The Athenian Riviera in the focus of investors

Day Group is an international investment and development company for commercial and residential real estate with 50 years of experience. He established the branch in Romania in 2004 and has successfully constructed and delivered to date more than 600 apartments and 30,000 sq.m. in office space in downtown Bucharest.

Day Group in Greece invests in green, modern and anthropocentric urban and shopping centers. Day Group is evolving and taking a leading role in the field of real estate in our country with emphasis on the area of ​​the Athenian Riviera. Specifically, a residential complex in the area of ​​Glyfada “THE FIRST” is in the phase of completion, while “THE SOUTH” has just started another project, which is the first bioclimatically certified residential complex in Greece, by the international certification body LEED (Leadership in Energy and Environmental Design) with the GOLD level in the area of ​​the Athenian Riviera.

Following is the interview of D. Mourkakos, CEO of Day Group

As the data so far show, the Greek real estate market appears very resilient, despite the pandemic. What is your image?

Indeed, the Greek real estate market, despite the economic effects of the pandemic, showed particular resilience and, more specifically, while at the beginning of the pandemic there was a stagnation in the real estate market, after the first quarter growth began, leading to rising prices .

Do you think that the pandemic has changed our housing needs (shift to larger homes, shift in purchasing interest, etc.) or the professional housing sector?

It is clear that the pandemic has brought about global changes in both housing needs and the housing sector. Working from home and spending more time in it τάduring the lockdowns−, created the need for larger homes with spaces that serve the telework and leisure time of each tenant, such as home office, etc.

On the contrary, in the business premises, due to teleworking and lockdowns, the useful office space was reduced, as both the available work surfaces per employee and the meeting rooms etc. were reduced.

Which areas are most in demand today and which ones do you think will be in focus in the near future?

The greatest demand today in the housing market is mainly concentrated on the coastal front of Athens, which starts from Faliro and ends in Sounio. I should add that those areas that are in the immediate vicinity of metro stations are also of particular interest.

Which properties are most in demand and which category of real estate do you think will “run” in the coming months and why?

All types of real estate are of particular interest and mobility at this time, with demand focusing mainly on logistics due to the rapid growth of online commerce, tourist real estate due to industry congestion during the pandemic, and finally in high-end bioclimatic and technologically advanced residential properties, due to the apparent stock shortage created in the last decade of the financial crisis.

Is there any interest in the Greek real estate market from foreign investors and what is their attitude at this stage?

There is great interest in the entire Greek real estate market from foreign investors, with the main volume of purchases now observed in high-end residential properties on the Athenian Riviera, in residential properties near the metro in the center of Athens and in holiday homes on the Greek islands.

Day Group operates in the Romanian market. Can you tell us why you chose the country, what is the situation in the real estate market there and what are the similarities or differences with the Greek real estate market?

We have been continuously active in the Romanian market since 2004 in the field of commercial premises, as well as in the field of residential complexes. During the first decade, 2000-2010, the great need to build houses to meet the housing needs of the country was evident, as well as the construction of office space to meet the rapid growth of new jobs. Romania’s economy, despite the global financial crisis of 2008, has outperformed the last 20 years, doubling its GDP by leaps and bounds, by attracting foreign investment mainly in industry and technology. Romania is now the most technologically advanced country in the Balkans, with the highest GDP.

The current picture of the Greek real estate market has several similarities with the Romanian market of the first decade, due to the lack of modern and modernized homes and office space, as well as due to their very small stock, as a consequence of the country’s economic crisis since 2012.

Can you tell us a little about the new project you just started on the Athenian Riviera?

Work on One South has already begun! It is a bioclimatic, sui generis residential complex that respects the environment in every way. It balances minimalism with luxury and is the first in Greece bioclimatically certified residential complex by the international certification body LEED (Leadership in Energy and Environmental Design) with GOLD grade, combining geothermal with photovoltaic panels.

The high ceilings, the Mediterranean gardens and the water elements are some of the individual elements that contribute to the creation of a feeling of freedom and well-being in the tenants. An environment of natural comfort and enjoyment, with private hanging pools in each apartment, with a fully equipped wellness area, with indoor lap pool and many parking spaces for electric cars per house, are just some of the features of the project. At the same time, the 24-hour security service as well as the concierge on demand service confirm that everything is under control. One South will be delivered to its select owners at the end of 2023 and sales from Greece and abroad exceed all expectations.