Greek properties becoming fast obsolete, innovation needed

Greece's real estate market needs to switch to more innovative ideas to keep up with the times and deal with a growing stock of properties that are no longer useful, says Tassos Kotzanastassis, chair of the Urban Land Institute (ULI), Greece and Cyprus.

In comments to ahead of the ULI's (Greece and Cyprus) annual conference on March 27 in Athens, Kotzanastassis points out that the supply of new property in Greece has been minimal as a result of the country's economic problems and that the existing stock is quickly becoming obsolete.

"The fast changing occupational requirements and the blurred lines between sectors, such as co-working with co-living, will expedite this obsolescence. The Greek market is arguably not very well prepared and by large remains oblivious to recent innovation," says Kotzanastassis, who is also managing director of real estate firm 8G Capital Partners.

"Cyprus is arguably slightly ahead in certain sectors, such as student housing and second homes," he adds.

Greece's economy is on a recovery path after losing nearly a quarter of its value during the country's debt crisis. But growth is currently anemic and demand among foreigners for Greek property is limited to the hospitality industry and second home market.

Among the goals set by ULI, a global non profit group tackling real estate and urbanism, is to bring the local market up to speed with the way the fourth industrial revolution is affecting property, says Kotzanastassis.

The conference, to be held at Grand Hyatt Athens, will address disruption caused to the real estate industry by technology and look at how market players have adjusted their business models through innovative solutions and new products.

Kotzanastassis adds that 'there will be an impressive line-up of speakers from leading providers of ‘property as a service’, developers and technology companies plus a key-note speech on how to build your own innovation city from the head of strategy from the city of Tel Aviv."

For full program of conference click here.

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