Change in the real estate landscape in Greece
The popular company Destiny Investment is scheduling an investment plan of 25 million euro. The said company became known a few years ago due to property purchase and sale contracts towards Chinese citizens via POS devices, a case which was filed.
Destiny Investment, having completed numerous projects and maintaining a real estate portfolio of approximately 50 million euro, is scheduling investments of high amounts for the next two-year period.
Amongst the projects in progress, the following are distinguished:
3 buildings of luxurious apartments with pool in Marousi area, near The Mall Athens shopping center, with total surface of 3.800 sq.m.
2 buildings of luxurious apartments in Palaio Faliro area, in proximity of the seaside area and the area where the gentrification of “Elliniko” is being designed, with a total surface of 3.500 sq.m.
2 buildings of luxurious apartments in the center of Athens, near Sintagma area, with a total surface of 2.800 sq.m.
8 luxurious residencies in Palaio Psychiko which were acquired by the company on September 2018 via auction.
The investment interest seems to gather around residencies due to new circumstances in the market.
Eri Mitsostergiou mentions “Housing is a basic need, and it’s no surprise that investments in apartments for rent have exceeded even office investments in some martkets this year, as they are gradually considered as “Core” investment products.” And “During the post-covid19 period, the demand is expected to remain stable but adjusted in new data. The households will search even more consciously for residencies with good quality of life, flexible spaces, protection from dangers and supporting services. At the same time, at least at medium-term period, the supply of economic residence will also be very important, due to the increase in unemployment rates and pressure of incomes”.
It is obvious that due to the financial crisis and the low construction activity in Greece, the field of residence has shown a great decrease of supply and increase of demand, which makes it attractive for investment.