How state realty will be sold
The Ministry of National Economy and Finance has decided to implement a bold – by Greek standards – plan to exploit the properties of the Hellenic Public Properties Company (ETAD) in order to overcome bureaucratic and other obstacles that have delayed the utilization of its assets for decades.
Minister Kostis Hatzidakis tells Kathimerini, “We cannot delay any longer,” so 1,000 properties will be selected that are mature in terms of their titles but also valuable, which a private consultant of the state will categorize based on their type and other criteria. Afterward, some them will be transferred to up to nine holding companies, whose share capital will be controlled by ETAD. Then their shares will be sold.
Real estate sources and consultants, however, characterize the plan as ambitious, and emphasize that it can only prove successful under certain conditions. These conditions concern the optimal grouping of the properties and, above all, prior consultation with the market in order to map the demand and make the packages attractive.
As ministry officials explain, one scenario is the grouping by type of property, such as tourist, commercial, residential or office. Still, the market should be consulted first to ensure the maximum investment interest.
