Friday October 24, 2014 Search
Weather | Athens
19o C
12o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Property prices seen sliding further but at a slower pace

Property prices in Greece will slide further in 2014, Alpha Bank has forecast in a study.

“The property market’s recovery is expected to be relatively delayed, as it mainly depends on a normalization of the taxation regime, but also on the restoration of confidence in the prospects of the economy’s recovery and growth, on a steady strengthening of household incomes and a significant rise in stable employment,” Alpha Bank’s analysts said in its weekly economic bulletin.

“Overall, the significant slowdown in the downward trend for apartment prices in the first half of 2014 also signals a slowdown in prices for the year as a whole, at around -6.3 percent. The prospects of apartment prices stabilizing are significantly strengthened from 2015, particularly if the forecast for real GDP growth of 2.9 percent proves correct,” the report continues.

Despite the steep drop in prices and the significant number of homes for sale – often at prices below the actual value – transactions continue to dwindle, as sellers have begun anticipating that the value of their property will not fall any further, while buyers appear to be expecting a further slide, according to the report.

The average waiting period before houses are sold was estimated at about a year in the first months of 2014, against around five months in 2009. The number of transactions carried out with the help of banks fell to 3,003 in the second quarter of 2014, from 4,008 in the first quarter and 5,121 in the second quarter of 2013.

Such figures contrast dismally with 148,100 in 2007 and 30,900 in 2012.

Rents

Rents recorded a cumulative rise of 42.9 percent in the 2000-11 and began falling in 2012 (-2.1 percent), while the slide gathered pace in 2013 (-6.8 percent) and the first half of 2014 (-8.9 percent, y-o-y). However, the pace of decline in rents slowed down to 7.3 percent on an annual basis in July from 9.7 percent in January.

Alpha Bank draws attention to the fact that the prices of prime real estate for business premises have stabilized this year and the forecasts for upmarket properties in the tourism sector are even more positive due to the tourist boom.
On the whole, the market continues to be marked by especially low demand and excess supply.

ekathimerini.com , Thursday August 14, 2014 (16:29)  
ECB bank assessment to show 6-billion-euro capital gap, Citi says
ECB vies for third time lucky in European stress tests
Cyprus GDP upgrade seen as boosting bailout exit plans
Tax rate cut in catering sector has paid off
Finance Minister appeals for support for amendments ahead of vote
Finance Minister Gikas Hardouvelis on Friday called on MPs across the political spectrum to support a series of legislative amendments proposed by his ministry, including a recommendation to...
Credit line only open to Greece if it meets economic targets, sources say
Greece will only be able to access to a precautionary credit line, currently being discussed between Greek government officials and their eurozone counterparts, if the country finds itself l...
Inside News
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
BASKETBALL
Greens succumb to first loss at Bayern
Panathinaikoss unbeaten run in all competitions came an end on Thursday as the Greek champion lost 81-75 at Bayern Munich for the Euroleague. Bayern is a team that improves every year, and ...
Inside Sports
COMMENTARY
Tension for tensions sake?
It is evident that Turkish President Recep Tayyip Erdogan feeds off tension. He would barely have achieved as much as he has and prevailed if he had not been so keen to confront a series...
EDITORIAL
Testing ground
The Regional Authority of Attica is a good testing ground for politicians who appear to thrive on accusations to prove whether they can actually solve major problems of a practical nature. T...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Finance Minister appeals for support for amendments ahead of vote
2. Credit line only open to Greece if it meets economic targets, sources say
3. ECB bank assessment to show 6-billion-euro capital gap, Citi says
4. Venizelos slams Turkey for flagrant violation of international law off Cyprus
5. ECB vies for third time lucky in European stress tests
6. Cyprus president to be released from hospital on Friday following readmission
more news
Today
This Week
1. Woman killed in tram accident in Floisvo, south of Athens
2. Clocks to go back 1 hour on Sunday
3. Cyprus GDP upgrade seen as boosting bailout exit plans
4. ECB vies for third time lucky in European stress tests
5. Cyprus president to be released from hospital on Friday following readmission
6. Venizelos slams Turkey for 'flagrant violation of international law' off Cyprus
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Coalition shooting itself in the foot
3. Greeces closed society is central to its current malaise
4. Greece must stick to reforms, says Schaeuble
5. At least 11 banks to fail European stress tests, three in Greece, report says
6. Cyprus to block Turkey's EU talks after EEZ violation
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.