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Delfi Analytics | Greece | January 2021

Welcome Note from our Managing Partner

There is no doubt that 2020 has been a challenging year marked by

unprecedented challenges. This year has been a learning curve for all of us.

Fortunately, our business continuity plan - and in particular, our technology,

enabled us to continuously provide the same high quality and uninterrupted

level of service. As a Group, we designed and welcomed new services and

adopted new ways to stay connected and interact with all stakeholders.

In that context, we are pleased to officially announce the launch of our

independent, innovative real estate market data intelligence platform named

Delfi Analytics. Our sophisticated platform operates as a data bank,

managing and analysing ever growing amounts of real estate data from

various sources. Afterwards, all this extensive real estate knowledge is used

to provide powerful and actionable insights and projections.

As always, we truly appreciate your interest in our new services and we

kindly invite you -once again- to warmly embrace our new venture. Let’s stay

safe, healthy & connected.

Dr. George Mountis

Group Managing Partner

Delfi Analytics Publications 2

Pallet of Services: New addition in 2020

Advisory

Corporate Finance, Advisory &

Underwritting, Modelling

Independent, innovative real estate

market data intelligence platform

Asset Management

Asset Onboarding, Asset Due Diligence,

Techical Assesments, Property Management, Asset

Optimisation, Legalisation &

Commercialisation, Collateral Assessment & Workout,

Real Estate Special Situations, REOs Servicing

Transaction Management for

Investors, servicers & financial intitutions

Transactions Delfi Analytics


Delfi Analytics at a Glance

Data Bank

Databank stores the most accurate

dataset in Greece & Cyprus, spanning

across multiple time-frames, allowing

reliable empirical analysis at the micro-

level.

Data Management

The Delfi Analytics platform provides

unparalleled data management to quickly

ingest and synthesize any data source to

optimally deliver the best solutions for any

analytics challenge.

Advanced Analytics

Delfi Analytics provides a full portfolio of

advanced analytic tools & expertise,

empowering analysts, from beginners to

advanced modelers, to develop, build,

test, deploy and manage any type of real

estate and data models.

Research Hub

The Research Hub conducts ad hoc

research for specific areas, providing

strategic & useful insights to any real

estate stakeholder.


Greek Real Estate Market Trends

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Synopsis

Data Source: Bank of Greece, Ministry of Migration and Asylum,

General Secretariat for Immigration Policy & spitogatos.gr edited by Delfi Analytics

Sale: up to €2,542/sq.m. on

average, Rent: up to

€16.1/sq.m. on

average

Asking Prices

Stores

Sale: up to €2,031/sq.m. on


€10.9/sq.m. on

average

Asking Prices

Offices

In 2020, the Greek Golden

Visa Program recorded

only 403 residence permits,

a collapse of -88.4% YoY.

Golden Visa

Permits

€592 million in the first 9

months of 2020 from €1,030

million in the same period last

year.

Foreign Direct

Investment

Sale: up to €716/sq.m. on


€4.3/sq.m. on

average

Asking Prices

Warehouses


Net Foreign Direct Investment in Greece: Real Estate

Due to lockdowns around the world,

investors have adopted a more

conservative outlook. In Greece, the

direct investment flows reached €592

million in the first 9 months of 2020 from

€1,030 million in the same period in

2019.

Despite the difficult situation, this year's

performance has already exceeded that

of 2017, when the Greek real estate

market had attracted c. €415 million from

international investors.

Net Foreign Direct Investment in Greece per Year: Real EstateAmounts in million euros

240 153 222415

1,128

1,450

592

2014 2015 2016 2017 2018 2019 9M 2020

Net Foreign Direct Investment in Greece per Quarter: Real EstateAmounts in million euros

2788 58 67 36 55

21 41 41 49 53 79 67 81 96171 171

208286

464393

344294

419

231

141221

2014I

2014II

2014III

2014IV

2015I

2015II

2015III

2015IV

2016I

2016II

2016III

2016IV

2017I

2017II

2017III

2017IV

2018I

2018II

2018III

2018IV

2019I

2019II

2019III

2019IV

2020I

2020II

2020III

+171.8%

+28.5%

+45.1%2020


Data Source: Bank of Greece, edited by Delfi Analytics

Greece Golden Visa Program: Suffered a total collapse in 2020

364772

1,255

2,213

4,104

7,6088,011

2014 2015 2016 2017 2018 2019 2020

The Greek Golden Visa Program is

considered one of the most affordable

and popular residence-by-investment

programs in Europe. However, in 2020,

the program suffered a total collapse as

recorded only 403 residence permits, a

decrease of 88.4% YoY.

