BUSINESS

Property market growth is a major boost for the economy

NIKOS ROUSSANOGLOU

TAGS: Property

One of the companies riding the wave of interest in short-term leasing and in property acquisitions by non-European Union buyers is Athens B&B Properties.

Last year it leased 25 apartments through online short-term rental platforms, securing gross revenues of 210,000 euros. It also sold 19 flats worth a total of 1.3 million euros to non-EU buyers interested in obtaining the Golden Visa five-year residence permit.

Since 2009, the company has invested, renovated and operated properties mainly in the broader Athens city center. Today it owns 50 residential and commercial properties totaling 4,000 square meters, after reinvesting all of its 2018 revenues.

“Property can give the Greek economy the boost it needs in order to rapidly reduce unemployment, increase incomes and streamline the banking system, which will drastically increase the country’s growth rate,” argues Athens B&B Properties founder and chief Michalis Peglis.

In this year’s first quarter the company will complete the sale of an additional 11 apartments worth a total of 700,000 euros, which will be reinvested in the property market, thus securing significant capital gains.

Online