BUSINESS

Israeli investors show a growing interest in Greece’s real estate

NIKOS ROUSSANOGLOU

TAGS: Property, Business

Investments made in Greek real estate by Israeli nationals in the last couple of years have contributed significantly toward the recovery recorded in the property market.

With the last few months pointing to further growth in activity, local market professionals estimate that a total of more than 200 million euros has been invested in Greek realty by Israeli interests, including companies and institutional investors.

About two months ago, one of the world’s biggest investors in the short-term rental domain directly acquired more than 115 apartments from a Greek bank for a sum of 10 million euros. About 20 percent of those properties are in Athens, with the rest located on various islands and in other cities around the country.

The Israeli-owned Zoia fund, where Sagi Rubin is managing partner, currently manages 19 buildings around Athens, targeting the housing and the office markets. This investment fund is among the biggest to have secured a position in the Greek market in recent years.

Other Israeli groups have joined it in investing in Greek realty: Beny Steinmetz is said to have acquired two commercial and residential buildings in the center of Athens in the last few months, and has expressed an interest in hotel properties too.

Meanwhile, the Fattal Group recently won the tender for the long-term lease of the former Esperia Palace Hotel in central Athens with its offer of a monthly lease of 95,800 euros. The asset, which belongs to the Single Social Security Entity (EFKA), will reopen as a five-star hotel when refurbishment is completed.

Golden Horizon, one of the so-called “family offices” active in the Greek market, has made two moves in the last few months, acquiring properties worth 20 million euros.

Such is the investment interest from Israel in the Greek real estate market that on September 13 the Greek-Israeli chambers of commerce in both countries will be co-hosting a special event on the Greek real estate sector. Delegates from Israel are set to include entrepreneurs in the sector that are interested in holding meetings with estate agencies in Greece, suppliers of construction materials and legal experts in the sector, aiming at the sale and purchase, renovation and restoration of old buildings in Greece, both in urban destinations and tourist resorts.

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