G. Petras (Engel & Völkers): The real estate market is on the rise

Mr. Giorgos Petras, CEO of Engel & Völkers Greece, develops the reasons why the real estate market in Greece will move upwards, while at the same time he mentions the areas that gather the greatest demand.

– How much has the increase in energy costs affected the buying interest in real estate in Greece?

Rising energy prices combined with inflationary pressures are currently a global phenomenon, which is all about purchasing power. In Greece, it is observed that this trend drives the buying interest towards investing in new constructions and houses, as they look for solutions which in the long term can be profitable investments with a positive sign.

– Which are the areas that gather the most demand?

Analyzing the first home market, Athens collectively shows its advantages by focusing on local positive points: the center of Athens wins the preference of buyers with the main criteria being the options located both in the historic center and in residences with a view of the Acropolis. The Southern Suburbs of Athens gather a lot of demand both from Greek buyers and from the buying public abroad, as in recent years both the new infrastructure in the area and the Hellinikon project have brought all the areas of the coastal front to the fore. At the same time, as recent years have highlighted the need for larger properties to improve lifestyle, the Northern Suburbs offer these options. Considerable mobility is also observed from the manufacturers who have started new constructions in the western suburbs, as the new investments and the expansion of the means of transport work positively in terms of the demand of these areas.

– The center of Athens has starred in the real estate market in recent years. Does it continue to have the same momentum?

The center of Athens, due to the multitude of options it offers, was and will always be the cornerstone of real estate in Greece. It combines history with the modern, the neoclassical with the modern and, above all, preserves over time the glamor it always has. What is observed is that today the dynamic is spreading both towards the southern suburbs of the city and towards the north. This trend has to do with new constructions but also with the choice of criteria that the buyer has for the purchase of a home. It is true that the Athens waterfront is experiencing one of the biggest construction periods, which translates into a demand for newly built homes. On the other hand, the northern suburbs combine a greener lifestyle with the possibility of offering larger properties.

– What is your assessment of the course of the real estate market in the coming months and for what reasons?

If I could answer in one word it would be “Up”. The reason; Greece is at the beginning of a journey in the field of Real Estate. We are in a country that currently has the ability to offer the lowest price per square meter compared to other countries in Europe while at the same time new infrastructure and construction makes it an equal competitor in offering options. Additionally, the general market trend makes real estate investing one of the safest investment moves.

– What emotions does the position of CEO itself evoke and how do you manage them?

Passion – Flexibility – Responsibility: Passion towards the company’s brand and our service offering, flexibility towards the daily challenges we are called to face, responsibility towards both those who trust us and towards all our partners.

– How important do you consider the reputation of the CEO to the value and future of his company?

The CEO’s reputation builds the role model that HR follows, acting as the driving force behind results and corporate success.

– How is a CEO educated, informed and exchanging views and best practices today?

The daily update and the exchange of views with partners is a practice which works repressively in the well-being but also in the recording of the challenges that may arise. Through this friction comes personal training through dealing with them.

– In addition to the widespread penetration of digital technology, how much has the pandemic changed the culture, but also the role of the leadership of an organization?

I believe that from a person-centered approach to leadership we have come to a “team” model, which is called upon as a whole to function and bring about results. We notice that the term group has become a new operating model, which yields results as a whole.

– Which working model do you think will be more effective in the future for running an organization given the possibility of “returning to the office” after a long period of remote work?

The new era also brings new functions: the power of technology has proven that “back to the office” is now a spatial detail, as the effectiveness of executives is not judged by where they work but how they work.

– What has changed due to the pandemic in employee-leadership relations and how much has this change affected the achievement of the organization’s goals?

I think the relationships became more human by creating an immediacy. “Old style” leadership relationships have been replaced by a new model of relationships that brings immediate friction between everyone without a position.

– What is the CEO’s role in retaining and developing his executives and who in attracting new executives from the market?

Crucial in both cases: in the first case, the investment in the executives is an investment in the future and in the development of the company in a security environment. Through this role, the appropriate model for attracting new executives is created.

– A young executive who has the ambition to become a CEO, what would you advise him?

Always follow the goal and don’t hit it the first time. To persist, endure and not deviate from the goal even if it takes more time to achieve it.

– What abilities and skills do you think new and promising executives will be required to possess in the future?

On the one hand, the age of technology brings a demand for skills directly related to new technological media. We are in an environment where tomorrow is built around an online presence and new executives should be able to work on it and evolve it. Of course, however, we must not forget the “human skills”, which perform in an integrated executive, such as teamwork, cooperation and initiative in the face of challenges.

– What is the role of crisis management in the current period in an organization, especially in your industry? How much emphasis have you placed on crisis preparedness and in what ways?

The last two years have proven that crisis management is a real concept that must be counted as a key challenge in our daily lives. As a company, from the first moment, both through the way of working and the composition of our teams, we have created a flexible operating system, which can both work directly in front of customer service and be effective in a possible long range crisis. For us, preparation is always the best “preparedness exercise”.

– Is a CEO’s personal engagement with societal issues part of his/her role?

It’s a key part of the role. We live and work through a whole, which belongs to the broad framework of society, so the issues surrounding it are directly related. It is a prerequisite to understand and perceive the general set of society, in order to face the challenges within our work environment.