Athens climbs one place in property survey

Athens climbed one position in a ranking of prospects for existing property portfolios in 27 European cities. The Greek capital reached 20th position in the list contained in the PricewaterhouseCoopers report titled ‘Emerging Trends in Real Estate Europe.’ The report identified two areas of opportunity in Athens: bargains due to overleveraged developers feeling the economic downturn and deals in the tourism sector seen as attractive in the long term. ‘Both local and international players expressed reservations about the short-term economic prospects for Greece,’ said the report which surveyed 600 experts in the field. Munich topped the list followed by Hamburg and Paris.