Dominique Moerenhout (EPRA): The Shifting Role of Real Estate

As previously highlighted, the sector is not merely traversing another cyclical phase, but is undergoing a more profound structural transformation in which both the role of real estate and the nature of the returns it is expected to deliver to investors are being fundamentally redefined. Greece, in this context, represents a characteristic case of a market in transition—evolving, maturing, and progressively aligning with broader European trends—while continuing to offer credible long-term growth prospects.

The European listed real estate market, meanwhile, has been operating since the start of the year within an environment of pronounced volatility, driven by geopolitical developments and successive global disruptions. As noted by Mr. Moerenhout, unlike in the past—when such disturbances were largely cyclical—they are increasingly assuming structural and enduring characteristics, effectively shaping a “new normal” for the sector.

Recent tensions in the Middle East were specifically cited as a reminder of the extent to which external shocks can exert an immediate impact on real estate markets, reinforcing a more cautious investor sentiment. Against this backdrop, activity in new listings (IPOs) remains subdued, while capital deployment has become more measured.

Recalibration of Investment Strategy

That said, the outlook is not unambiguously negative. Rather, a clear recalibration in investment strategy is underway, with capital increasingly directed toward more selective opportunities. The emphasis is on assets underpinned by robust fundamentals, resilient cash flows, and durable long-term demand. This shift further underscores the relevance of listed real estate markets, which offer enhanced transparency, liquidity, and adaptability.

Four structural megatrends are exerting a decisive influence on the emerging landscape:

• demographic change,
• deglobalization,
• digitalization, and
• decarbonization.

Collectively, these forces are reshaping real estate demand and generating new avenues for investment. Demographic shifts, for instance, are driving increased demand for alternative residential formats, including student accommodation and social housing. At the same time, the reconfiguration of global supply chains is elevating the strategic importance of logistics and infrastructure assets. In parallel, the acceleration of digital transformation is fueling sustained investment in data centers and digital infrastructure.

According to the European Public Real Estate Association (EPRA), adapting to these evolving dynamics constitutes a central challenge for the sector. Within this framework, Greece appears well positioned to capitalize on emerging opportunities, provided that it continues to foster a stable and competitive investment environment.