Resi Company has been investing in the prime Athens areas of Kolonaki, Vouliagmeni and Glyfada. A snapshot of the company’s geographic project exposures.
Hello everyone. Resi Company was set up to acquire and improve or develop new homes in Greece, with a primary focus on Athens. Athens is a favourable market for our activities, as over 90% of the stock was built prior to 2006 and with very little to no new development during the decade long crisis of the Greek economy.
With the Greek market now recovering healthily (+8.3% real GDP growth in 2021, outperforming expectations and the EU average and 74% increase in FDIs in 2021), new residential developments have sprung up across the city, improving the housing stock to an extent and providing more options to future owner-occupiers and investors. However, these limited new-builds are largely located in the city’s suburbs where available land space exists and in general target higher-end buyers. Central Athens is densely built and residential property is mostly strata owned, making scalable new developments a difficult task, with the result that most residential assets are ageing and in need of renovation. Most refurbishments carried out exhibit limited levels sophistication in the process and are of mediocre quality.
Resi Company aims to bring a higher level of sophistication and quality of product to the market through years of international institutional real estate experience, addressing the demand/supply imbalance and with a mission to acquire residential properties in Athens and suburbs and add value by creating contemporary, high quality homes, while providing compelling economic returns. Design expertise and materials selection, combined with the use of technology enables us to source homes, upgrade the living environment and carbon footprint, and finally match the home with the right buyer.
Resi Company and sister companies have invested c. €2 million in Athens value-add residential for-sale since 2018 and below is a high level snapshot of the projects’ geographic exposure within Athens.
KOLONAKI: To-date, Resi Company has focused on the primer locations of central Athens with key concentration the area of Kolonaki, with 7 out of the 9 projects of the company located there. Kolonaki (literally meaning “little column”) is located on the slopes of Lycabettus Hill and is a wealthy, upmarket residential area boasting high-end and casual contemporary shopping, fashionable bars & restaurants, as well as museums and galleries.
Why Kolonaki?: Due to the land constraints and build density of the area, combined with the ageing housing stock, demand for well renovated apartments has exceeded supply in recent years providing good opportunities for Resi Company’s high quality business model.
VOULIAGMENI: The first investment of Resi Company outside of central Athens was a ground floor apartment in the seaside south suburb of Vouliagmeni. Named after the Vouliagmeni Lake in the area and arguably the most expensive location in Athens and suburbs, Vouliagmeni is located on the southwestern side of Hymettus mountain range, while the seaside part, the Megalo and Mikro Kavouri peninsulas, host palm trees and sand and pebble beaches. Mikro Kavouri in its unique location, is home to the internationaly renowned, five star hotel Four Seasons Astir Palace while the wider Vouliagmeni area is the preferred location for a number of wealthy Greeks and international buyers.
Why Vouliagmeni?: The significant lack of supply of apartments for sale and, particularly, of renovated apartments, combined with the exquisite landscape and seaside amenities, make Vouliagmeni one of the most attractive investment locations when an opportunity arises.
GLYFADA: Following the investment in Vouliagmeni, Resi Company expanded in the south suburbs with an acquisition in Glyfada. This is the largest suburb of Athens and the headpoint of the “Athens Riviera”. Glyfada is an upmarket residential area, with a vibrant shopping district and one of the key restaurant and bar areas of the city. Despite the busy center, Glyfada is one of the most popular residential areas, with a large proportion of the upscale new developments occurring there currently. Glyfada also borders with the Ellinikon area, where the crown jewel development project of Greece, the massive 6.2 million square meter and c.€8 billion, “Ellinikon” project of Lamda Development is taking place. For a quick overview of the project, please click here to access one of our earlier newsletters.
Why Glyfada?: Glyfada is one of the most sought after locations for both Greek and international buyers in Athens given the seaside location and vibrant center. Resi company implemented a well priced apartment acquisition close to the center of Glyfada and is already receiving considerable interest from potential buyers.
Resi Company continues to explore scalable opportunities for value-add residential investments in the upmarket areas of Kolonaki, Vouliagmeni and Glyfada as well as other selected, established and emerging areas across Athens. The recovery of the market is quite dynamic causing the face of the city to change and we are constantly adapting our investment criteria to balance the risk of missing out on the recovery opportunity while simultaneously remaining cautious given the fast pace of current price change. Short to medium returns are shifting as pricing progresses and macro and micro developments unfold, demanding constant research and monitoring, something that defines our executive’s and company’s DNA, staying true to our research background and investment discipline.
Thank you for your continued interest in the Resi Company.
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