Property market bullish across sectors
The real estate sector's prospects appear to be bright, at least for the near future, with prices rising and several important projects taking shape.
The growth of tourism positively impacts hotels. According to consultancy Danos/BNP Paribas, 1,400 new hotel rooms are being built in the Athens area, with another 1,100 being refurbished. And that excludes the Elliniko mega-project.
One of the biggest developments involves the building of the One&Only Aesthesis Hotel in the area of Asteria, in the seaside suburb of Glyfada, with a budget of €300 million by developer Grivalia Hospitality. Other brands involved in the construction and refurbishment are Brown Hotel, Radisson and the Hilton brands Conrad, Curio and Hampton.
Prospects in the housing market are also deemed good, with average prices rising 14.7% in Athens' southern suburbs and 11% in the city center in...