ULI Greece & Cyprus Annual Conference 2025: “Core Aspirations: How Greece Can Join the Club of Institutional Property Markets,”

Over 110 real estate, finance, investment, and urban development professionals gathered in Athens on 27 May for the ULI Greece & Cyprus Annual Conference 2025. This year’s event, titled “Core Aspirations: How Greece Can Join the Club of Institutional Property Markets,” explored how Greece can unlock its full real estate potential by enhancing transparency, aligning with international standards, and fostering innovation.

The conference brought together leading local and international experts who shared actionable insights, global success stories, and practical roadmaps for Greece to evolve into an institutional-grade real estate market.

Opening Remarks

Konstantinos Santikos, Chair of ULI Greece & Cyprus and Managing Director of Santikos Collection, welcomed participants and set the stage for a day of thought leadership and strategic discussions.

Keynote Presentation: “What Does it Take to Be in The Core Market Club?” Simon Durkin, Global Head of Real Estate Research, Strategy and Portfolio Analytics at BlackRock, opened the conference with a compelling presentation focused on market transparency, institutional development, and Greece’s potential as a global investment destination.

Key Insights from Simon Durkin’s Address

Simon highlighted how transparency builds investor confidence and unlocks capital flows into emerging markets. Using Poland as a case study, he outlined key milestones in its transformation into an institutional-grade market:

• Growth of institutional residential rental portfolios
• Introduction of REIT legislation
• Logistics sector evolution into a global investment hub
• Modernisation of office and retail markets
• Sustained participation of international pension funds and private equity

Poland’s success, Simon explained, was driven by EU membership, robust economic growth, legal and regulatory reforms, and productive partnerships between local developers and global funds. The emergence of new asset classes also played a vital role in attracting capital.

Looking ahead, Simon identified clear tailwinds for Greece, including city-level growth, strategic reforms, economic openness, and stronger public-private collaboration — all underpinned by Greece’s deep pool of local development expertise.

Building Blocks for a Growing REIT Market

Peter Papadakos, Head of Research for Europe and APAC at Green Street, delivered an insightful presentation on how Greece can lay the foundations for a robust REIT (Real Estate Investment Trust) sector to attract greater institutional and foreign investment.

Key Insights from Peter Papadakos’ Address

Drawing on global best practices, Peter stressed that Greece’s REIT framework should be modelled on the proven U.S. example, allowing operational real estate companies to convert into REITs. Success depends on:

• Transparency and clear reporting standards
• Simplicity in structure and operations
• Focus on income-producing assets
• Low financial leverage
• Strong alignment of CEO incentives
• Transparent, consistent investor communication
• Responsiveness to public market signals

Peter concluded that this structure would provide Greece with reliable capital, market credibility, and accessible exit opportunities for investors — key elements in building an institutional-grade market.

Panel Discussion: Greece Beyond Tourism — Which Sectors Can Drive Real Estate Demand?

Moderated by Tassos Kotzanastassis, CFA, Founder and Chairman of 8G Capital Partners, this panel explored how cities and countries can attract major corporate investments. Panelists included:

• Julia Arlt, Co-Founder & Chairwoman, DREA Digital Real Estate Association
• Dimitrios Vlachopoulos, International Partner, Head of Portfolio & Location Strategy, Cushman & Wakefield | Proprius
• Pavlos Pavlakis, Principal, VentureFriends

Key Insights from the Panel

Corporate location decisions are shaped by several key factors:

• Talent availability (40% weight)
• Cost considerations (30% weight)
• Quality of technological infrastructure
• Incentives and taxation
• Quality of life

The panel discussed the classic “chicken-and-egg” challenge in creating talent pools — jobs attract talent, but talent is needed to attract jobs. To break this cycle, cities must:

• Offer favourable taxation and targeted industry incentives
• Invest in digital infrastructure
• Ensure transparency and regulatory clarity
• Address affordability of housing for employees

Where markets cannot compete on cost alone, success hinges on strengthening these other factors. Bold, tailored approaches — including proactive engagement with corporates — are essential to attracting investment.

Case Studies 2025: European Lessons for Greece

Case Study 1: Poland — Europe’s Growth Champion

Dorota Wysokińska-Kuzdra, Senior Partner at Colliers Poland, delivered a roadmap of Poland’s economic and real estate transformation. Moderated by Chris Mantzouratos, MRICS, Head of Corporate Advisory Services at Colliers Greece.

Key Success Factors from Poland’s Experience

• The 3xL Rule — Location, Location, Location
• Macroeconomic stability
• Robust financial system and business-friendly regulations
• Educated workforce and strong quality of life
• Investment in digital infrastructure
• Low public debt
• Openness and hospitality as soft assets
• Competitive labour costs

Poland’s consistent focus on these pillars has driven its evolution into a mature, institutional-grade market — offering a clear blueprint for Greece.

Case Study 2: HafenCity Hamburg — Planning for Quality of Life

Jeroen Dirckx, Partner at KCAP, shared insights from HafenCity Hamburg — one of Europe’s most successful examples of long-term urban transformation. The session was moderated by Maria Zafeiriadou, Urban Designer and Partner at Thymio Papayannis and Associates Inc.

Key Takeaways from HafenCity’s Experience

• Holistic, integrated urban strategies
• Well-designed public spaces fostering a sense of place
• Mixed-use development promoting vibrancy and social diversity
• Affordable housing supporting inclusion and market stability
• Public-private governance ensuring aligned objectives and continuity
• Phased development for market adaptability
• Design-led planning ahead of demand, creating lasting value

HafenCity demonstrates how visionary planning and effective governance can drive resilient, high-quality urban environments and long-term real estate value.

Closing Panel: Fundamentals and Capital Markets Lead to Core — Can We Upgrade?

Moderated by Konstantinos Papadopoulos, Founder and Director at Resi Company, this panel explored the essential ingredients for Greece to achieve institutional-grade real estate status. Panelists included:

• Simon Durkin, Global Head of Real Estate Research, Strategy and Portfolio Analytics, BlackRock
• Peter Papadakos, Head of Research for Europe & APAC, Green Street

Key Insights from the Panel Discussion

• Market scalability and liquidity are critical to attracting institutional investors
• Clear, efficient exit strategies — for single assets or large portfolios — build investor confidence
• A transparent, robust listed real estate sector (REITs) boosts market participation and deepens capital flows
• The U.S. UPREIT model shows how property owners can exchange assets for REIT shares, accelerating growth
• Aligning top-down government reforms with bottom-up investor and entrepreneurial efforts is essential

The panel concluded by highlighting alternative real estate sectors — including logistics, data centres, and residential rental platforms — as promising avenues for investment, underlining the need for Greece to evolve in line with global institutional standards.

Thank You

ULI Greece & Cyprus extends its gratitude to all speakers, partners, and participants for their contributions to a dynamic and forward-looking conference. We look forward to building on these discussions to help shape Greece’s real estate future.