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residential Market News: Greek Real Estate Intelligence

3 more properties of Michalis Goulandris were sold at auction
After his house on Stisichorou Street, Michalis Goulandris, a former state name in the field of shipping, lost three or three more apartments. It all came out in a third auction for debts to banks and was awarded to unknown bidders, who paid up to €9.75 m. The maisonette of 690 square meters, which occupies the 3rd and 4th floor of an apartment building at 1 Vassileos Georgiou Street, was awarded at this price. For the 390 square meter apartment on the 2nd floor of the same building on Vas. Georgiou Street, the starting price was €3.9 m and the final bidder offered €4.26. The third sold property, a ground floor apartment of 134 sq.m. was put up for auction with a starting price of €735 thousand and was awarded at €1,072. The three apartments of Vassileos Georgiou were confiscated in February 2019 for debts of M. Goulandris and his company (T. Network Real Estate) to the banks, from loans over €30 m that had been granted in the period 2006-2010. These loans were included in securitization packages and secured by Intrum. Original Source: Sofokleousin.gr Adaptation/Summary: Kiki Athanasiadis
Lamda Development kicked off the emblematic Ellinikon project
Lamda Development paid its first down payment for the project late June, kicking off the investment in Greece’s biggest urban redevelopment plan after years of delays due to bureaucratic obstacles and opposition to the project. The Greek state was the beneficiary of the downpayment, which will go toward the purchase price of €8 bn for the redevelopment of the area stretching along the scenic Athenian Riviera. The area will soon be home to new hotels, shopping malls, office space, homes and other features after the land lay fallow for almost twenty years or was abandoned after the Olympics were over in the Summer of 2004. There is already a huge amount of global interest for the 200 apartments in the Marina Tower, the “tallest building in Greece”, that will be built within the next 5 years in Elliniko, according to the management of Lamda Development. Ellinikon is being developed to transform the old airport into a series of neighbourhoods arranged around a 200-hectare coastal park. This will be the "largest coastal park in Europe" and "increase the allocation of open space per Athenian resident by 44 per cent". Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
Designer Lakis Gavalas’ Mykonos house was sold for €1.91 m
The villa was put up for auction with a starting price of 1.58 m and was sold at 1.91 m. The confiscated property of the well-known designer is located in the Ftelia area of ​​Mykonos and consists of a property of 4,804 sq.m., a basement of 149.30 sq.m., a ground floor of 241.20 sq.m., a first floor of 133.11 sq.m. and a swimming pool with an area of ​​120 sq.m. In particular and based on the auction report made with Alpha Bank, on the plot there is a two-storey building which consists of: a) basement, area 149.30 sq.m. with engine room, fuel tank warehouses and a room with bathroom b) ground floor, area 241.20 sq.m. and with reception area, kitchen, 5 bedrooms with bathroom and c) first floor, area 133.11sq.m. with reception area, living room, dining area and a bedroom with bathroom. The seizure was made for an amount of 300,000 euros. Original Source: Protothema.gr Adaptation/Summary: Kiki Athanasiadis