1. Based on market research carried out by NAI Hellas on a sample of 45 European property
investors, it looks like there is a changing environment, with Greece gradually regaining investors'
trust and re-entering the list of investment destinations.
Ιs Greece back on the investment map of international investors?
Q1: Would you consider investing in the Greek Real Estate Market?
Yes
Possibly
No
33%
58%
9%
Targeted equity IRR when considering an international property investment and a Greek property investment
40%
35%
30%
25%
20%
15%
10%
5%
0%
10%-12% 13%-15% 16%-18% <18%7%-9%
%ofrepplies
Targeted Equity IRR
International Property Markets Greek Property Market
A similar indication of a changing positive appetite was
highlighted during the recent Prodexpo Conference in Athens, in
October 2014, entitled 'Developing the Future', where leading
The results of our research are presented below:
Given the expectation
of a zero Budget deficit
in 2015 and no further
financial support required,
it is safe to talk
about recovery...
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What are their requirements?
Our research reveals that there is a clear investment appetite for Greece, mostly focused on Hotel
& Leisure. Economical and political considerations, along with inconsistent tax policies and market
illiquidity still remain the most significant barriers to entry.
Minimum expected returns for Greece exceed 12% (as
expressed by the Equity IRR), while 75% of the participants said
they would consider undertaking some sort of development risk.
real estate professionals confirmed increased interest in the market from international investors.
Q2: What is your targeted equity Internal Rate of Return (IRR) when considering an international
property investment and when considering investing in Greece?
As predicted in the NAI Hellas Commercial Real Estate Market Report 2013, the stabilisation of the
Greek property market in 2014 is becoming more apparent. Given the expectation of a zero Budget
deficit in 2015 and no further financial support required, it is safe to talk about recovery, given
reasonable political stability.

2. 1. Economic stability
2. Political stability
3. Ability to identify investment opportunities
4. High growth opportunities
5. Low taxation
6. Market liquidity
7. Structured legal framework
8. Low government intervention
9. A commercial lease structure providing long term security
10. Ease of managing and operating investments
Q3: Please select the top five (5) Drivers of international property investment
that are most important to you.
(From a list of 25 alternatives)
Q4: Please select the top five (5) Barriers to international property investment.
1. Economic instability
2. Political instability
3. Low market transparency
4. Low growth opportunities
5. Unsupportive legal framework
6. Market illiquidity
7. High transaction costs
8. Difficulties in managing and operating investments
9. Absence of reliable indices
(From a list of 25 alternatives)
Q5: How familiar are you with the Greek Real Estate Market?
Very familiar
Quite familiar
Not familiar at all
8%
67%
25%
Q6: Is local finance a pre-requisite for you when considering an international
property investment?
Yes
No
42%
58%

3. Q7: When considering investing in Greece what would be the three (3) major factors
that would act as drivers for you?
(From a list of 10 alternatives)
1. Anticipated capital appreciation in the short to medium term
2. No currency risk
3. Anticipated liquidation of real estate assets by Greek Financial Institutions
4. Continuous growth in tourism
5. Regeneration projects in major cities
6. Fiscal restructuring
Q8: When considering investing in Greece which would be the three (3) major factors
that would act as barriers for you?
(From a list of 10 alternatives)
1. Taxation inconsistency
2. Current Greek economic climate
3. Market illiquidity
4. Shortage of quality product
5. Limited availability of bank finance
6. Austerity measures
7. Unrealistic sellers' expectations
Q9: In your opinion what are the investment prospects for Greece in the next five years?
4%
7% Good
Very Good
Very Poor
Poor
Fair
Disclaimer
All data contained in this report has been compiled by NAI Hellas/AVENT S.A. and is published for general information purposes only. While
every effort has been made to ensure the accuracy of the data and other material contained in this report, NAI Hellas/AVENT S.A. does not
accept any liability (whether in contract, tort or otherwise) to any person for any loss or damage suffered as a result of any errors or omissions.
The information, opinions and forecasts set out in the report should not be relied upon to replace professional advice on specific matters, and
no responsibility for loss occasioned to any person acting, or refraining from acting, as a result of any material in this publication can be
accepted by NAI Hellas/AVENT S.A.
© NAI Hellas/AVENT S.A. November 2014
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152 32 Chalandri
Athens, Greece
tel +30 210 6811760
fax +30 210 6811722
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Contacts
Thomas Ziogas
Business Development
Manager
t.ziogas@naihellas.gr
Eleni Makri
Research
e.makri@naihellas.gr
Q10: If you were to invest in Greece how would you allocate your property portfolio?
100%
80%
60%
40%
20%
0%
Hotel & Leisure 37%
Industrial 11%
Logistics 5%
Retail 21%
Office 26%
23%
8%
58%