Prices for prime real estate assets are expected to remain stable this year, said Grivalia Properties, Greece’s largest listed investment property fund.
In a report presenting its 2016 earnings, the company said that the course of the economy this year will depend on how the Greek government’s current round of bailout talks with international creditors proceed, adding that the lifting of ca
“Prices for “prime” real estate are expected to remain stable. The elimination of capital controls and the implementation of the privatization program, if implemented, could lead to a reduction in country risk and attract foreign investment which will lead to the restoration of the real estate sector in which the group operates,” the company said.
The company reported a 57% drop in 2016 net to 26.4 million euros due to due losses booked from lower rents in commercial properties and higher taxes.
As part of its expansion plans, the company announced last month that it purchased a majority stake in a private Panama island for 27 million euros for development.
Shares in Grivalia are listed on the Athens bourse and have risen 9.7% in the last year, underperforming an 18% jump in the broader market. It is real estate arm of Eurobank and Canada’s Fairfax Financial Holding owns a 41% stake in the Greek company.