The factors driving the growth of the real estate market in our country and the urban regeneration project of Ellinikon, which is in full swing, are discussed by the CEO of Lamda Development Odysseas Athanasiou, in an interview included in a special edition of Business Focus for distribution with USA Today and the Delphi Economic Forum.
NUMBER OF FACTORS
A number of factors are driving the growth of the real estate market. Tourism is one factor. More and more people not only want to visit Greece for holidays, as was the case in the past, but also want to go ahead and buy a house in our country and spend a lot of time on our islands. At the same time in Greece there is more disposable income and more optimism, so Greeks have started to buy houses for the first time in a long time. Many foreigners are looking to buy property in Greece, including citizens from the Middle East: Lebanese, Israelis and Egyptians are buying homes for many different reasons, as well as Saudis and Syrians. Also from the Greek diaspora, such as second or third generation Greeks living in the US, or Europeans. This has pushed the market and prices have gone up. In addition, Ellinikon has contributed in this direction, as people are starting to be aware that there is a project in Greece that is going to change the entire Athenian Riviera. So, it is a combination of factors that is driving the real estate market to growth, Mr. Athanasiou says.
Speaking about the urban regeneration in Elliniko, which is currently in full swing by Lamda Development, Mr Athanasiou says, among other things, that one of the first smart cities in the world is being created from scratch and emphasizes the fact that it will be a "15-minute" model city. Which means that residents, workers and visitors will be able to get anywhere in Hellenikon within 15 minutes, either by walking or cycling. It also stands to create a park the size of London's Hyde Park. Responding to a question about the 'green' nature of the project and whether it will be a source of inspiration, the Lamda CEO says that "we want to be the Greek ambassador for climate change.
A SMALL GREEN CITY
These are fine words, but what are we doing about it in practice? First, all the major buildings in Elliniko are going to be LEED Platinum and Gold-rated. The second is that we are trying to make this whole six million square meter project powered by renewable energy. We made an investment in windmill farms to ensure that all the energy is generated from them. In addition to that, we are creating one of the largest wind farms in Europe. In terms of waste, energy and water management, we are making sure that we are CO2 neutral. This is possible because we plan everything from the beginning. The smart city we are creating will play a role in water and energy management. It is easier to create this sustainable and smart environment when it is built from scratch."
THE US MARKET
Asked about how important the US market is for the project, Mr. Athanasiou estimates, among other things, that citizens from both the Greek and American community in general will proceed to buy homes in Hellenikon. He also points to the relationship between the US and Greece being probably at its best level ever, and the contribution towards this by the Prime Minister and the government.