The program has been significantly

impacted by the Covid-19 pandemic as

in the same period last year the program

recorded an increase of 85.2% while in

2018 the residence permits increased by

97.3%.

2020

Residence permits to investors/ real estate owners in total

364 408 483

958

1,891

3,504

403

2014 2015 2016 2017 2018 2019 2020

Residence permits to investors/ real estate owners per year

-88.4%


Data Source: Ministry of Migration and Asylum, General

Secretariat for Immigration Policy, edited by Delfi Analytics

+85.2%

+97.3%

+98.3%

Greece Golden Visa Program: Residence permits - Top 10 countries

Country: China5.927

Country: Turkey

524

Country: Russia

322

Country: Lebanon

178

Country: Egypt

166

Country: Iran

136

Country: Iraq94

Country: Jordan

66

Country: Ukraine

56

Country: Syria

56

Other Countries

486


Data Source: Ministry of Migration and Asylum, General

Secretariat for Immigration Policy, edited by Delfi Analytics

Sale – Asking Prices for Offices in Q4 2020

Asking office sale prices in key areas of the

country increased in the last quarter of 2020

compared to the corresponding period of 2019.

The most significant changes were recorded in

northern Athens and Patra with increases of

11.9% and 11.1%, respectively.

The only reduction was observed in Larissa,

where asking prices decreased by 4%

reaching €1,006 per square meter on average.

The southern suburbs of Athens ranked 1st

recording €2,031 per square meter on

average, the northern suburbs of Athens

ranked 2nd recording €2,007 per square meter

and Heraklion of Crete ranked 3rd recording

€1,772 per square meter.

2020

Sale - Asking price Q4 2020

(Average €/sqm)

-4.0%

1.1%

3.3% 4.0% 4.7%6.3%

7.3%

9.8%11.1%

11.9%

Larissa Heraklion - Crete Athens - West Thessaloniki Athens - Center Athens - South Pireaus Athens - East Patras Athens - North


(Annual Change)

8831,006

1,159 1,173 1,2321,331

1,751 1,772

2,007 2,031

Patras Larissa Athens - West Pireaus Thessaloniki Athens - East Athens - Center Heraklion - Crete Athens - North Athens - South


Data Source: Spitogatos.gr, edited by Delfi Analytics

Rent – Asking Prices for Offices in Q4 2020

2020

Rent - Asking price Q4 2020

(Average €/sqm)

3.0% 3.0%3.5% 3.7%

4.4% 4.7% 5.0%

6.5%

8.4%

9.5%

Athens - Center Larissa Heraklion - Crete Athens - West Patras Pireaus Athens - East Athens - North Thessaloniki Athens - South


(Annual Change)

Asking office rental prices in key areas of the



The most significant changes were recorded in

the southern suburbs of Athens and

Thessaloniki with an increase of 9.5% and

8.4%, respectively.

The northern suburbs of Athens ranked 1st

recording €10.9 per square meter on average,

the center of Athens ranked 2nd recording €10

per square meter and the southern suburbs of

Athens ranked 3rd recording €9.9 per square

meter.

5.5 6 6.5 6.9 7 7.18.1

9.9 1010.9

Larissa Patras Athens - East Thessaloniki Athens - West Pireaus Heraklion - Crete Athens - South Athens - Center Athens - North



Sale – Asking Prices for Stores in Q4 2020

Asking store sale prices in key areas of the

country showed significant increase in the last

quarter of 2020, compared to the

corresponding period of 2019. The most

significant changes were recorded in east

Athens, Heraklion of Crete and Piraeus with an

increase of 16.3%, 14.9% and 14.7%,

respectively.


recording €2,542 per square meter on

average, the southern suburbs of Athens

ranked 2nd recording €2,262 per square meter

and the center of Athens ranked 3rd recording

€1,801 per square meter.

