used to belong to the businessman and major investor of the Stock Exchange, Giannis Tzivelis. It is located at the junction of Areopagitou and Makrygianni streets, and it was auctioned off by a bank. The price at which it was purchased by the Sheikh’s companies has not been made public. The five-storey building will be transformed into luxury homes for high-income residents, and it will also host two prominent foreign restaurants, such as Cipriani. The Ermioni Club, an old hotel in Porto Heli, covers an area of ​​220 square kilometres and was purchased last year, as the location is ideal. A luxury six-star hotel, private villas and renowned restaurants will be set up there. The sheikh's third investment in Greece is in the area of energy; however the deal that has to do with the Meliti area in Florina has not yet been completed so there isn’t any information available yet. Original Source: Proto Thema Adaptation/Summary: Kiki Athanasiadis