Releaz: The Proptech Startup that brings air of innovation to the Greek real estate
The pioneer platform of the company covers the refinancing gap in the Greek real estate market, "bridging" the gap between owners and investors.
The domestic real estate market – traditionally the engine of the Greek economy – has been on an upward trajectory in recent years, despite the uncertainty caused by the Covid-19 crisis. After almost a decade of strong recession, the climate in real estate is “reheating”, with investors’ interest in the prospects of the Greek real estate market growing steadily.
However, for the overall recovery of the real estate market, a traditionally “conservative” industry in terms of operating model, it is necessary to address the pathogenesis of the past as well as accelerate the process of digital transformation, in the post-covid era.
The modern needs of the Greek real estate market are at the core of releaz. The Greek Proptech Startup, in less than a year, has managed to bring “air” of innovation in the Greek real estate by developing solutions, which cover large market gaps but also constant demands of both investors and property owners.
Andreas Giakoumelos and Christodoulos Papachristou, founders of releaz, realized that there was lack of refinancing in the Greek real estate market to the standards of the “equity refinancing” model that is available in other foreign markets for several years.
Taking into account the high percentage of privately owned real estate in Greece, the founders of releaz, having significant experience in large multinational and innovative companies, created a pioneer platform, which is expected to change the domestic real estate.
Releaz is an innovative online real estate market that connects owners and investors by introducing the solution of sale and leaseback of urban real estate for the first time in the Greek market.
The purpose of releaz is to offer flexibility and liquidity to the owners, enabling them to use their properties, not only in the context of real estate, but also for other movements, such as business financing and meeting financial obligations.
“Releaz is a pioneering financial tool for property owners in order to provide a solution to the chronic liquidity problem faced by many Greek households,” adds Andreas Giakoumelos. The comparative advantage of releaz lies in the use of technology to secure transactions and verify the parties.
In particular, unlike classic sale and lease agreements, releaz connects property owners with a number of registered investors through secure, prompt and transparent procedures. Also, the owner reserves the unilateral right to repurchase the property (secured under a notarial contract) at any time within five years of the transaction at a pre-agreed price.
In other words, the owners can make the most of their property through the platform and with great freedom of movement , having the control to redefine their strategy as they deem necessary.
For investors, releaz makes investing in real estate particularly easy by optimizing the connection with the owners, as the platform is designed based on a seamless user experience. “Releaz digitizes and streamlines access and investment in selected urban properties, offering attractive returns to investors,” Christodoulos Papachristou tells us.
In addition to the traditional method of selling and re-leasing real estate, releaz differs significantly from a bank loan. Through the programs offered on the platform, the liquidity can reach up to 90% of the value of the property, a very competitive percentage, given the average liquidity provided by the banking institutions, which rarely exceeds 50% -60% of commercial value.
In addition, unlike taking out a loan, the repayment is not mandatory, while, as mentioned above, the owners retain the right to repurchase their property, having full control in their hands. At the same time, in addition to the platform, releaz is supported by accredited real estate appraisers as well as technical and legal advisors, who are an integral part of the Startup team.
Releaz’s project has been widely accepted by both the representatives of the Greek real estate market and investors. Among other things, the releaz team collaborates with its counterpart Miltos Kambouridis, founder and managing partner of the investment group Dolphin Capital Partners, who believed from the beginning in the vision of the rising proptech Startup, participating in its first financing. Also, the dynamics and potential of releaz has attracted the attention of well-known “investment angels” and VCs, that see in the face of the platform the disruptor that the Greek real estate so desperately needs.