Real estate

Demand for summerhouses and other types of single-detached dwellings has risen due to the coronavirus pandemic, according to an executive of a real estate appraisal portal.

The average price of a detached house has soared 25 percent since March 10, when the first COVID-19 case was confirmed in Turkey, Endeksa.com co-founder and general manager Görkem Öğüt said on April 29.

Finance minister Christos Staikouras welcomed the results of the historic Eurogroup pandemic rescue package which he depicted as a satisfactory but hardly optimal compromise.

Staikouras said that Greece's three main demands were met.

The first is direct liquidity for businesses which will not be laid out through banks.

Leftist opposition SYRIZA on Monday presented a 10-point plan to shield the economy from the effects of the coronavirus epidemic, drawing on funds from the cash buffer left over from Greece's bailout, and European Union and European Central Bank resources.

The impact of COVID-19 will be negative in the short term on certain sectors of the commercial real estate market in Europe, provided that the outbreak gets under control within a reasonable time, says Anthony Selman, CBRE Head of Investment Properties Central and Eastern Europe.

A luxury hotel with 553 rooms and 1,209 beds in the resort town of Kemer will be auctioned for a minimum value of 144 million Turkish Liras (nearly $24.4 million).

The appraised value of the property, which also includes thousands of trees and ornamental plants, is twice as much of the minimum auction value, according to a report prepared as part of a foreclosure decree.

The rise in demand for properties over the past few months, not just due to interest from foreign buyers and investors but also thanks to an improvement in sentiment among the Greek buying public, has shaken up the residential property market by creating new conditions.

A 35-year-old woman in Thessaloniki has been accused of defrauding prospective tenants by renting them an apartment in the city center that she did not own.
More specifically, the suspect put the apartment up for rent on residential rental websites. According to reports, she conned a total of four people, who gave her down payments for the apartment between September 23 and 29.

Properties' prices in Sofia has increased by 5% in the last year. However, the increased interest in buying new homes remains underpinned by the high purchasing power, rising average wages and low unemployment, BNR reported.

Among the main buyers are Bulgarians living abroad who invest in real estate for the purpose of renting them out.

Works are set to begin on the extension of the River West shopping center on Kifissou Avenue in Aegaleo, western Athens, in the next few days. Sources say the implementation of the 18.5-million-euro investment is close to starting after more than two years of planning.

The cheapest apartment in a 472-meter skyscraper costs $ 6.9 million.

Americans represented the tallest apartment building in the world. The 472-meter tower is located in Manhattan, New York.

Construction workers are still installing its glass panels, but the media has been allowed to reach the 123rd floor, which offers spectacular views of Central Park and the Hudson River.