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Greek & Cyprus Real Estate Investing

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Club Quarters Hotel, Philadelphia

1628 Chestnut Street

Philadelphia, PA 19103

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The Greek economy has turned a corner. The economy grew in both of the first two quarters of 2017. The unemployment rate has decreased steadily from highs near 30% in 2013 to 21% currently. Annualized inflation figures have reached positive territory for the first time since 2013. Housing prices have recovered from their 2016 trough and remained above last year’s annual average for all of 2017. The Greek tourism industry is booming, growing at nearly 8% for the past two years, accounting for approximately 20% of GDP.

Recent infrastructure investments will underpin long-term growth for the future. A German-led consortium recently won a 40-year concession for 14 regional airports with the promise of increased investment and improved services. China Ocean Shipping Company (Cosco) has invested more than €600 million in the Greek Port of Piraeus. The recently announced Sea2Sea Project will provide a rail connection between the Greek ports of Thessaloniki, Kavala, Alexandroupolis and three Bulgarian ports: Burgas and Varna on the Black Sea and Ruse on the Danube, thereby cementing Greece’s central position along regional trade and travel routes.

The Cyprus market presents its own exciting story. In the first quarter of 2017, Cyprus apartment prices increased 4.9%, house prices increased 3.3% while prices for offices, retail and warehouses increased by 2.8%, 2.6% and 14.4% respectively. The economy grew at 3.3% on an annualized basis and the unemployment rate has come down to 12.8% from the high of 17% in 2013.

These data indicate that now is an opportune time to invest in Greek and Cypriot real estate. Opportunities present themselves along the full price spectrum, from small apartments for individual use to large-scale commercial real estate and infrastructure investments. Cyprus also offers the quickest and easiest route to European Union citizenship for those interested.

About the Speaker

Dr. Andreas Pericli is a Managing Director at A&R Cyprus-Greece Fine Properties, Ltd. Dr. Pericli is involved with all management aspects of the Firm. Dr. Pericli also has a leading role with Euclid Financial Group, Inc. He is responsible for all final investment and trading decisions, risk management analysis as well as with the commercial real estate activities of the company. In that capacity he managed and traded hundreds of millions of fixed income assets. Prior to joining Euclid Financial Group, he led the prepayment modeling team and served as Director of Structuring and Valuation and Director of Financial Engineering at Freddie Mac for six years. His research added significant value to the firm during his six year tenure at Freddie Mac. Prior to that, Dr. Pericli was a senior research analyst with Salomon Smith Barney. He holds a Ph.D. in Econometrics and Financial Economics from the City University of New York. Dr. Pericli was a student of professor Harry Markowitz, a Nobel Laureate in Economics and professor Salih Neftci, a leader in derivatives and financial engineering. He is the author of eighteen journal articles and three book chapters in a variety of areas of finance. In 1998, he also served as a guest editor of the Managerial Finance journal on “Yield Curve and the Term Structure of Interest Rates.” His publications include papers in the Journal of Investing, the Managerial Finance Journal, the Journal of Fixed Income, the Journal of Real Estate Finance and the Economics, and the Journal of Future Markets. He is listed in the 2000-2001 Millenium Edition of Strathmore’s WHO’s WHO as an individual who has demonstrated leadership and achievement in his occupation and industry profession. Dr. Pericli has also been a frequent speaker in investment conferences on economic and other issues that relate to residential and commercial mortgages and mortgage-backed securities valuation and hedging.

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Club Quarters Hotel, Philadelphia

1628 Chestnut Street

Philadelphia, PA 19103

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