Investment grade will boost realty

One of the problems is that all major foreign realty investors are looking for properties with green characteristics, in the context of the ESG policy they follow. Such properties are still rare in the local market, constituting a very small minority in relation to the total stock.

The local property market stands to reap significant benefits, both short-term and long-term, from a likely credit rating upgrade to investment level for Greece.

Industry executives say that would be a very positive development, as, after 14 years, the Greek real estate market will return to the "elite" of investment destinations and it will become easier to attract foreign investment groups and funds.

"There is an objective problem right now regarding the implementation of investments by a number of institutional investors, as there are rules that prohibit the placement of funds in countries below investment grade. In other words, even if there was an investment opportunity and they were willing to take the risk, such an investment would be cut off by the investment committee of the respective group, because it is not allowed to invest in countries that do not have a...

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