Capital rotation in Greece: REICs (ΑΕΕΑΠ) step back as private capital moves in

Market commentary from Danos, an alliance member of BNP Paribas Real Estate, describes a clear shift in the Greek investor landscape during 2025. Traditional investors such as Greek REICs (ΑΕΕΑΠ) and large private equity funds largely stepped back, acting more as sellers than buyers.

New entrants — including family offices, ultra-high-net-worth investors and certain banking institutions — invested heavily, particularly in income-producing assets, in both portfolio and single-asset transactions. Examples cited include PRODEA REIC's sale of two portfolios valued at €745 million and €510 million to a private investor and a bank respectively, and the €700 million acquisition of Astir Palace by a Greek family office.

Hospitality retained the largest share of the market at approximately 50% of total 2025 investment volume, attracting foreign institutional investors and hotel operators, alongside Greek hoteliers, family offices and private equity funds buying city and resort hotels and investing in upgrades.

Offices accounted for 25% of 2025 investment volume. Domestic investors focused on modern office buildings with long-term, sustainable tenants in prime locations.

The backdrop remains supportive: the same commentary reports Greek GDP growth of 2.1% in 2025 and a projection of 2.2% for 2026, both above the EU average.

Private and family capital often moves faster than institutional funds, but it is also more selective. In our experience these buyers want a clear income story, clean technical and legal documentation and a credible plan for capital expenditure.

For owners considering a disposal or a recapitalisation, the practical step is to prepare the asset for this audience: verified rent roll, lease summaries, building condition and permitting status, and a financial model that shows the downside as well as the upside.