The property market in Greece has recorded a significant recovery thanks to the Investments made by Israeli nationals in the last few years.
With the last couple of months indicating a further increase in activity, local market analysts estimate that a total of over €200 million has been pumped into the Greek real estate market by Israeli companies and institutional investors.
Around two months ago, one of the world’s largest investors in the short-term rental domain directly acquired over 115 apartments from a Greek bank for a total of €10 million. Around 20% of those assets are in the capital Athens while the rest are spread across various islands and cities in Greece.
Israeli-owned Zoia fund, managed by Sagi Rubin, currently manages 19 buildings in Athens, targeting residential and office markets. This investment fund is one of the biggest to have secured a place in the Greek market in recent times.
Other Israeli groups have followed suit: Beny Steinmetz has reportedly acquired two residential and commercial buildings in the center of the capital city in the last few months, and has additionally shown an interest in hotel properties.
And most recently, the Fattal Group won the tender for the long-term lease of the former Esperia Palace Hotel in central Athens with its bid of a monthly lease of €95,800. The property, which is owned by the Single Social Security Entity (EFKA), will reopen as a 5-star hotel when refurbishment is completed.
Golden Horizon, one of the so-called “family offices” active in Greece, has also made two acquisitions worth €95 million in the last few months.
Such are the investments from Israel in the Greek real estate industry that on September 13 the Greek-Israeli bodies of commerce in both countries will be co-hosting a special event on the Greek real estate market.
Israeli envoys are set to include entrepreneurs in the sector that are prepared in having meetings with real estate agencies in Greece, legal experts in the sector and suppliers of construction materials, with the aim of selling and purchasing, renovating and refurbishing old buildings in Greece, both in urban locations and tourist destinations.