The company recorded a 22% jumo in the fair value of its real estate portfolio from 298.5 million euros (as of 31 December 2019) to 364.6 million euros (as of 31 December 2020) due to a corporate transformation through the integration of real estate properties and active real estate management.
2020 has been a challenging year for the real estate industry, both in Greece and worldwide.
The combination of government measures due to the Covid-19 pandemic with the ongoing economic downturn has significantly affected the revenues of real estate companies, as well as Noval Property's.
However, there was no significant delay in the payment of rents or utilities and sufficient liquidity was ensured, which enabled Noval Property to continue its development program during the period.
