In a statement published by the Athens-Macedonian News Agency and in major financial media outlets, Iosif Arampatzis notes that the new legislative initiative for co-ownership should make it easier for owners to utilize their apartments, something EPIYKLOS has already offered with its properties since 2020.

The AMNA reportage titled “Data on rents and home purchases – Increase in mortgage lending” presents data that indicate strong interest in housing, an increase in mortgage financing and a rise in demand from abroad, trends that vary considerably by region and a significant mismatch between supply and demand for more affordable homes. In such an environment, the article notes, potential homeowners and real estate investors will focus on better utilizing existing buildings, upgrading older homes, and introducing new forms of co-ownership.

Those are the focus points of the article’s concluding section, where the EPIKYKLOS approach is presented through the words of the company’s founder and CEO:

Allowing properties to adjust to new needs

The better utilization of the existing building stock and the capability to separate or join properties are fundamental elements in the approach of Iosif Arampatzis, founder and CEO of EPIKYKLOS, regarding property flexibility.

As he notes, construction costs have risen significantly, land is more expensive, and building a new housing stock is becoming more challenging. At the same time, demand for housing remains strong, while a large portion of the market is having difficulty finding properties that meet its needs and budget. The way he sees it, the answer cannot just be constructing more houses. What’s needed is a better utilization of the buildings that are already there and a provision ensuring that the properties being built today remain functional and usable in the future.

Mr. Arampatzis links that need to the discussion on modernizing the institutional framework for property ownership. As he says, the new legislative initiative attempts to overcome limitations that have been in place for almost a hundred years, to allow properties to be separated or joined by limiting the obstacles related to old regulations and the need for co-owner consent.

He refers to the needs of a family as an example: a large apartment may need to split into two smaller ones when the children grow up, while two small properties may need to become one bigger house. According to him, such adjustments may conflict with the bylaws and regulations of an apartment building, resulting in the property losing part of its efficiency.

As he explains, as early as 2020, with the “advanced co-ownership declaration and bylaws,” EPIKYKLOS chose to provide, by contract, the owners in its buildings with the capability to separate or join them in the future. The goal, as he says, is for the owner to be able to adapt their property in a different reality without being dependent on decisions they cannot control.

In his view, a more modern and flexible ownership framework could unlock the potential of the existing building stock and lead to a different approach to the properties being designed today. Their value, he says, must not be measured strictly by size, energy efficiency and construction quality, but also by the options they create for the future.

Buildings last for decades. Lives inside them change. The actual added value is to predict and build for both cases.