Real estate deals in Greece double to 1 bln euros in 2016

real estate in Greece

Real estate investments in Greece more than doubled in 2016 to almost one billion euros after a rush of activity in the last quarter of the year, says BNP Paribas.

In a report, BNP Paribas Real Estate says that investments in Greece last year hit 976.5 million euros, 90% of which were invested during the fourth quarter.

Hotels accounted for more most of that capital, exceeding 800 million euros, boosting the broader property sector.

"The market has been affected by the lack of suitable products, but some interesting trends were initiated in 2016 including refurbishment works, restructuration of old buildings and new constructions," the report said.

Greece's two major real estate investment companies - National Bank's Pangaea and Eurobank's Grivalia - invested a total of 45 million euros in the domestic market during 2016, the report added.