2014-04-02 12:11:01 - Greece Real Estate Report Q1 2014 - a new market research report on companiesandmarkets.com
The depression in the Greek commercial real estate sector appears to be finally bottoming out with the market expected to undergo a certain degree of stabilization in H213 and into 2014. A marginally improved macroeconomic outlook, coupled with an upturn in investor activity are the main reasons to be optimistic going into 2014, though we caution that the sector remains plagued by weak demand and falling prices, both of which are several years away from returning to pre-downturn levels.
With a focus on the country´s principal cities of Athens, Thessaloniki and Piraeus, the Q114 Greece Real Estate report covers rental market performance in terms of rates and yields across the commercial office, retail and industrial sectors. Our core scenario of rents
remaining stable over H213 remains in place and we expect rental rates to retain their year-end levels going into 2014. The industry remains fragile, however, and should further economic distress emerge, over the course of 2014 such as a disorderly default, market contraction will be prolonged. The one area of upside is for the second largest city, Thessaloniki, where our in-country sources believe that there may be some scope for growth in the rental market.
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