The real estate fillets of the public that are stagnant due to ETAD

of Eleni Botas

Delays in the utilization of public real estate, difficulties in the consolidation of its portfolio but also oligarchies in the maturation of projects in order to launch and start the relevant tender procedures, are attributed by sources of the real estate market to the Public Real Estate Company.

This picture was also reflected in the recent (11th) Exposure Report of the Greek Economy, with the Commission issuing a yellow card to ETAD, emphasizing that it is difficult to produce values ​​from the real estate portfolio and that the company’s problems are significant.

As mentioned in the report, the problems in ETAD seem significant, while changing this situation and creating value from the real estate portfolio, is a critical obligation of the company. At the same time, the manipulations of the ETAD management are not what is expected in terms of their effectiveness, as the market would expect.

Today ETAD has 13 business units (branches) which include significant assets such as Akti Vouliagmeni, Marina of Thessaloniki, the campsites Asprovalta – Halkidiki, the ski resorts of Parnassos and Vora (Kaikmatsalan) as well as the thermal spring Aidi.

As people with knowledge of the developments in the state real estate point out in the capital, for two years now no preliminary works have been done, but not even planned for the utilization of the above assets through international concession tenders.

On the contrary, ETAD continues to keep under its management the above two ski resorts, although the damage it records amounts to 1.7 million euros (from both) per year.

The only thing that has been done is the concession of the chalets of the ski resorts to individuals, but not the slopes that are harmful and should be the package of the competition.

On the contrary, according to credible sources, ETAD continues to incur ongoing costs for the maintenance and upgrading of the ski resorts, with the result that 70% of its spending program concerns the maintenance of the ski resorts, something that should have been done by the individual who would have emerged. from the completion of these tenders.

At the same time, in the last two years, no new tender process has taken place, with the result that the sale of some of the large and emblematic projects of ETAD has not been completed.

In some cases, in fact, while there is a contractor, the contracts have not been signed. For example, Xenia Komotini, where it has had a contractor for 1.5 years but the contract has not been signed.

The same has happened for the other two big projects of the Company, Xenia Edessa as well as for the area in Mavromantila, Evia (which is intended for organic farming) where although there is an American investor, however the contract has not been signed yet.

There are also 1,200 unused old beaches (with a total area of ​​78,000 acres), as well as about 800 islands, of which at least 30 could be exploited, but still remain in “stagnant waters”.

But even in the tenders that were prepared in previous years, such as the property at Skaramaga Shipyards, the process has not yet been completed and in Xenia, Chios, where the tender started in 2019 (passed to the Tsakos Group), it was recently completed.

It should be noted that in the open bidding for the sale of a property in Skaramaga Shipyards, the pre-existing hotspot migrant accommodation center has been removed, the contract has not yet been approved by the Court of Auditors.

The issue, however, is that the Municipality of Chaidari has filed a lawsuit against the sale of the property, a development that according to market executives, was already known and could be foreseen with the initiation of relevant procedures so that there are no significant delays in this project. .

Regarding the utilization of Zone III at the Olympic Center of Faliro (Tae Kwo Do) the only thing that has been done so far is to submit 8 proposals that could lead to the utilization of the property.

However, with the pace recorded in the maturation procedures of the tender procedures in ETAD, it is considered a given that many more months will pass in order to see that “something is moving” in this tender as well.

Also regarding the issue recently raised by capital for the amicable settlement of the dispute with Attikos Ilios (Mantonanaki Group), although a year has passed since the decision was taken for ETAD to participate in the dispute negotiation process (which exceeds the 620 million euros) with the company and the way of future handling of the lease by Attikos Ilios of the Lagonissi peninsula, there is no information on the progress of any talks.

For people who know what is happening today in the Public Real Estate Company, ETAD has a problem in the development and utilization of its real estate which is due to internal factors (organizational structure, lack of planning, schedule and categorization of its real estate, problematic cooperation with other bodies) as well as external factors (violations, legislative gaps, lack of coordination with the ministries involved).

According to information that has reached the ears of government officials, ETAD operates with problems in issues ranging from delays in the use of public real estate to serious deficiencies in its administrative routine, such as lack of recruitment criteria, lack of remuneration and benefits policy. .

What is certain is that this is an extremely critical unit of the public interest and its current problematic situation is rather a luxury for an economy that is struggling to find added value and run in the future.