The outlook for the Greek commercial real estate market remains strong, at least as far as the expected process of asking prices and rents is concerned.
This optimistic outlook is provided by foreign and Greek institutional investors, who participated in this year’s survey on the prospects of PwC’s European real estate market next year for the Land Institute. Urban.
The survey ranked Athens ninth out of 31 cities in Europe based on estimated investment property prices and rentals (eg office buildings, logistics centers, etc.). This is seen as an important development step in the wake of the pandemic, with institutional investors agreeing that the Athens real estate market offers significant opportunities for future capital gains and rental revenue. .
Eri Mitsostergiou, ULI president in charge of Greece: “The Athens market did not have time to bounce back from its recent bear cycle formed during the financial crisis, so there is still a range to behold. for future capital gains, both in terms of rent and price. and Cyprus, who is also head of European research at Savills real estate consultants, told Kathimerini.
“Several European cities have reported increases in prices and declines in profits in previous years, this has not happened in Athens to the same extent as the recovery that started after that. Athens is also seen as a safe investment option for some institutional investors due to its lack of quality properties. Hence, it is estimated that existing good quality buildings will maintain and possibly increase their value in the future, as opposed to buildings of lower standards, ”she added.
Mitsostergiou added, the mainstream of investors regarding the choice of real estate and safer markets due to the pandemic. Notably, in last year̵7;s survey, Athens topped the table.
Meanwhile, the Greek capital’s overall investment outlook for 2021 is also positive, though there is no improvement to its position on this ranking, as it remains in place. 28, the same as last year. This is not due to any particular reason, but the size and lack of assets that make it impossible to rise among peers.