The big crisis that affected Greece between 2008 and 2017 has deeply destructured and devalued all markets and the real estate market was no an exception.
During great economic turmoil, the rules that previously seemed immutable collapse and then the opportunities and the irrational made economic actors irrational. Concerning real estate, the only dynamic is to encourage precautionary and anticipatory purchases and investments. The greater the financial surface of market players is, the more they buy. This trend is classic in times of crisis.
During this troubled period, real estate prices collapsed and some properties were even sold. Sometimes at a level far below from the construction rate, which usually sets the lower limit for property estimates.
A large quantity of goods entered the real estate market at the same time, as the need for cash was great for population and businesses and, apart from a few wealthy individual investors, only large investment funds carried out real estate transactions. These funds, from european countries, the Middle East and Asia had the issues to buy massively and to wait patiently for the return of more bright days for the Greek economy.
These real estate operators have favored rental investments of reports in the residential and professional fields. Often, after major renovation and restructuring work on the buildings acquired, the aim was to ensure good profitability which includes low but nevertheless reliable management costs.
It was then that Mobilia Property Management started to be approached by foreign funds to ensure the management of the properties rented by them in Athens and its region. We already had experience in this service, but on a more modest scale. It was therefore necessary to develop tools, protocols and organize a multilingual team specialized in this field.
We believe that, by dint of considering and practicing rental management as a profession in its own right, we have given satisfaction to our first customers because, it is through a good reputation or thanks to our commercial policy, year after year, we have seen the ranks of investment funds that place their trust in Mobilia Property Management grow.
The trend was reinforced with the creation, by the Greek government, of the “Golden Visa” law.
Indeed, Greece wanted to motivate wealthy investors from countries outside the European Union to come and invest in the country on a way to an economic renewal. In exchange for an economic or real estate investment of €250,000 or €500,000, depending on the case, the candidates were given a Schengen type long-term visa, for a stay on Greek territory granting free movement in Europe. This provision has met with some success, and activity in the real estate market has increased even more.
Rental management quickly imposed itself on the beneficiaries of these visas and Mobilia Property Management was widely solicited since each satisfied customer becomes, most of the time, a prescriber.
Whether they are investment funds or individual investors, Mobilia Property Management‘s clients appreciate the clarity of the monthly balance sheets, the modest cost of the service, the seriousness and efficiency of the technical interventions when needed, the modularity of services and advice and alert actions on regulations and information concerning the means to be implemented to safeguard or improve the value of the assets we manage.
For example, European regulations will soon impose binding standards on the energy performance of buildings. These new provisions may, depending on the age and construction quality of the property, lead to significant costs and significant loss of income since, in the long term, non-compliant accommodation and premises can no longer be rented. This is why we are already offering support to our clients in order to rationalize the expenses incurred and to optimize them in a rental management model.
For all these reasons, Mobilia Property Management is an important player for foreign investment funds which appreciate a local relay in the service of their real estate policy in Greece.
We do not forget all our other customers who know well that they are considered individually and that they are not a simple file. For Mobilia Property Management, the priority is to build a stable and constant relationship with each client. This is also what makes the difference with other companies that have opened up to rental management.
To convince you of this, all you have to do is to contact us or to push the door of Mobilia Property Management. We are ready to welcome you with the greatest pleasure.