2020


(Average €/sqm)

1.0% 1.3%

5.1% 5.3% 5.6%7.3%

11.9%

14.7% 14.9%16.3%

Athens - North Patras Larissa Athens - West Athens - South Athens - Center Thessaloniki Pireaus Heraklion - Crete Athens - East


(Annual Change)

9871,128 1,186 1,210 1,315

1,5611,758 1,801

2,262

2,542

Patras Athens - West Larissa Thessaloniki Pireaus Athens - East Heraklion - Crete Athens - Center Athens - South Athens - North



Rent – Asking Prices for Stores in Q4 2020

Asking store rental prices in key areas of the



The most significant changes recorded in

Piraeus, the center of Athens and the western

suburbs of Athens with an increase of 11.5%,

8.6% & 8.3%, respectively.


recording €16.1 per square meter on average,

the center of Athens ranked 2nd recording

€13.5 per square meter and the southern

suburbs of Athens ranked 3rd recording €11.7

per square meter.

2020


(Average €/sqm)

0.1%

2.5%

3.9% 4.0%4.8% 5.1% 5.6%

8.3% 8.6%

11.5%

Heraklion - Crete Patras Athens - East Athens - South Thessaloniki Athens - North Larissa Athens - West Athens - Center Pireaus


(Annual Change)

6.17.0 7.5 7.6 8.1 8.6 9.0

11.7

13.5

16.1

Patras Larissa Athens - East Athens - West Heraklion - Crete Thessaloniki Piraeus Athens - South Athens - Center Athens - North



Sale – Asking Prices for Warehouses in Q4 2020

Asking warehouse sale prices in key areas of

the country showed significant changes in the

last quarter of 2020, compared to the


significant changes were recorded in

Thessaloniki, Patra and Larisa with an

increase of 15.2%, 10% & 7.2%, respectively.

On the other hand, significant reductions were

observed in East, South & West Athens, where

asking prices decreased by 12.6%, 10.5% &

5.2%, respectively.

Heraklion of Crete ranked 1st at €716 per

square meter on average, east Athens ranked

2nd at €699 per square meter and the northern

suburbs of Athens ranked 3rd recording €602

per square meter.

2020


(Average €/sqm)

-12.6%-10.5%

-5.2% -3.9%-2.3% -1.6%

4.2%7.2%

10.0%

15.2%

Athens - East Athens - South Athens - West Athens - Center Athens - North Heraklion - Crete Pireaus Larissa Patras Thessaloniki


(Annual Change)

206248

360429

465 469 471

602

699 716

Thessaloniki Patras Larissa Athens - Center Athens - West Pireaus Athens - South Athens - North Athens - East Heraklion Crete



Rent – Asking Prices for Warehouses in Q4 2020

Asking warehouse rental prices in key areas of

the country showed an increase in the last

quarter of 2020 compared to the


significant changes were recorded in

Thessaloniki, the northern suburbs of Athens

and the easter suburbs of Athens with an

increase of 10.3%, 9.6% and 5.8%,

respectively.

The northern suburbs of Athens ranked 1st at

€4.3 per square meter on average, the center

of Athens ranked 2nd at €3.8 per square meter

and the southern suburbs of Athens ranked 3rd

recording €3.7 per square meters.

2020


(Average €/sqm)

-4.2%

0.0% 0.0% 0.6% 0.6%

2.8% 3.3%

5.8%

9.6% 10.3%

Patras Larissa Athens - Center Heraklion - Crete Athens - West Athens - South Pireaus Athens - East Athens - North Thessaloniki


(Annual Change)

1.71.9

2.1

3.2 3.3 3.43.6 3.7 3.8

4.3

Larissa Thessaloniki Patras Heraklion - Crete Athens - East Pireaus Athens - West Athens - South Athens - Center Athens - North



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The Information herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is

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Greece Office

7, Stadiou Str., 4th Floor, 10562, Athens,

Greece, Phone: +30 2169009020

Cyprus Office

20, Katsoni Str. & Kyriakou Matsi Ave., 1082,

Nicosia, Cyprus, Phone: +357 22000060

Contact Details

Independent, innovative real estate

market data intelligence platform

www.delfianalytics.com

Leading real estate asset

management practice

www.delfipartners.com

Delfi Partners & Company

Greece Office

7, Stadiou Str., 4th Floor, 10562, Athens,

Greece, Phone: +30 2169009020

Cyprus Office

20, Katsoni Str. & Kyriakou Matsi Ave., 1082,

Nicosia, Cyprus, Phone: +357 22000060

UK Office

Level 1, One Mayfair Place, Devonshire House,

Mayfair, W1J 8AJ, United Kingdom,

Phone: +44 (0) 2032057091

Italy Office

Via San Raffaele 1, Milan 20121 Milano,

Italy, Phone: +39 02124127645

Contact Details

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