Strong growth across the board for Public Properties Company (ETAD) in 2024
The year 2024 closed with strong momentum and positive results on all levels for the Public Properties Company (ETAD), the subsidiary of the Hellenic Corporation of Assets and Participations (HCAP) that manages and utilizes public real estate assets. The company’s turnover reached €61.44 million, marking a 10.6% increase compared to the previous year. Rental income remained the main revenue stream, rising by 10%.
At the same time, EBITDA reached €54.7 million, an increase of €5.9 million compared to 2023, while net profits amounted to €61.49 million, up by €9.2 million. This performance reflects ETAD’s shift from mere property management to active asset utilization, as emphasized by CEO Iro Chatzigeorgiou during her appearance at the 26th Prodexpo.
“ETAD as a bridge between the State and investors”
“The utilization of public property through entities like ETAD acts as a multiplier for the economy, linking private investment with the national development strategy,” stated Ms. Chatzigeorgiou, highlighting the company’s ongoing transformation.
As she explained, ETAD is undergoing a shift in mindset, moving from traditional real estate management to active exploitation. The new strategy is built on three pillars: modernization of management, extroversion, and partnerships and collaborations.
“We want ETAD to operate as a bridge of cooperation between public bodies and investors,” she stressed, noting that preparing assets before tender processes is a crucial step for their faster and more efficient utilization.
“We closely monitor investment trends in order to create new destinations and development opportunities across the country—not just in urban centers but also in regions in need of investment,” she added.
Vouliagmeni Coast in the spotlight
One of ETAD’s most successful business units, Vouliagmeni Coast, continued its impressive performance in 2024. Visitor numbers reached 440,385, a 16.4% increase, while EBITDA rose by 12.8%.
The success of the site has attracted major market players ahead of the beach concession process. Among the bidders are Athens Beach Club (a consortium of the Konstantakopoulos, Prokopiou, and Kokkalis groups), Margi (owned by the Agiostratitis brothers), the Fais Group, Air Canteen (a subsidiary of Grigoris), and consortia including CVC Capital, REDS (of the Ellaktor Group), and Aegean Warehouses (of the Melissanidis Group). The second phase of the tender is expected to begin shortly.
Positive turnaround at the Diros Caves
Equally impressive was the recovery of the Diros Caves, which recorded a 15.6% increase in revenue and a 5.4% rise in visitor numbers compared to 2023. Most notably, the business unit posted a positive result for the first time, a development attributed to targeted promotion of the attraction and improved visitor services.
Record season for Parnassos – Skiing makes a comeback
The Parnassos Ski Center was another pillar of growth for ETAD. In the 2024-2025 season, it welcomed 180,076 visitors, a striking 47.5% increase from the previous year. The management places strong emphasis on further upgrading the facilities, with the completion of technical specifications and securing of funding laying the groundwork for even greater growth in the upcoming season.
Achilleion and new investments
The Achilleion Museum in Corfu operated year-round for the first time, offering visitors a new tour route through the palace gardens. Ticket sales reached 265,335, and revenues exceeded €1.26 million, demonstrating the effectiveness of interventions aimed at enhancing the visitor experience.
New strategic moves include the sale of ETAD’s stake in Zea Marina to CVC for €10 million and the initiation of the utilization of the Thessaloniki Government House, following the signing of a Memorandum of Cooperation with HCAP and the Presidency of the Republic. Restoration projects for the Achilleion Palace and the Diros Caves have already been included in strategic cultural investment programs.
“Second chance” for the former Xenia hotels
One of the major initiatives under Iro Chatzigeorgiou’s leadership involves reviving the historic Xenia hotels, which have remained inactive for decades. The first mature projects to be put up for tender are those in Drama and Kozani, with a competition for the Kalamitsa Coast site in Kavala expected soon. The goal is for the former Xenia hotels to become drivers of local tourism development.
New contracts and three-year strategic plan
Throughout 2024, ETAD signed 188 new lease and concession agreements, further expanding its portfolio. Looking ahead, the company is developing a three-year strategic investment plan, focusing on both business units and prime public real estate assets.
ETAD’s 2024 performance proves that the company has definitively moved from the stage of simple management to that of active utilization and development. With steady steps, strategic partnerships, and clear financial progress, ETAD is evolving into a key player in the management of public property, combining economic efficiency with social added value.
