Prospects for the development of brand property in Greece

Despite the economic crisis, Greece has been and remains one of the most tourist attractive locations. Every year, millions of tourists from all over the world come to the mainland and islands to relax, to get acquainted with architecture or to buy real estate. It is on this category of buyers, i.e. international economic elite, local developers are aimed. And all of them, as one, predict the growth of sales of a corporate real estate, which is called the best world brands.

Relationship of the brand and real estate

Despite the fact that Greece gave the world a lot of bright minds, the very idea of creating brand property was generated not by the Greeks, but by the Americans. In the USA, people with a capital of several tens of millions of dollars liked it, and luxury residences were the result of the joint work of developers and hotel groups. The owners gave permission, legally enforced, to use their name for private residences. Such real estate was later sold to a wealthy client, who decided how to use it in the future: rent it out or use it for any other purpose.

Greeks experience

In Greece, it all started with objects at the Amanzoe resort. They were called the hotel chain Aman Resorts. Today, another company is planning to enter the real estate market – TEMES, which is already developing the Navarino Residences project in the Costa Navarino resort area in the Messinia region.

Representatives of the company argue that TEMES will develop new tourism projects with a focus on the scheme of work of branded residences. They will be managed by the hotels themselves, and the owners will make a profit.

Already, many entrepreneurs realize that the project will be more than successful because Costa Navarino is a luxurious place where you can buy not just a villa, but also a place with a golf course and developed infrastructure.

New owners will be able to evaluate the villas in a year. On the one hand, the owner will have access to a wide variety of Costa Navarino objects, and on the other hand, TEMES will provide real estate services, well-coordinated management, and leasing. At the moment, 50% of the available land has already been sold. Only the first phase of the TEMES project includes 50 villas with different areas (from 400 m² to 1,400 m²).

Prospects for branded projects

As for the expansion of geographic boundaries, a similar project will soon be launched at the largest metropolitan hotel, Hilton Athens, with the possibility of creating another (autonomous) wing to be put up for sale. Already, world-famous companies are investing in such objects. The cost of one object is 31% higher than the cost of VIP architecture in the same area.

According to experts, being in the stage of active development, the Mediterranean region is one of the best places for such investments. Just as the Ritz-Carlton and MahaNakhon residences (in Thailand and Bangkok, respectively) were sold at 80% more expensive (than other properties in the same regions), so VIP property in Greece has every chance of success.

Subscribe to our newsletter