Greca Developments is currently negotiating the acquisition of 8 new buildings comprising around 300 residential units, with total investments estimated at €35 million. In addition, the company owns approximately five land plots across various Greek regions, covering a combined area of nearly 4,000 square meters, which are slated for future development.
The company has already begun collaborating with agencies and offices specializing in Egyptian outbound travel, aiming to showcase its projects to prospective buyers. According to CEO and founder Ahmed Abbassi, 80% of the company’s sales to date have come from Egyptian clients—thanks in part to the Egyptian background of Greca’s board, which boasts strong local market ties. The remaining clients are largely from Turkey or are Egyptian nationals residing in the UAE.
Abbassi emphasized that Greca is not targeting the traditional real estate buyer in Egypt. Rather, the company is appealing to individuals seeking ease of movement and access across Europe. Greca’s business model is designed to attract Egyptian investors aiming to unlock EU residency through the Greek property market.
Looking ahead, the company plans to expand its presence in Egypt to attract a broader client base, especially those looking for permanent residency in Europe through Greek investment opportunities.
Abbassi explained that under Greece’s current legal framework, foreign buyers can qualify for permanent residency by investing €800,000 in new residential projects. However, if the purchased property involves a change of use—from commercial or administrative to residential—the minimum threshold drops significantly to €250,000. These legal changes, recently introduced by the Greek government, are aimed at easing pressure on new housing supply and curbing the surge in real estate prices.
Greca specializes in acquiring strategically located buildings, redeveloping them, and offering them to clients seeking European residency. The company currently owns 15 buildings in Greece, with total investments of around €50 million covering both acquisition and redevelopment costs.
The firm also announced its intention to open a Cairo office by Q4 of next year, aiming to streamline project marketing and enable direct client engagement, rather than relying solely on virtual meetings as it does now.
Abbassi revealed Greca’s plan to release 150 new residential units in Athens to the market this period.
