Property investment seen growing
The Greek property market will record investments of some 400 million euros within this year, as the interest expressed to date points to a significant increase in activity by investment funds and property investment companies, a survey by Savills Hellas has found.
If the political landscape stabilizes further, especially after the completion of the bailout review, foreign investment funds will intensify their acquisition of major loan portfolios with real estate as collateral that will be offered by the systemic banks.
Great interest has also been recorded in hotel properties as this is the domain with the biggest returns in Greece. For instance, Athens-listed Grivalia Properties has expressed its intention to implement two investment projects in hotel properties by the end of the year.
According to Savills, last year saw a decline in property investment even though the year had started with the best possible signs as the property market had anticipated that the recovery was at the gates. Eventually investment figures tumbled under the burden of political and economic developments, leading investors to take a wait-and-see stance.
