The real estate market has withstood the onslaught of the pandemic. Despite the pressures of 2020 and the beginning of 2021, as reflected in the Golden Visa program data, the limited inflow of funds from abroad for the purchase of real estate, the reduced number of housing transfers, as well as the negative business expectations for housing construction , the real estate market, according to the report of the Bank of Greece on Monetary Policy 2020-2021, is resilient, both in terms of prices and construction activity, discounting the positive expectations of economic recovery and international demand for the Greek real estate market.
According to the report, the first five months of 2021, and especially the last two months, mark the beginning of a new period for the real estate market, during which the assessment of the effects of the pandemic on the market begins and the evaluation of the new data that have been formed. .
Despite market caution and a wait-and-see attitude from the onset of the health crisis, consistently positive expectations for the prospect of halting the pandemic, recovering tourism and restoring external investment demand have contributed to the resilience of both residential and commercial property prices.
In fact, despite the increased obstacles that arose in the completion of operations and investments due to the under-functioning of the relevant state services, the high standard market segment attracted strong interest and significant amounts of transactions from individuals, companies and investors.
Support for construction activity
The data show that the housing construction activity (ELSTAT data) continues to strengthen at the country level, recording in terms of building volume (cubic meters) an average annual increase of 4.9% in the first two months of 2021 (18.2% in 2020), while in the region of Attica the corresponding increases were slightly higher (6.5% in the first two months of 2021 and 23.0% in 2020). In addition, investment in housing (ELSTAT data, at constant prices) increased by 2.7% on an annual basis in the first quarter of 2021, compared to an increase of 15.6% in 2020, but remained low as a percentage of GDP (first quarter 2021: 0.9%).
According to the BoG, provided the final control of the pandemic and the full liberalization of activities and mobility of citizens continue, 2021 is expected to signal the restart of the market, within a framework of significant reorganizations.
According to the BoG, the change in mentality and needs will probably lead to a spatial and qualitative shift in demand, while the ongoing development and large-scale infrastructure projects are expected to further strengthen the trend of shifting and emerging new markets of interest.
Redesign of bureaucratic procedures
People in the market are calling for simplification of real estate transfer procedures.
In the context of the digital transformation of the state that has been taking place at a rapid pace in the recent period, the BoG notes that ultimately a deterrent to investment.
At the same time, the rapid completion of forest maps, after the required correction of land markings, as well as the acceleration and completion of the Land Registry can be the basis for a modern national spatial planning, which in terms of sustainability and environmental protection will give new impetus. development, protecting and promoting private and public real estate “.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Athens Int’l Airport Wins Top Prize at Routes Europe Awards
The Routes business is focused entirely on aviation route development and the company's portfolio includes events, media and online businesses
IOBE: Income Gap Between Poor and Wealthy Greeks Widens
The findings in the analysis, entitled “Progressivity in Income Taxation in Greece, 2012-2021", paint a bleak picture for Greeks in the bottom half of the income bracket, warning that income inequality is growing
Study Finds 4 in 10 Greeks to Slash Easter Spending
This year, hit by persistent inflation, many Greeks will be dishing out less on food, drink and gifts for Orthodox Easter on May 5
ELSTAT: Overnight Stays in Greece Up in Feb.
The provisional monthly data revealed that arrivals at tourist accommodations amounted to 773,104 and overnight stays were 1,677,685
Electric Energy: Greece’s New Sustainable Export
Moreover, a surplus of generated electricity cannot be fully absorbed by domestic grids and this excess power finds eager buyers in the form of companies entering into Power Purchase Agreements (PPAs), willing to pay a premium for clean energy
IOBE Revises Greek GDP Growth Downward, to 2.1% For 2024
Annual inflation is expected to reach 3%, up from the previous forecast of 2.8%
Last Sections of 136km E65 Highway Inaugurated on Tues.
Athens to Karditsa drive time is expected to drop to two and a half hours (under normal conditions), and some three hours from Athens to Trikala
Reuters: Greece to Repay More Bailout Loans Ahead of Maturity in 2023
The country has relied solely on international markets for its borrowing needs since a third institutional bailout ended in 2018
Ag Min. Avgenakis: Greece-China Cooperation in Research, Education in Agri-Food Sector
Greek minister tours cutting-edge hydroponics and robotics facilities at the Chinese Academy of Agricultural Sciences in Beijing
Mini Holiday Season in Greece for Upcoming Orthodox Easter
Occupancy rates reach up to 90% domestically for accommodations open ahead of peak summer season
