2008-06-19

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Greece | Property Markets

NAI Apollo: Athens – request for office area from 1.000 sqm and for mall development /value of industrial property increases / logistic developers move to the periphery

Attika: The independently working real estates consultation group NAI apollo (www.nai-apollo.de) lights up this week in collaboration with the international NAI network the real estate location Athens.

A bustling cosmopolitan metropolis, Athens is central to economic, financial, industrial, political and cultural life in Greece and is becoming a leading business center in the European Union.

The NAI market report informs about the most important topical economic data and property market data as well as trends and future developments in the real estate segments office, retail trade and logistics and in the capital market.

* The constant growth of th e Greek economy has had a strong impact on the real estate market. Private initiative, along with the government implementing plans for the development of Public Properties under a public-private partnership frame, have had a positive outcome for both Olympic Properties and the properties belonging to the National Real Estate Company.

* The constant growth of the Greek economy has had a strong impact on the real estate market. Private initiative, along with the government implementing plans for the development of Public Properties under a public-private partnership frame, have had a positive outcome for both Olympic Properties and the properties belonging to the National Real Estate Company.

* Corporate real estate clients are mainly interested in large open space of more than 1,000 SM. Class A office space is either pre-leased or built for a specific client. The market has achieved a level of financial security because the yields for office space have decreased slightly compared to the last two years.

* Retail sales remain strong in the Attica province since half of the Greek population is centered there. Large shopping center developments have been completed and are successful, therefore creating the need for more big-box outlets and mall developments. This success has created a pipeline of various projects in Athens and the suburbs on major roadways. Zoning expansion is expected to increase retail developments along with population shifts.

* Values for property in the industrial sector have increased. The expansion and re-zoning from industrial to mixed use-residential property has increased land values, forcing companies to relocate to neighboring provinces for cheaper land. The difficulty in obtaining land at market values is forcing investors and logistic developers to move to the periphery on easily accessible roadways.

The English edition of the Global Spotlight Athens including further information as well as other market reports can be downloaded from the NAI apollo website in the section „Research“.

Silke Hoffmann NAI apollo - 2008-06-19

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