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Case Study: Voukourestiou Street, Kolonaki

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Case Study: Voukourestiou Street, Kolonaki Case Study: Voukourestiou Street, Kolonaki Q2 2019 Delfi Real Estate | 1 | Research & Analytics Desk Report Origin To the extend this report is based on or contains information emanating from other sources, Delfi Real Estate. has deemed This publication report originates from DELFI REAL ESTATE, the Other Sources to be reliable, but cannot guarantee their global tradename “Delfi Real Estate.” and “Delfi Real Estate accuracy, adequacy or completeness. Company”. Limitation of liability Report Content The opinions expressed in this report, are subject to certain This report has been prepared solely by Delfi Real Estate. reservations in terms of uncertainties derived from changes to Opinions or suggestions of Delfi Real Estate. may deviate from major factors such as future adjustments or amendments of the recommendations or opinions presented by other departments legal status, changes in the financial and economic of the Company. This may be the result of differing time horizons, circumstances, political risk, country risk etc thus, the study methodologies, contexts or other factors. Opinions for investment, pricing yields etc. are based on one or more group accepts no responsibility or liability for damages, if any, research methodologies. suffered by any party as a result of decisions made or actions taken based on this work product. The contents of this document This document is based on publicly available information. are subject to corrections or change at any time given the Although the information as well as any views or forward-looking provision or announcement of updated information related with statements contained herein are believed to be fair and accurate the content of the report and the timely instruction by the Client. in all material respects, the contents have not been verified independently by the team and no express or implied warranty This report bears a specific date. as to the accuracy or completeness of such information/ opinion is made by Delfi Real Estate. All opinions and estimates in this report are, regardless of source, given in good faith, and may only be valid as of the stated date of this report and subject to change without notice. The assumptions made in this report in order to express our opinion of the submitted values and conclusions, are considered appropriate in light of the circumstances, and by no means is it possible to validate the accuracy and completeness of the judgments and estimates undertaken. Nothing contained herein is, or shall be relied upon as a promise or representation as to the future. In accordance with the standard practice of the Company, we would state no responsibility is accepted to any third party for the whole or any part of its contents. Neither the whole nor any part of this report nor any reference thereto may be included in any document, without our written approval of the form and the context in which it will appear. Validity of the report This report is intended only to provide general and preliminary information and shall not be construed as the basis for any investment decision. This report has been prepared by Delfi Real Estate. as general information for private use to the parties that the report has been distributed, but it is not intended as a recommendation of particular strategies or product and thus does not provide investment advice. Before acting on any information in this report or publication, it is recommendable to perform one’s own research and consult with their advisors. Sources This report may be based on or contain information, such as opinions, recommendations, prices and estimates which emanate from publicly available information or information from Delfi Real Estate. analysts. Delfi Real Estate | 2 | Research & Analytics Desk From Anchesmou to Voukourestiou Street Anchesmou street, as referred to in maps dated back in 1880, was the road connecting Stadiou street to Lycabettus. Back then, the road was not bestowed of the recognition and the commercial value it has today. It took decades for Anchesmou street to transition from an ordinary street with residential properties to one of the most significant streets in Athens, the road known today as Voukourestiou Street. What marked this transformation was individuals with background from arts and sciences gravitating to Kolonaki, a prime area in the center of Athens, Voukourestiou pedestrian street transmogrifying the town not only to a meeting point but also to a residence of the elite. As new residents came in, Downtown Athens is the capital’s leading commercial and infrastructure and road works in Kolonaki area were business center. Offices around Syntagma Square and developed. It is worth mentioning that the first road to be retail spaces in Ermou street are just some examples of pedestrianised was Voukourestiou street, a fact properties that are in high demand from investors and underlying the importance of a street that was already corporations. The Greek economy’s recovery, in gaining in commercial value. conjunction with the increase in tourist arrivals, the Golden Visa Scheme and the growing pace of short-term rentals The map below is an excerpt from the Plan of Athens, have supported price levels in the center of Athens. created by Thuillier L. The excerpt shows Anchesmou (Voukourestiou) street leading up to Lycabettus and Market Trends Overview provides an overview of the different parts of the city that The recent market momentum has resulted in a low supply it connects. of quality spaces in Voukourestiou street. As a prime street with luxury brands, commercial properties in Voukourestiou are a target of REICs and investors longing to include them in their portfolios. Trastor REIC has acquired two properties in Voukourestiou street. In January 2019 they acquired a high-street retail store (Ermenegildo Zegna) on 24 Voukourestiou street with an area of 227.15 sqm for €6 million (€26,414 per sqm). Source: Gallica.bnf.fr, edited by Delfi Real Estate Voukourestiou street traverses three of the busiest roads in the center of Athens: Stadiou, Panepistimiou and Acadimias street. These roads are also home to the Academy of Athens, University of Athens and the National Library of Greece (collectively known as the Athenian Ermenegildo Zegna store that has been acquired by Trastor REIC Trilogy) as well as the Old Parliament. The landmark buildings provide evidence of the historical importance of In October 2018, they acquired a high-street store the area but nonetheless, commercial buildings have a (Jaeger-LeCloultre) on 24 Voukourestiou street & 4 significant impact for Voukourestiou street. Valaoritou street with an area of 138 sqm for €2.5 million (€18,116 per sqm). Prestigious hotels, malls, numerous restaurants and historical cafes are within walking distance, but what Retail rent prices range between €250 - €300 per sqm per makes Voukourestiou street distinguishable is the fact that month in Ermou street, an average of €275 per sqm, it has attracted top tier boutiques, shifting from a signifying a 12,2% change (end 2018 – March 2019). residential neighborhood to one of Athens’ most premium However, comparing it to Voukourestiou street, it is luxury retail streets. evident that rental prices have remained fairly constant during the same period of time at around €80 to €120 per sqm per month, with a possible explanation being the Delfi Real Estate | 3 | Research & Analytics Desk anchor lease agreements, which are not renegotiated during their term. Voukourestiou street has preserved its residential character along with the commercial activity that takes place in the wider area of Kolonaki. We notice an undersupply in retail properties, making it hard for investors and funds to expand their portfolios with prime, high yielding properties in the high-street retail market. The Greek retail market has demonstrated signs of improvement, triggered predominantly by a more stable economic environment with growing, albeit sluggish, private consumption. Data from Cartier, a luxury brand, dating back to 2012 – a year where Greece was still under strict fiscal adjustment- show that revenues in Voukourestiou street were supported by Chinese tourists visiting Athens, while the share coming in from locals was shrinking as disposable income rates fell. According to European Travel Commission, Chinese tend to save about a third of their vacation budget for luxury purchases. In the period following 2012 and the introduction of the Golden Visa scheme, the number of tourists coming from China has increased substantially. In 2018 there has been a growth of 22% in arrivals from China compared to 2017, a trend that is expected to hold. Though demand from foreign tourists is high, we should expect that sources of revenue, and specifically the contribution from local customers, will increase, as long as the mix of fiscal policies adopted is oriented towards growth, in order to support progressively higher levels of income. Delfi Real Estate | 4 | Research & Analytics Desk .
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