Developers in Greece are developing office building
In Greece, real estate investment companies began to look for new ways of investing to develop their invesment. According to published statistics, real estate developers in the country support the development of office buildings.
Senior property developers have begun to show interest in office building developments to have different investment opportunities and open new gates of earnings. Office developments ensure the highest capital gains in Greece. In recent years, foreign investors have reduced their interest in Greece due to economic fluctuations. Local developers who are deprived of new property developments are trying to revitalize the Greek real estate sector.
Depending on this plan, the NBG company will undertake the first development of Pangaea. The company will build a bioclimatic office building in the Paradisos neighborhood of Athens. The planning of the project will be carried out in cooperation with the NBG and an external partner. There will be more than 5,000 square meters of leasable area in the project.
“In 2019, and generally over the next few years, we will place great emphasis on property development so that the assets meet the standards we want our portfolio properties to bear. I believe the Greek market is short of modern bioclimatic buildings, which are at the forefront of demand, and that is where we need to focus immediately,” says Aris Karytinos, chief executive at NBG Pangaea.
Experts say the existing office assets in the country are old and lacking energy savings. In addition, the restoration costs of buildings that are under development are lower for developers.
In 2017, real estate developers started to focus on office building developments. He first developed part of the old building of Grivalia Properties’ Papastratos tobacco company in Piraeus.
Sevdenur Demir / [email protected]