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Greek real estate market booming November 8, 2006

Posted by grhomeboy in Architecture Greece.
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“The retail real estate market is a relatively new segment in the market which has professionally emerged as an investment sector in the recent years and shows a high growth rate, said Mr. Odysseas Athanasiou, CFO of Lamda Development” 

Lamda Development is the first Greek company that entered the retail real estate with its investments in The Mall of Athens and Cosmos Mediterranean in Thessaloniki.The company specializes in the development and management of retail centers in Greece and in the Balkans and has gained a leading position in the sector.

Lamda focuses on retail real estate which seems to grow further in the future in Greece as the office buildings sector is saturated, Mr. Athanasiou said adding that this sector was developed long before the other segments with Vovos leading and monopolizing it. Among its immediate plans, is the creation of a shopping mall and entertainment outlets in the International Broadcasting Centre (IBC) building on Kifissias Avenue. The building was constructed and used during the Athens 2004 Olympic Games. It is estimated to start operations in October 2008 while various foreign brands have already expressed interest in renting space. ‘We believe that most of the space will be rented out by May ’07,’ Mr. Athanasiou said. Furthermore, the company is interested in high-quality resort complexes.

‘There is great interest for second home buyers,’ he said pointing out the main challenges in the development of the sector the lack of large plots in Greece and the time-consuming and lengthy procedure for permits.

Mr. Athanasiou said that the real estate is a fast growing market and there is room for investments in all segments. As salaries increase, the standard of living improves, more people choose to buy homes, he said adding that foreign companies open  offices increasing the demand for more office space.

This situation illustrates the boom of real estate in this  region.  Currently, Lamda prepares a shopping mall and a residential  complex in Sofia, Bulgaria and office buildings in Romania while more projects will be announced soon.