Greek Daily News 27/05/2024

POLITICS

The European elections in Greece will be held on 9 June 2024, from 7.00 in the morning to 19.00 in the afternoon. Voters will elect 21 Members of the European Parliament in 2024. Out-of-country voters planning to cast their ballot by mail must ensure their ballot envelopes are dispatched no later than Tuesday (May 28) to meet the voting deadline. Voters within Greece have until Monday, June 3, if collected by the postal service, or Tuesday, June 4, if dropped off directly at a post office. Postal votes must be sent to the Postal Vote Collection Committee by 17:00 Greek time on June 8, 2024, in order to be counted as valid.

ECONOMY

-In March 2024 the value of imports of Greece from Russia was 140.8 million euros, recording a decrease of 33.3% in comparison with March 2023 when it was 211.2 million euros. The value of exports of Greece to Russia in March 2024 was 7.3 million euros, recording a decrease of 5.3% in comparison with March 2023 when it was 7.7 million euros, according to data by the Hellenic Statistical Authority (ELSTAT).

-The board of directors of ATHEX-listed Piraeus Bank, one of four systemic banks in Greece, proposed last Friday a dividend total of 79 million euros, or 0.063 euros per share, for FY23. The proposal is up for approval by the annual general meeting of shareholders on June 28.

BUSINESS

There are 13 active Greek venture capital firms focusing mainly on startups, with a total capital of €540 million. They invested in 62 startups in 2023, covering approximately 85% of the total deal volume, according to the “Startups in Greece Venture Financing 2023-2024” report, conducted by Found.ation and EIT Digital. Capital managers are cautiously optimistic about 2024, rating their prospects for the new year at 3.8/5.

REAL ESTATE

-In 2023, property sales increased by 34% in value compared to 2022, according to figures from the Independent Authority for Public Revenue (AADE). The data showed expenditure of 18 billion euros by real estate buyers in total. Last year, a total of 174,475 properties were sold, up 21.1% y-o-y.

-The Overall Material Costs Index in the Construction (CSTM) of New Residential Buildings in April 2024 recorded an increase of 5.6% in comparison with April 2023. The corresponding index in April 2023 had
recorded an increase of 8.4% compared with April 2022, according to data by the Hellenic Statistical Authority (ELSTAT).

SHIPPING

The Greek Merchant Fleet decreased by 0.4% in March 2024 on an annual basis, ELSTAT data showed. This follows a drop of 0.7% from March 2022 to March 2023. In addition, the gross tonnage of the Greek Merchant Fleet, for vessels of 100 GRT and over, recorded a decrease of 3.5% in March 2024 compared with March 2023. A decrease of 4.7%, was recorded in March 2023 compared with March 2022.

TOURISM

In the first quarter of 2024 hotels in Athens witnessed an average occupancy rate of approximately 68.7%, an improvement from the 63.9% recorded in 2023, the Athens-Attica & Argosaronic Hotel Association data showed. There was a 7% increase in the Average Room Rate (ADR) with rates increasing from 103.52 euros to 110.77 euros. Revenue per Available Room (RevPar) reached 76.12 euros during the period under review compared to 66.13 euros in 2023, up 15.1%.