News

Greek real estate price hikes spark fears in locals

The Greek property market has witnessed a huge spike in rates.
Data from online property ads network Spitogatos noted that the asking price of apartments in the Athens CBD posted an annual increase of 313 per cent at the end of the second quarter to 1,522 euros per square metre.

Blackstone announces the acquisition of five hotel businesses in Greece

Barcelona, Athens, 20 September 2019 – Blackstone Real Estate Partners Europe (“Blackstone”) has reached an agreement to acquire five Greek hotel businesses from the Louis Group, one of the leading hotel groups in the Mediterranean, at a total enterprise value of €178.6 million.

The five hotel businesses are located in the Greek Islands with two in Corfu (Corcyra Beach and Grand Hotel), two in Zante (Zante Beach and Plagos Beach) and one in Crete (Creta Princess). They have a total of 1,464 hotel rooms.

The hotels will continue to be operated by Louis Group under the management of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and the acquisition expands its footprint to Greece.

Through HIP, Blackstone will invest meaningful capital to renovate and reposition these hotels.

Greek bond yields fall sharply after IMF loan early repayment plan

Greek bond prices rallied and yields fell sharply in the domestic electronic secondary bond market on Monday after news that the Greek government initiated procedures for an early repayment of the expensive part of its loans to the International Monetary Fund (IMF).

Recovery of property prices in Greece expected to continue

Property prices in Greece have recouped 4.2 percent of the ground lost during the financial crisis, thanks to the steady course of recovery over the last 18 months.

Indices of residential property prices: Q2 2019

According to data collected from credit institutions,(1) apartment prices (in nominal terms) are estimated to have increased on average by 7.7% year-on-year in the second quarter of 2019. According to revised data, the respective increase in the first quarter of 2019 was 4.9%, while in 2018 apartment prices increased by an average annual rate of 1.7%.

Unemployment Drops to 16.9 Percent in Greece, Lowest Point Since 2011

According to a new report that the Greece Statistical Authority ELSTAT announced on Thursday, unemployment in the country fell to 16.9 percent during the second quarter of 2019.

Economic Confidence in Greece Jumps to 12-Year High in July

The index measuring confidence in the Greek economy jumped to 105.3 points in July from 101 in June, the highest level seen since March of 2008, the Foundation for Economic and Industrial Research (IOBE) said in their monthly report, released on Thursday.

The IOBE stated that economic expectations improved in all business sectors during the month of July in Greece, while consumer confidence rose to a 12-year high.

Capital Controls to Be Lifted by the End of September, 2019

The Bank of Greece and the Greek government are ready to completely lift capital controls in Greece, media reports suggested on Thursday.

The restrictions to capital imposed in June of 2015 will be lifted by the end of September of 2019, the reports suggest, as both the Government and the Bank of Greece point to the many positive upgrades given to the Greek economy by major global rating agencies.