6
Trade with Greece
The property market at a glance
•
There is an oversupply of newly built proper-
ties.
•
There are more than 100,000-200,000 unsold
newly built apartments all over Greece.
•
Property prices remain high.
•
The majority of home purchases concerns
used and older properties.
•
The banks are keeping the funding tap turned off.
•
Demand is diminishing ― it is estimated to
have dropped by 50%-70% as compared to
the period 2005-2007.
•
More foreclosures.
•
The number of property transactions has,
according to market experts, significantly
decreased.
•
If the property market experts’ forecast that the
real estate crisis will last from two to three
years is verified, it is very likely that many busi-
nesses in this sector will be wiped out.
•
Net property returns are less than term deposit
rates.
The findings of the survey
1.
One out of ten property market experts
believes that there is an excess supply of homes.
2.
Six out of ten property market experts believe
that home sales have decreased as compared to
six months ago.
3.
70.4% of property market experts believe that
home prices have fallen as compared to six
months ago.
4.
68.2% of property market experts believe that
home prices will fall in the next six months.
5.
54.1% of property market experts foresee
reduced demand in the housing market during the
next six months.
6.
41.4% of property market experts predict that
the real estate crisis will last from 2 to 3 years.
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photo: Costas Lakafossis
