ICI walks away from Athens property deal with 210K profit in hand

ICI walks away from Athens property deal with 210K profit in hand

Real estate investment company Intercontinental International (ICI) booked a profit of more than 200,000 euros on a property deal in the heart of Athens, the company said on Monday.

In March last year, ICI purchased two apartments located in the same building on the corner of Daidalou and Monis Asteriou streets in Plaka, at the foot of the Acropolis, for 640,000 euros. The company has sold the two assets for 849,000 euros, landing a profit of 209,000 euros.

"We decided to sell the two apartments that are not part of the core assets of the company. Including the rent earned, we recorded a profit of 36 percent in ten months," says chief executive at ICI Marios Apostolinas.

SEE ALSO: Intercontinental International sees promising year ahead, expansion

Greece's real estate sector is recovering from a nine year downturn with residential housing prices last year rising on the back of a tourism boom in the country. Demand for homes to be rented on Airbnb-like platforms is fuelling buying interest, particularly in city hot spots such as Plaka.

ICI, which has a property portfolio in excess of 100 million euros, will use the money from the latest deal to invest in more high profit projects, adds Apostolinas. The company deals mostly in commercial real estate.

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