The Greek Real Estate Market Is Still Attractive for Foreign Investors
April 13, 2022
21
Foreign investors are waiting for the development of the Greek real estate market, but have not lost interest in it.
Foreign institutional investors are waiting for the development of the Greek real estate market, but have not lost interest in it. As market professionals stated at the seventh economic forum in Delphi, events in the geopolitical sphere will affect the situation, but it is not yet known what this impact will be.
According to Georgios Elekidis, director at Bain Capital Credit, the pandemic has not prevented the growth of the Greek real estate market. "The question now is how this geopolitical crisis will affect real estate, which is the biggest problem at the moment," he said.
An Executive General Manager and an Executive Committee member of Piraeus Bank, and Head of Real Estate, George Kormas, noted that "inflation leads to an increase in the cost of construction, but real estate is also a haven for investors even in wartime." He added that consumer demand will decrease as people's disposable income will decrease. The Ukrainian crisis will lead to some reduction in prices, and in some cases will prevent the formation of a "bubble".
The CEO of Q Real Estate Services George Mantzavinatos comments: "We are facing a wait-and-see attitude of investors due to a special military operation, but customer interest remains alive. I think as soon as a truce is reached, everything will change." He believes that Greek real estate continues to bring significant profits to foreign investors and that in the next few years the supply on the local market will increase significantly.
Mortgage. Banks will play a key role in the future of the real estate market. In 2021, the volume of new loans issued for the purchase of housing amounted to €900 million, compared with €3 billion in 2008, when the market reached its peak.
Ioannis Ganos, Director of Real Estate Management and Investment at Alpha Bank, states that "we are definitely on a growth path that has not been affected by the coronavirus, and we do not believe that it will be affected by the energy crisis." He points out that banks are now stable enough to issue new loans.
Investment opportunities in Greece:
600 000 €
Hotel in Greece
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