Hellenic Properties has set a goal to increase its presence in the Northern Suburbs, as well as in the hotel sector. As Henry Arones, CEO of Hellenic Properties, noted at an informative event, "our goals are to develop our investment footprint in the northern sector of Attica and especially in Kifissia. On the residential side, we see that it is a market with very good prospects." As he said, "Kifissia, especially after the CoE decision, falls under what we call responsible development. As with the internationally awarded The Heritage, where in the opposite of all this we chose to proceed with the revival of a historic building in Strofili. We believe in preserving and developing the historic heritage of properties, and that's why we focus on reusing buildings and highlighting their historic features."

It is noted that the company is running the Heritage residential project in Kifissia, which will be completed by next April. This is an €11 million investment in luxury residences of modern standards. 25% of the interested buyers are foreigners, while the sales prices are in the range of €7,000-€10,000/sqm.

SYNGROU

"We are monitoring and participating in the developments for the National Insurance building on Syngrou Avenue. We are already positioned in the area and will do our best to create one of the large and important developments in this location," the CEO said, noting that more than 30 investors, half of whom are based abroad, have expressed interest in the property as part of an ongoing process.

"We are open to cooperation to create one of the largest developments, as there is a property owned by us next to the building in question. It will be a total build-out of around 100,000 sq m if the two properties are combined, taking hotel, apartment and other uses," he noted, estimating that the purchase and renovation of the property may require an investment of €150 million.

PROJECTS

The company, within 2024, acquired three new properties, bringing the total projects in progress to 5, of which 3 are office buildings in Maroussi. Also in the company's portfolio is the Twinn hotel in Piraeus, operated by the Santikos group, for which it plans to operate for at least one more year before agreeing to sell it, as there is significant interest from both hoteliers and family offices. 

THE PICTURE OF THE MARKET

According to the CEO of Hellenic Properties, the market gives a stable picture at sustainable levels. However, he identifies an availability problem in the short term, as many projects are not progressing. Demand for land prices and construction costs has not receded, so there is concern about the developers' profit margin.