ECONOMY

US real estate companies flock to Greece

The entry of new foreign investors flirting with Greek real estate looks set to be strengthened by the possible opening of another major US realtor’s office in Greece, following reports that Hines has been conducting talks in this country for months.

Hines was first reported to have shown an interest in the broader Greek real estate market in connection with the tender for the Astir Palace Resort. Since then it is also said to have also launched detailed negotiations for properties such as Porto Karras in Central Macedonia and the Athens-listed property investment company Trastor, well-informed sources have suggested.

According to the same sources, the US firm is upgrading its presence in Greece with the arrival of one of its top officials, who will be based in Athens and develop his activity.

The entry of Hines, which is said to be looking at investing up to 500 million euros in Greece if the right opportunities arise, comes after the arrival of such major investors as York Capital, Oaktree Capital Management, Colony Capital and Third Point, Fairfax Financial Holdings Ltd, Israel’s Invel Real Estate as well as Arab groups like Jermyn Street and state funds from the Persian Gulf.