Commercial realty snapped up
Investments in the Greek commercial real estate market (offices, shops, hotels and logistics) reached a new record high in 2023, as, according to estimates by the Proprius company, they exceeded 2 billion euros, marking an increase of 22% compared to 2022.
This is a particularly positive development, which is due almost exclusively to domestic investors, who proved to be highly mobile, against a freeze internationally amid the negative climate in most European markets due to the wars raging in Eastern Europe and in the Middle East.
The most popular category was office buildings, a sector where a total of €780 million was invested, followed by hotel/tourism properties, which attracted €500 million of investment. An additional €425 million was invested in commercial stores and real estate, and another €300 million in industrial real estate/logistics.
“During 2023 we saw large-scale transactions being completed, such as Alpha Bank’s Project Skyline, Intrum’s Project Tethys, as well as other important moves, such as the acquisition by the National Bank group of a series of properties,” says Niki Sympoura, head of Proprius, a real estate consulting company which represents Cushman & Wakefield in the Greek market.
