Wednesday November 26, 2014 Search
Weather | Athens
13o C
8o 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)  
Debtors snap up offer for easier settlements
Belgium gas firm said to be eyeing DESFA
OLP approval paves way for investment in Piraeus
Airport tender exceeds expectations
Hundreds of migrants on crippled ship off Crete
Ships from Greece rushed to help after a crippled freighter crammed with hundreds of migrants floundered for hours Tuesday in gale-force winds and high waves in the Mediterranean Sea, offici...
Policemen suspected of working at Piraeus bar where shooting took place
At least three serving policemen are thought to have been working at the bar in Mikrolimano, Piraeus, where a 31-year-old man opened fire with an AK-47 early on Saturday, resulting in 15 peo...
Inside News
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The countrys citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Give Greece a chance
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.