In the summer of 2017,
- According to the IMF, GDP will grow by 1.8% in 2017, while the EU expects it to grow by 1.6% and by 2.5% over the next two years.
- According to the Hellenic Statistical Authority (ELSTAT), the unemployment rate hit a peak of 27.8% in 2013 but dropped to 20.6% in 2017. According to the EU, the unemployment rate will continue falling. And it will reach 18.7% in 2019.
- According to the EU,
Greece’snational debt will decline from 180.8% of GDP in 2016 to 170.1% in 2019.
- In July 2017, Greece sold €3 billion worth
of new five-yearbonds at a yield of 4.625% per annum for the first time in three years. This signals that the country is learning to do without external financial aid, replacing it with market capital.
Services account for about 80%
According to WTTC, the contribution of tourism
Major international investors have started coming back to Greece. According to Enterprise Greece, the net volume of direct foreign investment has grown more than tenfold from €249 million in 2010, when it was at its lowest, to €2.8 billion in 2016. All this bodes well for real estate in Greece.
The growth in tourists is stimulating the development of transport infrastructure. in addition, Greece
In 2016, Chinese port operator COSCO, one of the largest in the world, acquired 51% shares of the Piraeus Port Authority for €280.5 million. In five years, the company will take possession of another 16% of shares for €88 million. COSCO must invest €300 million into the modernisation of ship repairing assets and logistics during this time. This transaction is a further step in the creation of the New Silk Road –
According to Port Economics, sea shipping accounts for 6.5%
“In the first year already, signs of revenue recovery, cost rationalisation and improved profitability appeared. The first who benefit are the employees of the company and the Greek state, which receives an even greater concession fee", Fu Cheng Qiu, the new managing director of the Port Authority, said.
According to Reuters, the container turnover of Piraeus amounted to 3.7 million TEUs
1.2 Ferrovie dello Stato Italiane
In September 2017, Ferrovie dello Stato Italiane,
In 2016, TrainOSE transported a total of 15.6 million passengers, and its revenue before interest, tax and amortisation amounted to €1.1 billion, which is 40% lower than 2015. According to the FS
1.3. Fraport Greece
In 2017, the Fraport Greece joint venture (73.4% of which is owned by German company Fraport AG and 26.6% by the Greek Copelouzos Group) took over 14 public airports in Greece. The concession will last for 40 years and the airports will remain open to the public. Fraport Greece has already paid €1.234 billion to the state and will continue to annually render €22.9 million and 28.5% of its revenue before interest, tax and amortisation.
Under this agreement, Fraport Greece has agreed to invest about €400 million into airport modernisation and expansion in the next four years. The airports include Aktion National Airport, Kavala International Airport, Thessaloniki International Airport, as well as those located on the islands of Corfu, Crete, Cephalonia, Cos, Lesbos, Mykonos, Rhodes, Samos, Santorini, Skiathos and Zakynthos. The project stipulates the construction of five new terminals, runways and the modernisation of baggage handling systems. Fraport Greece has already signed an agreement with the Greek construction company Intrakat for these improvements.
In 2016, the airports handled a total of 25.3 million passengers, which is 9% more than in 2015. The renovated airports will be able to receive even more passengers. Fraport AG Executive Board chairman Stefan Schulte has named Greece as among the best tourist destinations in the world.
1.4 Fosun Group, Eagle Hills and Latsis Group
One of the most discussed and
A whole range of works will be performed as part of the project: residential complexes, hotels and recreation areas will be built, Olympic venues will be reopened, while new sports facilities, study and research centres and a golf course will be built. The 2.6 million m² Metropolitan Park – larger in size than
Investors believe Hellinikon will become the greatest example urban redevelopment in Europe, and will attract over 1 million tourists annually. According to the developers, the project will bring the state €14 billion in taxes (2.4%
2. Hotel segment
According to the Hellenic Chamber of Hotels, there are 9,700 hotels in Greece, which can accommodate almost 900,000 people. The hospitality market has been growing actively in recent years.
2.1 Four Seasons Hotels and Resorts
In September 2017, international hospitality leader Four Seasons Hotels and Resorts and Greek operator Astir Palace Vouliagmeni SA announced plans to open the first Four Seasons resort in the country, which would replace the Astir Palace Hotel located in the southern Athens suburb of Vouliagmeni. The building will be completely renovated by spring 2018.
Over €100 million has been invested
In October 2016, Jermyn Street Real Estate Fund IV LP, an investment fund with investors including Abu Dhabi and Kuwait sovereign wealth funds, other Arab investors and the Turkish Dogus Group acquired Greek company Astir Palace Vouliagmeni SA, a Four Seasons partner, in a deal worth €444 million.
2.2 Kerzner, Dolphin Capital Partners and Dolphin Capital Investors
In November 2017, international hotel operator Kerzner International Holdings Limited entered into a partnership agreement with Dolphin Capital Partners and Dolphin Capital Investors for the development and long-term management
This is the second One&Only Resort in Europe. “Our goal is to create another
2.3 Lampsa SAOn November 20, 2017, Eurobank officially accepted the local hotel operator
Elena Izyumova, writer and content strategist at Tranio.com