BVIC’s strategy is to maintain its leading position in the domestic commercial real-estate market. In the coming years BVIC plans to continue developing and retaining prime building complexes along Athens’ arterial roads including Kifissias Avenue, Syngrou Avenue, and further out along Attiki Odos.

BVIC is also entering other high growth markets such as the vacation home market and the retail market. 

The retail real estate market is an area in which BVIC foresees future growth opportunities. Greece has one of the most underdeveloped shopping centre markets in the EU, with only 20sqm of space per 1,000 inhabitants compared to an EU average of 150 sqm. In the retail sector, BVIC is currently constructing two large-scale commercial projects, and has a third one in its development pipeline: 
 

The first is a complex in Delta Falirou with a gross development area of over 13,000sqm of lettable area. BVIC signed a 12 year lease agreements with Village Roadshow and Media Markt for 94% of the complex, and has leased all of the 738 parking spaces.

The second commercial development is at 49 Kifissias Avenue. It consists of 8,800sqm of building area and 548 parking spaces on a land plot of 11,000sqm, for which Media Markt signed a pre-let agreement for 58% of the lettable area.

BVIC also intends to enter the vacation home market. The success of the 2004 Athens Olympic Games has raised the country’s profile as a major tourist destination, and as a result foreign demand for vacation homes in Greece is expected to increase. Moreover, domestic demand for locations within close proximity to Athens is expected to increase as access has been facilitated by recent improvements in infrastructure. BVIC intends to construct tourist developments, initially within easy reach of Athens on both mainland Greece and the islands.

 

Currently BVIC is planning to enter the growing vacation home market with a large-scale development acquired in 2005 on Poros-Galatas, with access by land within 2 hours or by boat in 1.5 hours. The land plot to be developed is 89,000 sqm with an existing hotel complex and semi-developed residences.

The second land plot which will be developed as a tourist complex is located in Pountazeza, Sounio. The complex will cover a total land surface of over 62,000 sqm. BVIC completed a building design for the development of three distinct hotel units, with a total above ground area of 12,000 sqm. BVIC Group has already received all the necessary permits from the Greek National Tourist Organisation (GNTO) and is thus ready to apply for a new building permit, which is expected within the first quarter of 2006. 

The management of BVIC believes that the development of the land plot in Sounio, in a particularly attractive location, will generate significant demand from Greek and foreign hotel operators. The Group intends to secure a long-term lease agreement with a hotel operator to manage the units that will be developed.