The Process

The process of changing the designation (change of use) – turning commercial buildings into residential apartments.
The steps:

  1. Locating the deal, actively searching for suitable buildings and contacting the owner regarding a possible purchase. We also work in collaboration with local realtors. After locating the property, an engineering and legal inspection is performed to check the suitability for the change of use.
  2. Marketing and recruitment – the company locates the investors; each investor chooses the property that suits their needs according to the construction plans and then regulates the terms under a comprehensive contract aimed at protecting all parties of the transaction.
  3. The purchase stage – the purchase is carried out directly between the Greek seller and the investors, so from the beginning the property is registered in their name in the registry.
  4. Obtaining permits – takes between 3-5 months and includes permits for the change of use, splitting (distribution into apartments) and construction.
  5. The renovation stage takes between 3-5 months, from the moment the property has undergone a change of use. During the construction stage we create new infrastructure from scratch – water, electricity, and drainage – and provide a high-quality renovation and design.
  6. Municipal inspection – After the renovation, an inspector from the municipality arrives, who makes sure that the construction was done according to the approved plans and permits.
  7. Furnishing the apartment and finding a tenant, through the management company, for a stable income.

The whole process takes up to about 12 months according to the contract.

The payment installments are carried out according to the rate of progress in the project and will be described at the time of signing.