Fine Living • Real EstateThe Greek CEO of the No. 1 Real Estate Company in France: “We Are Coming to Greece”

Greek-born Charles Marinakis, who hails from Ano Kourouni in Evia, spoke to newmoney about his life, current trends, and future challenges.

Can you describe a typical day for the President of Century 21?
When you’re President and CEO, there is no routine. I live in Paris, not far from the city center, but when I’m not traveling, I have to cover a 40-kilometer distance to reach my office in the suburb of Evry. I arrive earlier than others to avoid traffic. My days are shaped by meetings with my associates and the projects we need to focus on. I also have other meetings, such as those with the assembly of all our subsidiary stores across France. There are also press conferences and interviews with journalists from around the world. I try to be present at store anniversaries or the opening of new ones to stay connected with the people in my company. Our network in France includes a total of 960 real estate offices.

The Greek CEO of the No. 1 Real Estate Company in France: “We Are Coming to Greece”

What is the impact of the Paris Olympic Games on the local real estate market?
Honestly, none. Everyone thought there would be a “positive” impact, but so far, we haven’t seen anything like that. Even in seasonal rentals, where people left Paris to rent out their homes to tourists for the Olympic Games, I don’t think they achieved any significant success. Beyond students finding it even harder to rent for the upcoming academic year starting in September, property owners who rented their homes for the Olympics are now trying to rent them on a weekly basis.

As the president of such a large real estate company, what leadership model do you promote?
I try to do two things: First, as president of such a company, you must have the professional legitimacy of your position, which means having a broad skill set that justifies your role. Second, a good manager is someone who progresses personally and helps their associates progress along with them. There’s a high degree of participation from my executives in my decision-making, even if the final decision is mine. I’m very “participative” and make decisions with my service directors because they possess collective information that is more significant than my own ideas and initiatives. This management style, although it has its limits, is very effective.

What role did your Greek heritage play in your development?
My father was 100% Greek, born in Greece in the village of Ano Kourouni in Evia in 1928. We come from a family that migrated to Morocco between 1920 and 1925. The first to migrate there was my grandfather’s brother, who left Piraeus to seek his fortune in America and make money—something they couldn’t secure in that small village in Evia, especially in the 1920s. Although he boarded a ship to the USA, like many Greeks, the American authorities rejected the ship, and he ended up in Tangier, which was an international zone at that time. There, he started retail trading, mainly with the French army stationed there, and later opened a grocery store in a small town in Morocco, now called Errachidia. Business was good enough to open a second grocery store, this time in Marrakech. My grandfather left the village to work at the grocery store in Marrakech with his brother. That’s how he brought my father, who was then a six-month-old baby carried in a basket. My father, however, became a “love immigrant” in France because he married a French woman. That’s how I learned to speak French, as my grandfather and his brother only spoke Greek and Arabic. They died when I was four, so I never learned Greek. While I feel very proud of my Greek heritage, I cannot speak our language. I kept my Greek passport until I was 18 because I was then required to do my military service, which lasted three years at the time. Three years of military service in Greece, without speaking Greek, wasn’t easy. Afterward, all the grocery stores in Morocco were held by Greeks. The city of Ouarzazate in Morocco was founded by the Greek Dimitris Katrakazos, a migrant from Lemnos who was heading to America but ended up in Morocco.

How did the Greek grocery stores end up in the hands of Moroccans?
After the incorporation of Western Sahara into Morocco, King Hassan II decided to nationalize local businesses. He imposed a rule requiring foreign business owners to have a Moroccan shareholder. Greek business owners weren’t happy with this measure and left the country to settle in Greece or France.

How did you end up in real estate?
I feel like a trader, like my ancestors. I have that spirit. Initially, I started with a chain of stores specializing in “ready-to-wear” clothing, which I later sold. My brother, who was a professor of ancient Greek philosophy in Morocco and then in France, ended up working at a real estate office. When he saw that I had sold my business, he said to me: “If you’re not doing anything, come work with me.” That’s how I entered the “real estate industry” in France, and I’ve stayed there ever since. The subject matter captivated me from the very beginning. For the first ten years, I worked as a freelancer.

What are the major trends in the real estate market in France?
It’s a market on a “tightrope” due to the significant rise in bank interest rates since late 2021. Add to that the war in Ukraine, the end of lockdowns, and the political situation in the country, and all these factors have driven interest rates from 1.2% to 5%. This was a major brake on the property transaction market. Now, with the start of 2024, the interest rate has dropped again due to intervention by the European Central Bank, giving the market some breathing room, which quickly ended with the dissolution of Parliament and the elections. We’ll see what government we have in September to understand the markets. Currently, no new houses are being built, and the supply of rental homes is very low.

Do you have any connection with the Greek real estate market?
Recently, in the USA, I met two young Greeks working in real estate who bought the franchise to start Century 21 in Greece. So now the company is officially starting in Greece.

What are you hearing about the Greek market?
The news is positive. I’m hearing about more and more French people who want to buy homes in Greece, and there is an improvement in Greek legislation on property sales, which allows many French people to turn to Greece. I don’t know if this benefits you, as it will lead to an increase in the price per square meter in Greece. Despite the investments, the market remains very economically attractive. Keep in mind that in Portugal, there was a ten-year tax exemption for Europeans buying property. Now the Portuguese government has abolished this measure, but in the meantime, many French people took advantage of this tax exemption. What is certain is that the Greek market has a future.

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