Piraeus Real Estate is the subsidiary of the Piraeus Bank Group, responsible for the complete design and implementation of the strategy and policies of the Group’s Real Estate division, while heading other subsidiary companies of the Group in Greece and abroad.
It provides the full spectrum of services related to the design, development, monitoring and management of the real estate sector at any value and size.
“Owning the largest real estate portfolio in Greece, Piraeus Real Estate focuses on the selection and sale of real estate, real estate development, construction management and administration, integrated real estate management, real estate evaluations and intermediation, as well as the provision of investment consulting services in companies and funds investing in real estate” explained the Executive General Manager, Group Chief Real Estate of Piraeus Bank Group and CEO of Piraeus Real Estate S.A, George Kormas.
Piraeus Real Estate is one of the oldest real estate companies in Greece, with extensive experience in the Greek idiosyncrasies, servicing customers from all over the world. “Through our innovative digital platform, properties4sale.gr, and its supporting services, we offer electronic property auctions to international investors, guaranteeing transparency and convenience” Kormas said. “We have a long and successful history cooperating with US investors, and we attest to their clear and well-informed needs. They know the environment and its upcoming trends in which they have decided to invest in, and they focus on the fast and predetermined results. A way of thinking that Piraeus Real Estate also encourages and adapts” he added.
Despite the pandemic, investments in Greece reached €18.4 billion in 2020, with the decrease compared to 2019 being limited to 0.6%. At the same time, the European Commission forecasts growth rates for the Greek Economy of 4.1% in 2021 and 6% in 2022. “In my opinion, there will never be a better time to invest in the Greek real estate market like today” highlighted Kormas. This is because property prices are still significantly low (in some sectors prices are lower by 50% compared to competitive countries such as Italy or Spain), while Greece is displaying all the advantages of a modern and investment-friendly economy, a renowned tourist destination, an energy node, an ideal destination for technologically advanced companies and a gateway to three continents. The huge upcoming investments supported by the Next Generation EU program on climate change and digital transformation will add significant value that will directly reflect to the real estate prices. “Greece is expected to be Europe’s success story” Kormas affirmed with confidence.