Louis Group sells 5 Greek hotels to Blackstone

On Friday, 20 September, the Louis Hotels Group of Cyprus announced the sale of five Greek hotels to the Blackstone Group. The total value of this sale is reported at €178.6 mln. Louis Hotels operates 26 hotels and resorts in Greece and Cyprus. The five hotels are: The Grand Hotel, Corfu The Corcyra Beach Hotel, Corfu The Zante Beach Hotel, Zakynthos The Plagos Beach Hotel, Zakynthos The Creta Princess Beach Hotel, Crete In 2018, Greece saw record tourism arrivals reaching 33 million visits. The agreement marks an important step in Greece’s tourism development prospects. The Blackstone Group’s real estate business is one of the largest property owners in the world with an estimated $154 bill

Eldorado Gold Receives Skouries and Olympias Installation Permits

On Tuesday, 3 September, Eldorado Gold Corporation announced that it received electromechanical installation permits for its Skouries project and an installation permit for its Olympias mine from the Greek Ministry of Energy and Environment. In addition, Eldorado’s permit for its Olympias mine allows for installation of an upgraded electrical substation and construction of support facilities. Eldorado is a Canadian-based gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, and Brazil. The permits given by the Greek government will allow Eldorado to install mechanical and electrical equipment in the Skouries mine, which

Bank of Greece reports 7.7% rise in Greek housing prices

Following a period of eight years where Greek housing prices have been falling, improving economic conditions have led to a significant rise in apartment prices for 2019. Apartment prices in Greece have increased on average by 7.7% in the second quarter of 2019 in comparison to the second quarter of 2018. In the second quarter of 2019, the year-on-year increase in prices was 7.7% for “new” apartments (up to 5 years old) and 7.6% for “old” apartments (over 5 years old). In 2018, the average annual rates of increase were 1.9% and 1.6% for “new” and “old” apartments, respectively. In the first quarter of 2019, Greece saw an increase of 5.1% year-on-year for “new” apartments versus 4.9% for “ol