Infrastructure adding shine to resilient tourism properties

The gradual completion of key infrastructure projects in Greece is helping boost prospects in tourism properties that have proven to be the most resilient in the country's real estate sector during the crisis, deputy Bank of Greece governor Theodoros Mitrakos said Tuesday.

Speaking at a conference, Mitrakos said that despite the country's economic difficulties, the recent entry of high quality hotels to the broader Athens area is helping draw high income visitors.

"In 2016, a noteworthy number of investments went ahead in Athens, that related to the reopening or upgrading of old units, while acquisitions were completed in tourism destinations across Greece (Myconos, Corfu, Kos, etc,)" he said.

Among the key projects cited by Mitrakos as helping add shine to tourism properties, are the privatisations of train operator TRAINOSE and Greece's 14 regional airports, along with new investments at the port of Piraeus.

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Turning to the broader market, Mitrakos said "there is some room for optimism and this is reflected in the fact that price drops appear to be essentially weakening, while demand for higher value property is increasing and prices are rising."