Deals that shaped the real estate market – What is expected for 2025

Special kinetics was the Greek market in 2024, according to C&W Proprius’ recent survey, as they reached 2 billion euros. With the forecasts to be particularly positive for SNEs, which in 2025 will continue to invest in the field of offices and logistics, while increasing their footprint in the tourism sector. Domestic investors mostly dominated the market in 2024, with the majority in the number of transactions, referring to acquisitions of real estate for own use or special purpose and transactions. Most of the SNEAPs largely maintained a waiting position, while in 2024 it was another year with limited international in other areas than hospitality. DEVERSION A determining factor in the positive course of the sector, it was the fact that it closed a Skyline project, despite the fact that it took almost two years to “clear” the accession properties some of which eventually remained outside the final portfolio. The new company consists of a portfolio of properties of various uses, including offices, commercial real estate, residential and industrial real estate or logistics. The initial portfolio of 573 real estate with a total value of EUR 438 million, after the exclusion of specific buildings as well as the sale of real estate, and eventually includes 460 properties with a total value of EUR 298 million. Based on the relevant design, most of the new company’s properties will be sold, while around 70 will remain in Skyline’s portfolio. It is recalled that the Alpha Bank Group maintains a 35% stake in Skyline. Dimand participates 55% in the investment consortium, through its subsidiary (by 51%) Metrinwood Ltd, while Premia Properties SAAP and European Bank for Reconstruction and Development (EBRD) participate in the investment consortium by 25% and 20%, respectively. As part of the transaction, Alpha Real Estate Services S.A. (“ARES”), the listed real estate management company, concluded an initial seven-year real estate management agreement with Skyline. CORVERSE PREMIA Properties REIC announced the completion of the acquisition of the hotels “Sunwing Kallithea Beach” in Rhodes and “Sunwing Makrigialos & Ocean Beach Club” in Crete, by Nordic Leisure Travel Group (NLTG). The transaction included the acquisition of 100% of SUNWING HOTELS Hellas SINGLE MEMBER S.A.’s share capital, for a price of EUR 112,5 million, under audit adjustments. An important development was the fact that it was completed with significant delays in its merger through the absorption of the International SNEAP (ICI) by BriQ Propeties, resulting in the value of the SNEAP portfolio reaching EUR 280 million. A few months ago the largest deal between SNEAP was announced, starring Prodea and Trastor. The agreement of EUR 70 million concerns the purchase by Trastor of three large real estate income, which is fully rented, with long-term lease contracts, and are in privileged places in Athens. Prodea had also sold a portfolio for EUR 600 million to AKTOR. In 2025 it is seen as an optimistic year, with expectations of improving loan conditions and solving geopolitical tensions, which are expected to boost investment in commercial properties. The positive performances of the 2024 market, both in Athens and Thessaloniki, combined with greater transparency in users’ requirements, are expected to accelerate investment decisions. The favourable macroeconomic conditions, increased confidence in businesses and consumers, as well as the relaxation of interest rates, create a solid basis for next year. Market activity is expected to vary according to trends in economy, technology and the environment. The reduction in capital costs is expected to facilitate more large-scale real estate markets than in 2024. At the same time, the issue of sustainability remains an important priority for investors, users and construction companies. Although the prospects are positive, the market is still facing challenges, such as international crises, increased natural disasters, uncertainty about interest rates and geopolitical issues.