The real estate management firm Doha Properties based in Dubai has announced that private funds, and not state capital, or some Arab royal, from Qatar have purchased commercial real estate worth 125 million euros in Athens and large Greek cities.
As Kathimerini newspaper notes, the purchases were confirmed by Giorgos Mantzavinos, general manager of Doha Properties, based in Qatar, where it was established a year and a half ago. It must be noted that the firm participated in the competitive bidding for Astir Palace resort in Vouliagmeni, as a consultant for Middle Eastern investors.
Mr Mantzavinos noted that there are investment opportunities in Greece that pique the interest of Arab investors, but as a rule the investors do not want details to become known, explaining why so few details are available on this deal worth 125 million euros. According to the manager, Qatari investors, as a rule, want to purchase real estate in areas that pose an energy or geopolitical potential. The fact that troubles have flared in traditional markets they seek, like Egypt, Syria, Iran, Iraq, has led interest towards Greece.
The tax regime is a counter incentive, as the burden is onerous, making real estate firms dealing in real estate investment being the most desirable tools for activities in the sector, especially after the recent revision of the legal infrastructure that broadened the scope of activities.