Tuesday March 31, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greek hotel properties back on foreign investors’ radar

By Nikos Roussanoglou

Hotels constitute the No 1 pick for foreign investors who are active in the local property market. It is a trend unlikely to change in the near future, at least until prices stop heading south.

This is the conclusion of property market professionals who spoke to Kathimerini on the occasion of the recent pan-European survey conducted by PricewaterhouseCoopers and the Urban Land Institute (ULI). The survey showed Athens rising 14 spots – from 27th in the previous survey to 13th – among the continent’s destinations for property investment, reflecting the growth in investor interest over just 12 months.

Just a year ago the real estate market in Athens was a no-go area for investors. Today this picture has improved dramatically as many people believe that the Greek capital offers significant investment opportunities. As the head of the Greek branch of the ULI, Giorgos Kambouropoulos, says, “the success of Ireland, and now Spain too, in recovering has led a number of investors to the view that something similar will happen in the other Southern European countries hurt by the crisis, mostly Italy and Greece.”

He adds that foreign investors prefer hotels, with tourism being the main attraction. However, most of the investment funds currently looking at Greece are doing so largely for opportunistic reasons: They buy only when the price is particularly low, usually 40 percent below the already low value of each property. Their aim is to reduce the investment risk they take by positioning themselves in the Greek market. This is why they seek out distressed sales, which offer high yields due to the low price paid.

Aristotelis Karytinos, chief executive at property management firm Pangaia, says foreigners prefer to buy hotel units from banks, but there are no such packages on the market nowadays, so they are turning their attention to isolated hotel unit sales by owners, though their small size and high asking prices do not match what they are looking for. Their top choices are Myconos, Santorini, Crete and Rhodes.

ekathimerini.com , Sunday February 9, 2014 (21:20)  
Greek deposit outflows said to slow to 3 bln euros
Greece opposes EU´s sanctions on Russia, Tsipras tells Tass
Russian firms to bid for Greek oil and gas drilling tender, says energy minister
How Grexit bill could dig deep into ECB pockets
Greek bailout deal possible by end April, Tusk says
A deal on Greeces bailout is possible before the end of April, EU Council President Donald Tusk said Tuesday as Athens continued tough talks with its creditors on a disputed list of reforms....
Merkel, Hollande say time short for Greek economic plan
German Chancellor Angela Merkel and French President Francois Hollande pressed Greece’s government to come up with an economic plan that its creditors can approve, saying time is short. “The...
Inside News
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
SOCCER
Three Greek internationals injured in Budapest car crash
Three Greek international soccer players were slightly injured on Monday in a car crash as they travelled by taxi to Budapest airport following Greece's Euro 2016 qualifying goalless draw ag...
Inside Sports
COMMENTARY
Amateur antics or overstepping the mark?
There are 149 plus two reasons why those who have been watching SYRIZA’s progress since its start cannot and never will be able to stomach the leftist party’s coalition with Independent Gree...
EDITORIAL
A pointless debate
Monday’s parliamentary debate between the country’s political leaders left a lot to be desired. There was no information whatsoever about the coalition government’s proposed reforms or the p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek deposit outflows said to slow to 3 bln euros
2. Greek bailout deal possible by end April, Tusk says
3. Greece opposes EU´s sanctions on Russia, Tsipras tells Tass
4. Merkel, Hollande say time short for Greek economic plan
5. Merkel: No time to lose on Greece
6. Russian firms to bid for Greek oil and gas drilling tender, says energy minister
more news
Today
This Week
1. Amateur antics or overstepping the mark?
2. Parliamentary speaker prompts ND walkout, anger from PASOK, Potami
3. A pointless debate
4. Greek government proposes measures worth 3.7 bln
5. Greece, EU/IMF lenders end round of technical talks without deal
6. Investment guru Mark Mobius rules out Grexit, advises sell-offs
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Some more equal than others
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Greece optimistic on deal with euro area next week
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.