Insight into Greek Real Estate Market Trends and Challenges
This survey conducted by Red Magazine and RICS provides valuable insights into the current outlook of specific real estate market segments in Greece. It discusses the impact of macroeconomic conditions, challenges faced by companies in the real estate sector, important parameters for strategic incorporation, and promising niche markets to explore. The findings shed light on the dynamic landscape of the Greek real estate industry.
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Presentation Transcript
SURVEY CONDACTED BY RED MAGAZINE AND RICS PART I: THE GREEK REAL ESTATE OUTLOOK
SURVEY CONDACTED BY RED MAGAZINE AND RICS 1 IN YOUR OPINION, WHAT IS THE OUTLOOK OF SPECIFIC SEGMENTS OF THE REAL ESTATE MARKET, COMPARED TO ONE YEAR AGO? Residential Hospitality Retail Offices Logistics NEGATIVE MOSTLY NEGATIVE STABLE MOSTLY POSITIVE POSITIVE
SURVEY CONDACTED BY RED MAGAZINE AND RICS 2 HOW MUCH DO CURRENT MACRO-ECONOMIC CONDITION IMPACT THE GREEK REAL ESTATE MARKET? High interest rates High inflation Financial Markets and Investors' Sentiment Difficulties in accessing finance/ capital Global geopolitical events and risks NOT AT ALL SLIGHLY MODERATELY VERY COMPLETELY
SURVEY CONDACTED BY RED MAGAZINE AND RICS 3 WHAT ARE THE THREE MOST SERIOUS CHALLENGES THAT COMPANIES WORKING IN THE GREEK REAL ESTATE SECTOR FACE? Overall economic condition (GDP growth, employment rates, and consumer confidence etc.) Lack of workforce Disruptions on the supply chainand their impact on construction New policies and regulations (building code, energy performance requirements, refurbishment needs etc.) Supply and demand imbalances Demographics parameters (population growth, urbanization trends etc.)
SURVEY CONDACTED BY RED MAGAZINE AND RICS 4 WHAT ARE THE THREE MOST IMPORTANT PARAMETERS THAT REAL ESTATE COMPANIES OUGHT TO INCORPORATE INTO THEIR STRATEGIES? Attraction of institutional investors Access to public funding Repositioning of existing building stock Use of AI applications Incorporation of new technologies(proptech, contech) Compliance with ESG requirements
SURVEY CONDACTED BY RED MAGAZINE AND RICS 5 WHAT ARE THE THREE MOST PROMISING NICHE MARKETS FOR COMPANIES WORKING IN THE GREEK REAL ESTATE SECTOR? Data centers Pharmaceuticals Luxury homes Environmentally Conscious Properties Student housing Serviced apartments Private rental sectror
SURVEY CONDACTED BY RED MAGAZINE AND RICS PART II: REPOSITIONING REAL ESTATE ASSETS
SURVEY CONDACTED BY RED MAGAZINE AND RICS 6 DO YOU BELIEVE THAT THERE IS CURRENTLY ACTUAL TENANT-DRIVEN DEMAND FOR ENERGY EFFICIENT BUILDINGS? Yes No
SURVEY CONDACTED BY RED MAGAZINE AND RICS 7 IS LOCATION STILL THE MOST IMPORTANT FACTOR FOR A PROPERTY, REGARDLESS OF THE EXTEND OF RENOVATIONS AND UPGRADES APPLIED TO IT? Yes No
SURVEY CONDACTED BY RED MAGAZINE AND RICS THERE IS CURRENTLY A STRONG CORRELATION BETWEEN INVESTING IN UPGRADING A PROPERTY S ENERGY PERFORMANCE AND ACHIEVING A RENT INCREASE. WHAT PERCENTAGE OF RENT INCREASE WOULD YOU EXPECT, AFTER RETROFITTING AN OFFICE BUILDING? 8 Less than 5% 10% 20% 30% or more
SURVEY CONDACTED BY RED MAGAZINE AND RICS 9 WHAT IS THE MOST IMPORTANT BENEFIT OF RETROFITTING AND REPOSITIONING AN OLD BUILDING, INSTEAD OF DEMOLISHING IT AND BUILDING A NEW ONE? There are no benefits Save on construction costs Reduce embodied carbon emissions Save on construction time
SURVEY CONDACTED BY RED MAGAZINE AND RICS 10 ASSUMING YOU DECIDED ON A REPOSITIONING STRATEGY THAT WOULD INCREASE YOUR BUILDING S ENERGY PERFORMANCE AND LEAD TO A DECREASE IN OPERATIONAL COST (E.G., 15% ANNUAL COST SAVING), HOW SOON WOULD YOU EXPECT TO ACHIEVE REPAYMENT OF THE INVESTED CAPITAL? Less than 5 years 5-10 years More than 10 years
SURVEY CONDACTED BY RED MAGAZINE AND RICS 11 BASED ON YOUR PREVIOUS ANSWER (THE TIME EXPECTED TO ACHIEVE REPAYMENT OF CAPITAL TO ACHIEVE 15% OF COST SAVING), WOULD YOU PROCEED WITH THAT REPOSITIONING STRATEGY? No, I would not proceed with any repositioning strategy, unless it was mandatory I would aim for a shorter repayment period, even if it meant lower cost saving I would aim for higher cost saving, evenif it meant longer repayment period Yes, I would proceed with it
SURVEY CONDACTED BY RED MAGAZINE AND RICS 12 WHAT IS THE NUMBER ONE FACTOR THAT SHOULD BE TAKEN INTO ACCOUNT WHEN REPOSITIONING AN OLD BUILDING, IN ORDER TO ENSURE A LONG AND SUCCESSFUL NEW LIFE? Operational cost Thermal control (heating and cooling),comfort and wellness Layout versatility Structural support
SURVEY CONDACTED BY RED MAGAZINE AND RICS 13 WHAT IS THE MOST APPROPRIATE GOVERNMENT INCENTIVE THAT COULD BE OFFERED TO PROPERTY INVESTORS, IN ORDER TO RENOVATE AND REPOSITION EXISTING BUILDINGS? Regulations benefiting investors and Landlords Maintain incentives strictly towards endusers/ occupiers Direct subsidies Tax cuts
