Friday December 19, 2014 Search
Weather | Athens
17o C
10o 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)  
Importers told to pay up in advance
Jobless rate posts steady decline
Piraeus and KKR strike loans portfolio deal
German approval and praise come at key time
Ministry rebuffs reports that Amphipolis skeleton has been identified
The Greek Culture Ministry on Friday denied press reports according to which the human remains discovered in an excavation at the site of Ancient Amphipolis in northern Greece have been iden...
Gov´t spokeswoman says bribery claims ´badly-played charade,´ heralds legal action if evidence not produced
Responding to claims by Independent Greeks deputy Pavlos Haikalis on Friday that an unidentified individual tried to bribe him to vote in favor of the coalition's candidate in the first roun...
Inside News
SOCCER
PAOK loss at Giannina brings Olympiakos to within a point
The bad losses that PAOK and Panathinaikos suffered on the road on Thursday allowed Olympiakos to gain significant ground on the table and come to within one point from the top after the mid...
BASKETBALL
Reds lose in Turkey to motivated Galatasaray
Olympiakos went down at Galatasaray 79-74 on Thursday for its second defeat in the first round of the Euroleague that ended with the Reds topping their pool with eight wins in 10 games. With...
Inside Sports
COMMENTARY
New weapons of diplomacy
Hollywood screenwriters couldn’t make it up: That Sony, one of the world’s biggest film producers, would be forced to pull a comedy about the assassination of North Korea’s dictator after a ...
EDITORIAL
Oblivious to change
The world around us is undergoing many important changes while we sit around stewing in our own juices. US President Barack Obama is actually talking with Cuba’s Raul Castro, for example, bu...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ministry rebuffs reports that Amphipolis skeleton has been identified
2. Gov´t spokeswoman says bribery claims ´badly-played charade,´ heralds legal action if evidence not produced
3. Former premier Mitsotakis to meet President Papoulias to discuss political upheaval
4. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
5. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
6. Greek PM Samaras confronts peril putting his Greek transformation to vote
more news
Today
This Week
1. Independent Greeks MP Haikalis claims attempted bribery for presidential vote
2. Greek PM Samaras confronts peril putting his Greek transformation to vote
3. Ship with 200 migrants off Pylos towed to Italy after passengers refuse to stop in Greece
4. Former premier Mitsotakis to meet President Papoulias to discuss political upheaval
5. Gov't spokeswoman says bribery claims 'badly-played charade,' heralds legal action if evidence not produced
6. Ministry rebuffs reports that Amphipolis skeleton has been identified
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. High stakes
6. Gap between SYRIZA and New Democracy closing, says poll
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.