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All Market News: Spanish Real Estate Intelligence

Briq Properties purchases Mr & Mrs White hotel in Corfu

“Mr & Mrs White Corfu” will be the third property of Mr & Mrs White's boutique hotels chain acquired by BriQ Properties, which, upon completion of the acquisition, will have a total of 147 rooms in Paros, Tinos and Corfu.

BriQ Properties REIC announced that it has signed a notarial agreement to purchase the “Mr & Mrs White Corfu” hotel.

"Mr & Mrs White Corfu" is located on the north side of Corfu, in the Acharavi area, 600 meters from the beach. It consists of 38 furnished rooms and suites totaling 1,237 sqm and was renovated in 2018. The complex features a 150 sqm pool, jacuzzi and tennis court. It is built on a plot of 13,876 sq.m.

The acquisition price for the property and hotel equipment amounts to € 3,000,000.

The contract for the acquisition of the property is expected to take place at the beginning of 2020 as the property is currently subjected to legal and technical scrutiny and appraisal.

On the contract signature day, the Company will lease the property to Hotel Keys Monopoly SA, a subsidiary of HotelBrain SA.

This investment will be financed by the proceeds of the Company's share capital increase.

As already announced by the Company, as of September 2019 it has invested a total of € 10.7 million to purchase 5 properties that have been financed by the Company's existing lending lines and will be repaid from the increase of the of the share capital.

To date, including today's prelimenary contract, the Company's total investments to be financed from the share capital increase amount to €13.7 million.

Original Source: Euro2day

Translation/Adaptation: Kiki Athanasiadis

2019: The Greek banks approved €400 m mortgages

The figures are far from the golden era of mortgage lending that peaked in 2007 with total disbursements exceeding € 16 billion.

This year, at the end of a decade of declining new disbursements, there is an increased demand for mortgage lending compared to the second half of 2018.

According to bank executives, total new home loan disbursements are estimated to exceed €400 m, up from about €250 m last year. As they point out, these figures are far from the golden era of mortgage lending that peaked in 2007 with total disbursements exceeding 16 billion euros. These figures are no longer what the domestic banking system wants, bank executives say. What the banks want is a healthy demand that will ensure a smooth repayment of the loans.

Commenting on low demand for loans, they point out that after a long period of deep crisis, the recovery of mortgage lending comes with a slight lag. At first there is a growing demand for business and then retail banking. In any case, the course of demand is directly influenced by the growth rates of the economy.

Original Source: Euro2day

Translation/Adaptation: Kiki Athanasiadis

Short-term lease revenue of €1.15 billion through Airbnb and HomeAway

Total rental income in Greece through Airbnb and HomeAway platforms reached 1.15 billion euros in the 12-month period June 2018 - May 2019. This is reported in a study by the Institute of Hellenic Tourism Enterprises (INSETE).

During this period, according to the study, 170,542 properties were leased through the two platforms in Greece, of which 137,484, ie 81%, were leased at least once.

For these accommodations, the Average Occupancy amounted to 53%, the Average Accommodation Price stood at €146, the Daily Income per Accommodation at €77 and the Average Annual Income per Accommodation at €8,912. It should be noted that these platforms cover only part of the short-term lease market, while according to Euromonitor, total spending on accommodation in 2018 is estimated at 9.9 billion euros.

As the study points out, the massive leasing of tourist accommodation through platforms such as Airbnb and HomeAway has multiple implications, both within the context of tourism, through the often unfair competition to businesses and the attraction of new markets, as well as problems created in apartment buildings, displacing residents from entire areas, changing the landscape, increasing rentals, and more.

According to the study, in the 12 months of June 2018 - May 2019, the leasing ocupancy through the platforms followed the seasonality of tourism in Greece with a slightly lower intensity during the summer season. Peak is observed in the heart of the summer and then follows decline and stagnation in the winter months. The increase comes again from spring onwards. The highest occupancy was observed in August 2018 with 68% followed by July with 60% and September with 54%.

July had the highest average accommodation price at 172 euros, followed by August at 171 euros and June at 153 euros. However, due to higher occupancy, the Daily Income per Available Accommodation was higher in August, at € 116, followed by July with € 102 and June with € 76.

Santorini had the highest occupancy (62%) followed by Athens with 60% and Kefalonia with 59%. The average accommodation price of Santorini was 341 euros, while Mykonos was 496 euros. Despite the high occupancy, the average price of an accommodation in Athens is low at just 66 euros, while Thessaloniki is the lowest at 45 euros.

Santorini had the highest annual revenue per accommodation with € 31,734, followed by Mykonos with €27,263.

Original Source: Capital

Translation/Adaptation: Kiki Athanasiadis