BUSINESS

Greek property market in scopes of Israeli investors

NIKOS ROUSSANOGLOU

TAGS: Property

One of the world’s biggest investors in the short-term leasing market recently acquired more than 115 properties in Greece, around 20 percent of which are located in Athens, with the others on the islands and in other cities.

According to sources, the 10-million-euro purchase by the Israel-based investor two months ago was carried out by a fund, in a deal with the bank that owned the properties.

Likewise, Golden Horizon has expanded its presence in Greece with the recent purchase of 20 million euros’ worth of properties. The largest of these, a 4,500 square meter expanse at Palaio Faliro on Athens’ southern coast belonging to Piraeus Bank, went for 12 million euros. Earlier in the year, the Israeli firm, which represents wealthy investors from that country, purchased a listed building in downtown Athens from Ethniki Insurance for more than 5 million euros.

Zoia, another Israel-based fund, meanwhile, is currently managing around 19 buildings in different parts of the Greek capital, setting its sights on both the residential and office markets. With a 2.2-billion-euro portfolio of some 20,000 properties in six countries, Zoia is among the strongest players currently positioned in the Greek real estate market.

Further proof of growing Israeli interest is an upcoming conference on September 13 organized by the Greek-Israel Chamber of Commerce in Athens, in cooperation with the Israel Greece Chamber of Commerce in Tel Aviv, which will bring businessmen from that country together with real estate agents, building materials suppliers and legal experts with the aim of purchasing, renovating or restoring buildings in Greek cities and tourism destinations.

It is worth noting that interest by Israeli investors for property in Greece has grown to such proportions that it has even prompted cooperations between legal firms in the two countries. One such recent initiative concerns the Greek firm of Machas & Partners with Israel’s Firon & Co, who teamed up to create a specialized agency whose task is to provide foreign investors with help and support in the local real estate market.

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