The further development of the real estate market and in particular of the short-term leasing sector is accompanied by strong interest from established entrepreneurs from other sectors. The year 2025 finds the sector attracting new, strong funds and names with a long business track record, who see in tourist accommodation and its management a new opportunity for diversification and investment.
From bread… to real estate: The EMKAR of Manolis Karamolengos
Manolis Karamolegos, associated for decades with the bakery and the chain of stores “Apollonia”, decided to expand his business footprint in the real estate sector. On July 14, the establishment of the new company EMKAR Construction I.K.E., based in Ambelokipi (Dorylaiou Street) and aiming to operate in the broader sector of real estate management, was registered at the General Registry of Commerce and Industry.
EMKAR has a multifaceted scope, ranging from the construction and renovation of buildings to the purchase and sale of land and the provision of property management services, including short-term and long-term leases and timeshare. In other words, it is a company with a clear intention of intervening in the entire spectrum of the housing market.
The initial share capital was set at EUR 50 000, divided equally into 50 000 shares. Top executives of the Karamolegou family are involved in the partnership:
Vassilios Evangelou, with a 50% share (25.000 euros)
Manolis Karamolegos himself, with a 25% share
His son, Elias Apostolos Karamolegos, also with a 25% share
The management of EMKAR is undertaken by Petros Thanos, member of the Board of Directors of Karamolegos Bread Industry S.A., with many years of experience in the organizational and strategic part of the company.
The.Ma.Real Estate: investment turn by Emmanouela Vassilakis
Emmanouela Vassilakis, wife of the late Theodoros Vassilakis, founder of the Vassilakis Group and Aegean Airlines, is making a similar strategic opening in the real estate sector. The focus of her business activity is now on Thema Immobilien Monopersonal S.A., which was recently established with an initial share capital of EUR 6 million – capital paid entirely in cash.
The company is based in Kifissia and undertakes a wide range of real estate development activities. Its purpose is to provide management and leasing services, both short and long term, including furnished apartments without providing hotel services.
The integration of Emmanouela Vassilakis into the real estate sector is accompanied by strong market interest, as it marks the expansion of the investment portfolio of a group with a long history in transport, aviation and tourism. With the new company, Ms. Vassilakis is investing in a dynamic sector that shows high returns and sustained demand, despite regulatory challenges.
The emerging trend: strong non-real estate players see opportunity in tourist housing
These cases highlight an emerging trend of traditional exogenous capital entering the real estate market, especially short-term leases. The steady rise in demand for tourist accommodation, visitors’ interest in non-hotel experiences and the dynamics of digital platforms (Airbnb, Booking.com, VRBO, etc.) have made the sector particularly attractive.
At the same time, the strong development mobility in areas such as Crete, Cyclades and Attica create significant opportunities for those with capital and organisational capacity to enter the market. It is no coincidence that organised business families with experience in other sectors are also turning to the sector, either through new companies or by transferring know-how from industry and commerce to real estate.
Next steps
How these investments will evolve will depend both on the business strategies adopted and the ever-changing regulatory framework in Greece and Europe. However, the message is clear: short-term leases are no longer the domain of small landlords alone and are now attracting venture capitalists with serious capital strength, aspiring to reshape the industry in the coming years.
