Commercial property seen rebounding this year
Commercial property market (offices, shopping malls and industrial real estate) will start to rebound within the year according to a forecast issued by Colliers International Greece.
One of the positive factors noted by the property services company regards the increase in investment interest from abroad. Colliers sees state tenders for the sale or utilization of public properties becoming the catalyst for the strengthening of the activity of foreign investors in the local sector.
According to Ana Vukovic, the company’s managing director, “after three years of austerity and economic decline, we expect that 2013 will be the year when the first signs of stability and market movement will become obvious. We are not expecting any major transaction volumes, as the market will be affected by the new tax framework on property. However, business confidence in the Greek market will be restored and activity by international investors will be more evident and focus on the tourism domain of the economy.”