Wednesday August 27, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Most property market experts see no rebound in prices before 2017

By Nikos Roussanoglou

It will take at least two or three years before the local property market emerges from the deep crisis of recent years due to the weight of the excessive supply and the lack of demand, according to an economic conjuncture survey by the Athens University of Economics and Business.

In contrast to some forecasts for a market recovery from 2015, conditions in the sector are continuing to deteriorate. The survey showed a fresh decline in market confidence from 30.37 in the previous survey to 29.60 points, with 50 points representing the border between optimism and pessimism.

Most market professionals (87 percent) believe the crisis will last up to three more years – i.e. until 2017 – with the main reason being the huge stock of unsold properties that are estimated at between 200,000 and 270,000 across the country. Such a high supply is impossible to absorb given the current demand, or lack thereof. Contributing to this lack of demand are the high unemployment rate, the lack of financing by banks, high taxes on property and the low birthrate, the university’s survey argued.

Of the experts questioned, 95.8 percent said they thought the market is suffering from oversupply, while 88.4 percent believe that prices have dropped further in the last six months. Five out of six (83 percent) said that prices will slide to lower levels in the first six months of 2014, with one in six seeing a steep drop.

Just 10.1 percent of respondents expect demand to recover in the period up to the end of June, with 28.9 percent expecting no change in the demand levels. The majority (61 percent) believe demand will sink to a new low.

Another survey by Remax Athmonon estate agents showed that even in the upmarket northern suburbs of Athens, more than half of the property transactions (56 percent) were conducted at rates below those used for tax purposes, known as “objective values.” Maroussi was the municipality with the highest number of transactions, of which 33 percent were conducted at prices 20 to 30 percent below the objective values.

The same survey showed that the share of properties which do find buyers ranges between 3 and 11 percent of the supply, depending on the area.

ekathimerini.com , Monday February 10, 2014 (22:32)  
New property tax details out
Minister takes up SMEs’ cause
Tender for telecoms upgrade near
Cosco, spurred by container activity, posts 23 pct profit rise
ND gains one deputy as ousted MP sworn in Lamia mayor
Independent deputy Nikos Stavrogiannis on Wednesday resigned from Parliament in order to be sworn in as mayor of Lamia, central Greece. Stavrogiannis is a former New Democracy MP who was ous...
Gov’t seeks to douse presidency speculation
The government on Tuesday sought to douse growing speculation about Democratic Left (DIMAR) leader Fotis Kouvelis being lined up as a nominee for the Greek presidency as lawmakers from the c...
Inside News
SOCCER
Roma signs Greece defender Manolas from Olympiakos for 13 mln
Greece international Kostas Manolas has joined Roma on a €13 million ($17 million) transfer from Olympiakos, as coach Rudi Garcia looks to strengthen his worrisome defense before Serie A sta...
SOCCER
Panathinaikos held in Super League opener, loses striker Berg to injury
Panathinaikos suffered a traumatic debut in the Super League on Sunday as they were held to a 1-1 draw by Levadiakos and lost star striker Marcus Berg for up to three months. The Swedish pla...
Inside Sports
COMMENTARY
Diplomacy, not dogmatism
A friend who moves comfortably within the circles of the European establishment recently described a particularly interesting experience when he found himself in a discussion behind closed d...
EDITORIAL
Preachers of hatred
Engaging in public dialogue regarding whether the anti-racism bill is mandatory and sensible is both legitimate and necessary at this current point in time. In the meantime, however, regardl...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ND gains one deputy as ousted MP sworn in Lamia mayor
2. New property tax details out
3. Minister takes up SMEs’ cause
4. Roma signs Greece defender Manolas from Olympiakos for 13 mln
5. Tender for telecoms upgrade near
6. Gov’t seeks to douse presidency speculation
more news
Today
This Week
1. ND gains one deputy as ousted MP sworn in Lamia mayor
2. The battle against progress
3. Taxpayers granted six installments to pay property tax
4. Air force jet goes down in northern Greece; pilot believed safe
5. Fighter pilot confirmed safe after plane crashes during exercises
6. De-escalating the tension
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Brussels warns Greece over plans to allow construction near Korinos beach
3. Logged out of reality
4. Merkel cites euro’s ‘construction flaws’ as economy sputters
5. Second man held over double murder in Mani
6. Greek stock recovery fading away as ASE falls 21 pct on valuations
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.