Real estate: investor choices - a challenge for owners and developers - economic courier from ot.gr
In the last five years, there has been a major shift in real estate. After a long period of investment stagnation in the real estate sector, transactions have surged, simultaneously driving prices to unacceptable levels. Since 2017, when the real estate market began to rise, housing prices have increased by 54% by the second quarter of this year! This is indeed a significant jump that is hard to replicate in the past. Market experts predict that the upward trend will continue in the coming years due to excessive demand for all categories of real estate, especially residential properties.
Foreigners are buying more and more expensive country houses in Greece. "Despite the increase in the threshold for obtaining a 'golden visa' in advertised areas, international investment funds remain interested in purchasing real estate in the country," experts note. The cost of acquiring property in Greece is said to be competitive compared to other Mediterranean European countries such as Italy, France, and Spain. "On the southern coast of Athens and along the coastline, properties are offered at prices ranging from 7,000 euros/sq.m. to 20,000 euros/sq.m.," recently stated Minas Dimos, founder of Plasis Real Estate + Development, at the Prodexpo exhibition, emphasizing that about 50% of residential property buyers are foreigners.
According to partner at the law firm Sioufas and Associates, Yorgos D. Sioufas, "apartments represent a great opportunity for capital investors." Which type of real estate has the advantage and is preferred?
26 October
However, the entire process is not easy. DCarbon's CEO, Charalambos Giannakopoulos, described the decarbonization of buildings as one of the complex challenges, noting that even the most responsible investments may not meet the needs of climate change. "This is an opportunity to bring sustainable building practices to life. Without sustainable and resilient buildings, we won't get anywhere," Mr. Giannakopoulos said, estimating that existing properties will gradually gain value through energy interventions. Maximos Kalatzis, CEO of Makt, on the other hand, pointed out the challenges facing the existing real estate stock, stating that we can improve its energy efficiency and reduce overall operating costs.
According to CW Proprius data, by the end of the year, 350,000 square meters of new buildings that fully meet "green" requirements are expected to be put into operation. Among the buildings that will be certified under the LEED standard are the Piraeus Tower (25,000 sq.m.), the office complex on the site of the former Kodak (51,000 sq.m.), and the building of the former Athens Heart shopping center (26,500 sq.m.), which will be converted into an office building.
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