Greece: privatization is a flop also in 2016

Greece will fail to achieve the goal of revenues from privatization this year. The target of € 3.7 billion is a mirage, it will be a success if the Hellenic Republic Asset Development Fund will bring in cash an amount of between 1.5 bln to 1.7 bln euro despite the acceleration of certain divestments in recent months . Yet the privatization plan is one of the cornerstones of the Athens bailout program, after three plans agreed with the EU and IMF 250 billion.

The initial goal of Greece was to create the most relevant plan of transfer of public assets in Europe (around 50 billion euro), but from 2010 to date the proceeds stops at just over 3.5 billion.

A significant part of the process is the real estate industry. In the portfolio of HRADF led by Stergios Pitsiorlas over 500 islands have been transferred, 16 thousand kilometers of beaches. The fund needs to sell about 71 thousand real estate (land, buildings, beaches, hotels and even a golf course) but the process proceeds in slow motion and a thousand obstacles.

Since the beginning of the proceeds from the sale of real estate assets just over 10 million euro, while in 2015 the fund has made more than 30 million euro.

The real estate assets are sold through the electronic platform e-publicrealestate that ensures faster and more transparent procedures than at startup of program to listings on ebay and estate advertisements in major international newspapers.

Even more difficult sales operations of small ports and marine tourism. It has yet to be appointed as the advisor for the concessions of 40 years of life, while the procedure for the sale of concessions for marinas of Alimos and Chios was closed for lack of interest from potential investors. However HRADF counts to reopen the procedure.