By Viki Tryfona
In the coming days, the major project for the initial valuation of 1,000 properties of the Public Properties Company (ETAD) is expected to be delivered. These properties are entering a phase of maturation and utilization. Completion of this exercise is expected to provide a clear and comprehensive picture of the state of the properties and their potential for commercial exploitation. This represents the first major step toward the full recording, categorization, and maturation of approximately 36,000 properties, which is ETADs strategic goal.
The process
The process involves grouping properties into thematic clusters, such as tourist, commercial, or urban, so that the evaluation is carried out with clear criteria and specialized methodology. The project is executed by nine specialized property management firms, under the coordination of the American consulting company McKinsey as Project Management Consultant. The initiative aims to create, for the first time, a complete and reliable database for ETADs portfolio, a prerequisite for its effective and modern utilization.
Challenges and objectives of the project
ETADs registry currently includes about 71,000 entries, but the picture remains unclear. Many codes do not correspond to actual properties or describe ambiguous holdings. Management has a clear picture of only about 3,500 properties, with an indicative valuation of 1.5 billion euros, which reflects only formal records rather than commercial values. The critical task is to match each entry with an actual property, provide geographical location, and complete the legal and technical documentation.
In the pilot phase, instead of assigning a single consultant, the nine contractors work simultaneously on 100 properties each, following the same process. This approach allows for the identification of problems, the establishment of common standards, and ensures that the model functions correctly before expanding to a larger scale.
Of the approximately 36,000 entries theoretically corresponding to properties, ETAD estimates that only 6,500 have value potential after full documentation. Of these, about 1,000 can reach a stage of utilization within the next two years, provided the legal and technical maturation is completed.
Plans for Olympic properties
ETAD is also launching new projects to upgrade and reopen Olympic properties under its management. At the center is the Schinias Rowing Center, a facility unique on a global level, which has been left to decay since 2004. Following consultations with the Hellenic Olympic Committee and the Hellenic Corporation of Assets and Participations (Õðåñôáìåßï), immediate restoration of the water sports venue is planned. Funding has been secured through sponsorship via the Adopt a Sports Facility program, with the Italian company that originally constructed the venue undertaking the construction of new floating platforms.
At the same time, the Faliro Tae Kwon Do Arena is entering a phase of comprehensive reuse through a strategic partnership between ETAD and the Region of Attica. ETAD has granted a 153,207.51 sq.m. coastal area for redevelopment and use, which includes the Tae Kwon Do arena, the Water Square, the shoreline, and existing facilities. The plan envisions the creation of a new Metropolitan Park with a strong environmental, social, and cultural character, and the transformation of the Tae Kwon Do arena into a state-of-the-art conference and concert center.
The 40-year concession contract was approved by the Court of Audit and takes effect on 1 January 2026. During 20262027, the Region will carry out the necessary studies and secure financing, while ETAD will continue to cover operating and maintenance costs. From 1 January 2028, the Region will take full management of the area. The financial framework of the agreement includes an annual fee of 1 million euros to ETAD, participation in future net revenues, and representation on the Management Body of the new Metropolitan Park, reinforcing the projects reciprocal and developmental character.
