One of the most persistent yet often overlooked challenges in the Greek real estate market is the management of residential buildings. Despite rapid growth in real estate and increased investment, the day-to-day operation of many apartment buildings still relies heavily on outdated practices, with handwritten records, fragmented financial overviews, and limited transparency.
This is the gap that Billys, a Greek start-up, aims to address. The company has developed a comprehensive digital platform for building management and now oversees more than 56,000 active properties in Greece and Cyprus, adding over 5,000 new properties per month.
As Panos Riniotis, founder and CEO of Billys, told BnBnews.gr, the idea stemmed from a simple but critical observation: “There is a significant gap in building management. Processes remain outdated, relying on paper and handwritten records, which creates serious problems in organization, monitoring, and—most importantly—transparency.”
The need for digital tools is even more pronounced in larger buildings, where managing tenants, common expenses, and technical issues requires systematic organization and continuous oversight. Based on this insight, the start-up developed its platform, initially piloting it with a limited number of clients to confirm its practical functionality.
Billys: Nearly €3 million raised in two funding rounds
After launching the first functional product and validating its commercial potential, Billys approached institutional investors. In total, the company has raised nearly €3 million across two funding rounds. “In the first round we raised around €850,000, and in the second about €2.1 million,” Riniotis said. The investment group, which includes some 30 investors, features Lamda Development as well as funds such as Genesis Ventures and Deep Capital Group.
Market entry and product evolution
Billys’ organized market entry took place in 2023, with a more mature strategy and an expanded service portfolio. Today, the company employs 15 people, with the team steadily growing.
Initially, Billys focused solely on providing building management software for owners and tenants. Over time, however, the product has evolved. The company now offers full-service building management, stepping in when owners cannot or do not wish to handle operations themselves. Services range from cleaning and technical maintenance to structural interventions, fire safety, and tenant support. The company has also developed an insurance brokerage component with products tailored to real estate needs.
Pandemic and geographic expansion
The Covid-19 pandemic accelerated adoption of the platform. Without the wave of digital transformation prompted by the pandemic, the uptake of such solutions would have been much slower. Today, Billys operates in Greece and Cyprus and is considering expansion into other European markets within the next 12 months.
The Greek challenge: older buildings and fragmented ownership
The Greek market remains complex. Most apartment buildings are older and feature highly fragmented ownership, while lack of coordination between owners and tenants continues to be a major reason why many properties remain closed.
General assemblies present a particular challenge. To address this, the platform incorporates digital voting, allowing remote participation—a significant benefit for owners living abroad.
The growing presence of foreign investors adds further challenges. In cases of unpaid common expenses, communication can be difficult, delays frequent, and legal intervention sometimes necessary.
Cyprus: a more mature market
By contrast, Cyprus shows a more organized picture. Higher construction activity, a greater number of newer properties, and familiarity with digital tools create a more mature environment. Billys reports that it invests little in marketing, as much of its client base grows organically.
The apartment building as a “small economic unit”
According to Billys’ research, an apartment building should function as a small economic unit. When it does not, three major problems emerge: poor management of common expenses, insufficient maintenance, and lack of long-term planning. Data suggest that mismanagement can reduce the value of an apartment by up to 20%.
“Our goal was to change a sector that has operated with paper and inefficiency for decades,” Riniotis notes. Referring to the company’s five-year strategy, he adds: “We want to become a reference point in building management and a true one-stop shop for any property need.”
