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Trade with Greece
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H
owever, the same persons predict that
the crisis in the real estate market will
last for at least two years. The
Department of Statistics of the Athens University
of Economics and Business recently conducted a
survey of the property market, which shows that
nine out of ten real estate experts see an excess
supply of homes, while six out of ten believe that
home sales have dropped in the past six months.
Moreover, 70.4% of real estate experts reckon
that home prices have fallen as compared to six
months ago, while almost 7 out of 10 predict a
drop in residential property prices during the next
six-months. Also, 54.1% of real estate experts
foresee reduced demand for homes in the next
six months, while 4 out of 10 predict that the cri-
sis in the property market will last from 2 to 3
years. In regard to the economic crisis, 90% of
respondents said that it will have an adverse
effect on property prices.
In fact, the supervisor of the survey, professor
and president of the Department of Statistics of
AUEB, Mr. Epaminondas Panas, says, among
other things, that “the experts’ estimates for the
property market are ominous. The estimates of
real estate experts are, in general, ominous. No
one can say for sure when the market will recov-
er. Apparently, the crisis will last for a long time,
with minor reversals resulting from temporary and
haphazard offers made by constructors. The
‘good news’ ―always according to real estate
experts― is that there is no bubble in the proper-
ty market, because if a bubble existed no one
would be able to gauge the depth of the crisis”.
The real estate
crisis creates
opportunities
“The crisis in the property market creates
opportunities, which all interested buyers-
investors should seek.” This is the view of
many players in Greek Real Estate, the econ-
omy’s most neuralgic sector, who have been
experiencing the recession in the property
market for the past few years.
By Costas Siomopoulos
