Our Firm successfully advised a real estate investment group on the acquisition of four adjoining plots totalling 3,500 square metres in Neos Kosmos, Athens, in a transaction valued at €9.5 million. Following completion, we will advise on the construction agreements for a build-to-rent development on the consolidated site.
The Mandate
The plots had been subject to successive compulsory expropriations dating back to the 1970s. Before our client could commit to the purchase, it needed certainty that its title would be secure and that the land could not be taken again.
Our Role
We carried out comprehensive due diligence and a detailed analysis of the legal framework governing each historic expropriation. On that basis, we confirmed that the properties could not be subjected to further expropriation.
We structured the preliminary notarial agreement to secure our client’s legal title and included specific protections against the risk of revocation arising from any future expropriation proceedings. After completion, we drafted and negotiated the construction agreements for the build-to-rent scheme.
Key Legal Issues
Expropriations in Greece can lapse, be revoked or remain unimplemented for decades, leaving uncertainty over whether a plot remains subject to public-use designations. Buyers need to establish the current status of each expropriation decision, whether compensation was paid, and whether any designation has been lifted, before relying on the title for financing and construction.
Why It Matters for Investors
Central Athens has a limited supply of large, developable plots, and many of the remaining ones carry historic legal complexities. With the right analysis and contractual protections, these sites can be unlocked for residential and build-to-rent projects, which are in growing demand.
For further information on real estate acquisitions and development in Athens, please contact our team.
