In 2022, investment in commercial real estate in Greece, i.e. hotels, shops, offices and warehouses, reached an all-time high. According to real estate consultancy Cushman & Wakefield Proprius, led by Niki Simpoura, last year Greek and foreign funds invested in this property category were 40% higher than in 2021, reaching 1.65 billion euros.

Which real estate sub-categories have attracted the most deals? Hotels showed 36 transactions worth 620 million euros, followed by offices with 46 transactions worth 410 million euros. The Stores and Malls Market collects 32 deals for 327 million euros, the size of which increased by 200% compared to 2021. The warehousing (logistics) and industrial real estate sector attracted investments of around 100 million euros, with about the same amount invested in the purchase of land to develop logistics zones.

In 2022, €1.65 billion was invested in hotels, shops, offices and warehouses.

The Greek Real Estate Investment Companies (AEAAP) have invested a significant capital of 400 million euros, mainly in the hospitality sector, high-end offices and the acquisition of land for development. Also, funds of 380 million euros correspond exclusively to foreign investment, which, however, is at a lower level than expected, according to Cushman & Wakefield Proprius.

According to Ms. Simpura, the trends expected this year are related to the upcoming national elections and the possibility of prolonged political instability. However, during this year, the absorption of office space is expected to increase, which last year amounted to more than 100,000 sq.m., an increase of 25% compared to 2021. users who wish to rent offices, which will be delivered at a later date and will be accompanied by a closed rental period (flight). It also remains to be seen if developers will face rising construction costs and labor shortages this year, leading to higher revenues. Some of the other characteristics that are estimated to dominate the Greek non-residential property market this year are related to the green and sustainable specifications of new developments and the further shift towards higher yield real estate investments such as serviced apartments and student housing. . Tourist real estate will continue to be at the center of investment interest due to expected strong tourism performance this year.

C&W Proprius figures do not include the acquisition of a majority stake in the Sani/Ikos group by Singapore’s international investment fund GIC, a deal that valued the Greek hotel scheme at 2.3 billion euros. They also do not include an agreement to purchase the Skyline real estate portfolio from the Dimand-Premia Properties consortium.