BUSINESS

Greek homes market to keep moving at three speeds

NIKOS ROUSSANOGLOU

TAGS: Property

The local residential property market is expected to continue moving at various speeds in 2019, as the segments that are seeing considerable interest from abroad are experiencing plenty of activity at a time when demand and transactions in others remain frozen.

However, there are signs of more positive prospects for next year than in previous years in property categories such as modern office spaces, hotels and accommodation units at popular holiday resorts, logistics centers and retail spaces.

According to Babis Haralambopoulos, former head of the Hellenic Valuation Institute and currently consultant to SOLUM Property Solutions, the property market will comprise three groups moving at different speeds in 2019: The first, and fastest, concerns apartments that are of interest to foreigners in terms of investment and leasing in areas such as the center of Athens, coastal Attica, popular holiday islands, and the cities of Thessaloniki, Hania, Kavala, Halkidiki, Rhodes and Corfu.

The second concerns properties in areas of relative interest where prices remain stable, such as the northern suburbs of Athens; and the third includes the vast majority of the country’s residential properties whose absorption relies entirely on domestic demand, which remains practically nonexistent.

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