Hatzidakis: ETAD’s real estate development plan – Grouping and inclusion in holding companies

Hatzidakis: ETAD’s real estate development plan – Grouping and inclusion in holding companies
At the same time, priority is being given to the utilization of emblematic properties so that – as the Minister of National Economy and Finance Kostis Hatzidakis pointed out today – we can quickly move from theory to practice.

“ETAD is for me what Olympiaki, PPC, EFKA used to be. It is a company with many problems which we have started to deal with in a new way”, said Mr. Hatzidakis, speaking today at the 25th Prodexpo real estate conference.

The minister announced that the tender for the selection of the project management office was completed and the McKinsey company was chosen to coordinate the project related to the mapping, assessment and valuation of 36,000 properties of the EDTA. It is expected that 6,000 properties will be valued, while in the end up to 1,000 of them will enter an immediate maturation and utilization plan. “Can anyone imagine that there will be 1,000 different competitions? We wouldn’t end the whole century. That’s why we’re implementing a new process. The properties, after studies, will be grouped and joined in holding companies, which will be created. Subsequently, the holding companies will enter the concession process, instead of each property separately. In these companies, the State can keep a minority stake and private individuals will undertake the exploitation of the properties”, said Mr. Hatzidakis.

At the same time, priority is being given to targeted interventions in cases that have been pending for a long time. For example:

We are in the process of notarizing a total of 10 tenders that mainly concern “Hospitality” and other tourist facilities.

The government of Thessaloniki is proceeding on the basis of the agreement between the Superfund, ETAD and the Parliament.

For Achillio in Corfu, there is cooperation with the Ministries of Culture and Tourism, as well as with the Region of the Ionian Islands, while the maturation unit of the Superfund will also have a say in order to proceed faster. A similar procedure will be applied for the Diros caves.

For Tae Kwon Do, since the previous competition was declared barren, “we are interested”, emphasized Mr. Hatzidakis, “in close cooperation with the Region of Attica and Mr. Hardalia, to create a conference center that Athens needs”.

The Superfund is also proceeding with the tender for the concession of 22 small regional airports in the model of the successful concession of the 14 regional airports that preceded it, which is, as he noted, a step forward for the upgrade of the tourist product. Separately, the tender proceeded and a binding offer was submitted for the airport of Kalamata, while the renovation of the TIF with public and private funds is also progressing, through which there will be a revitalization of the exhibition as well as a total renovation of the center of Thessaloniki.

Responding to a question on housing policy, the minister referred to the programs “My Home 2” and “Upgrading My Home” funded by the Recovery Fund, as well as the tax exemption introduced this year for vacant properties to be rented out on long-term leases. At the same time, social housing programs are progressing in idle state properties such as the case of CHROPEI, the Anatolia factory in Nea Ionia and DYPA properties throughout Greece. “We will advance the procedures to increase the supply of real estate and to address the issue of high prices,” noted the minister.

According to data he cited, in 2023 net receipts for the purchase of real estate from abroad reached 2 billion euros, compared to 1.5 billion in 2019. “Golden Visa certainly contributed, but it is an exaggeration that because of Golden Visa something happened cosmogony”, said Mr. Hatzidakis. “The share of real estate investment in our country is still lower than the EU average. Therefore we should not blame real estate investment, especially since, despite the progress achieved, Greece still faces an investment gap” .

“We support”, he concluded, “the real estate sector as much as we can with the necessary balance between the rights of the owners, the investors who are obviously a force of development for Greece and the tenants because our policy has a social dimension”.

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