ULI Greece & Cyprus held its annual Emerging Trends in Real Estate® Europe 2019 report presentation at the Grand Hyatt Athens on Monday 19 November 2018, which was attended by more than 100 professionals from various disciplines of the Greek real estate industry, including investors, financiers, lawyers, architects, valuers and real estate consultants.
Keynote speaker Andrea Carpenter presented the findings of the 2019 report, which was based on interviews and surveys with 885 of the most influential leaders in the real estate industry. A presentation followed from Eri Mitsostergiou (Director of European Research Savills London), who analysed the rise of the sharing economy and the impacts on real estate.
The presentations were followed by a panel discussion, as well as a short Q&A session, with the panel consisting of key players in the local real estate investment community, including Dr Aristotelis Karytinos (CEO, NBG Pangaea), Mrs Eri Mitsostergiou (Director of European Research Savills London), Mr Panos Paleologos (Founder & CEO, Hotelbrain), Mr Thanos Geramanis (Partner & Country manager Greece Blueground). The moderator was Tassos Kotzanastassis (Chair, ULI Greece & Cyprus; Managing Director, 8G Capital Partner).
In his opening remarks, Tassos Kotzanastassis had the opportunity to recap ULI Greece & Cyprus’ activities throughout 2018, including being involved at Prodexpo 2018 and the ERED Conference. In addition, Mr Kotzanastassis mentioned ULI Greece & Cyprus’ activities including a series of visits to landmark buildings in Athens. Mr Kotzanastassis also referenced the networking initiative “Greeks Abroad”, in which expat professionals met with the local ULI members in several informal gatherings. Participants had the opportunity to learn about practices from different markets and to exchange experiences and ideas with foreign real estate markets professionals.
In her introduction, Andrea Carpenter thanked the local ULI Chair and the Executive Committee for the last 12 month’s busy agenda. In her presentation of the Emerging Trends report, Carpenter noted that the 2019 survey responses reflected a competitive market, where availability of assets is the major concern as well as political instability which creates uncertainty.
In her presentation, Eri Mitsostergiou (Director of European Research Savills London) analysed the rise of the “sharing economy” and the impact on the real estate market. She explained that the sharing economy is an economic model defined as a peer-to-peer based activity facilitating the exchange of resources (goods and services) and offers access instead of ownership to valuable assets. Eri Mitsostergiou, noted that shared workplaces are a trend that meets significant rise across Europe. Occupiers increasingly demand flexible lease terms and personalised service. Landlords increasingly offer part of their portfolios at flexible terms with additional amenities. According to the presentation coworking places offer new values such as flexibility, collaboration, networking and adaptability.
During the panel discussion, panelists debated several topics relevant to the local real estate industry, its expectations and its risks. Speakers discussed whether hospitality can be the sector that will lead the way for real estate market in the near future. Thanos Geramanis (Partner & Country manager of Blueground) mentioned that demand for lease of modern apartments with high-end furnishings especially for business professionals are rising. Panos Paleologos (Founder & CEO of Hotelbrain) noted that the value of a hotel depends upon its operation. Dr Aristotelis Karytinos (CEO, NBG Pangaea) referred to the value of new technology in construction and the demand for green buildings.