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Intercontinental REIC’s 2019 transactions certify the rise of the Greek RE market

Intercontinental-International REIC recorded significant gains from three real estate sales in 2019. The transactions certify the rise of the real estate market at least until the advent of the pandemic.

Last year the company, which owns a real estate portfolio worth €94.2 m, had the following profits from sales:

  • €95,000 from the sale of an apartment of 98.6 sq.m. at 44 Fokianou Street in Athens, which had been bought in May 2018 for €145,000.
  • €209,000 from the sale of two apartments with an area of ​​191.18 sq.m. and 199.2 sq.m. on the ground floor and the first floor respectively, at the junction of Monis Asteriou & Daidalou Streets in Plaka and were acquired in March 2018 for – €640,000.
  • €700,000, from the sale of a building, with a total area of ​​2,574.81 sq.m., at the junction of Vouliagmeni Avenue 115-117 with Ilia Iliou str, in Athens. Intercontinental REIC acquired the property in June 2017 for €741 m.

The sale of the above properties at prices 70% higher from purchase prices, reveals the increase of prices during the recent years, especially in the center of Athens.

However, the pandemic crisis is expected to affect real estate prices, and it will all depend on how stable the economy is.

According to the company’s management, the outlook for 2020 was particularly positive in the first two months of the year, while Intercontinental expected an increase in its portfolio of €40 m based on its investment plan.

Due to the pandemic though, of which the impact cannot yet be assessed with certainty, the REIC will be very careful before proceeding to any new investment.

According to the management of the company, the solvency of the tenants and the low operating costs have shielded the robustness of the projected finances for 2020.

As for the properties that are in the negotiation stage, REIC has already reduced the prices offered.

Original Source: Capital

Adaptation/Summary: Kiki Athanasiadis

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