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New Market Study Published: Greece Real Estate Report Q1 2013


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2013-02-03 16:24:08 - New Business market report from Business Monitor International: "Greece Real Estate Report Q1 2013"

The Greece Q113 real estate report examines the commercial office, retail, industrial and construction segments alongside the construction sector in the context of the country's continuing economic struggles. With a focus on the principal cities of Athens, Piraeus and Thessaloniki, the report covers the rental market performance in terms of rates and yields. It also examines how best to maximise returns in the commercial real estate market, while minimising investment risk and exploring the impact of the government led austerity on a long-stagnant market. Key complementary industry areas are also examined including the construction industry and business environment, key in analysing investor sentiment.

While the Greek government has overcome a number of obstacles, with the pace of contraction having eased in

2012, we stress that a return to sustainable growth is predicated not just on successful economic reforms, but also on targeting policies at future growth industries and restoring confidence. The shortterm outlook for the real estate sector is not likely to restore investor confidence over the near term; the pipeline is glacial, demand-destruction is endemic and oversupply is rife. The risks for the real estate sector as a whole are therefore firmly weighted to the downside, with a slight silver lining coming in the form of high-end space, particularly in the retail and office segments. Greece's construction industry is expected to remain in recession for the sixth consecutive year in 2012, and we do not expect a recovery until 2014.


Full Report Details at
- www.fastmr.com/prod/529347_greece_real_estate_report_q1_2013.asp ..


Key Points:

* The pace of economic contraction in Greece could finally start to ease, which would be supportive of our view that the depression will moderate in 2014 and the economy will return to growth. However, we expect this growth to be subdued, at least over the medium term. Moreover, while we still believe that Greece's decision to leave the eurozone is not clear cut, we warn that should this scenario materialise, the economy would be facing a double-digit contraction as the banking system collapses and private sector wealth is destroyed.
* Ongoing economic pressures, investors' caution and government austerity drive will act as the main impediments for recovery in the Greek commercial real estate sector.
* Our outlook for the Greek construction industry has turned more bearish, and we forecast a 10.6% y-o-y contraction in real terms in 2012, marking a third consecutive year of decline for the industry. Most infrastructure projects have EU funding and the government is looking to speed up infrastructure growth; however, as a way to buoy the recession-hit economy, we see little prospects for recovery in the sector anytime during our 10-year forecast period to 2021.
* Faced with weak economic growth prospects, reduced spending on planned projects and diminished demand from the private sector, there is little reason for investors to return to the market. Growing at a lacklustre 0.9% annual average between 2012 and 2016, we expect the infrastructure industry value to reach only EUR3bn by 2016, compared with the EUR5.2bn seen in 2007. In the residential and non-residential segment, higher property taxes, tight credit and rising unemployment have resulted in 200,000-270,000 unsold properties, forcing a significant proportion of contractors to offer discounts of 30-50% as a way to avoid looming bankruptcies.

Partial Table of Contents:

SWOT Analysis
- Greece Real Estate/Construction SWOT
- Greece Political SWOT
- Greece Economic SWOT
- Greece Business Environment SWOT
Real Estate Market Overview
Market Analysis - Office
- Supply And Demand
- Rents And Yields
- Table: Historic Rents - 2011-2012 (EUR per m2/month)
- Table: Net Yield, 2011-2012 (%)
- Table: Terms of Rental Contract/Leases - H112
- Industry Forecast Scenario
- Table: Forecast Rents - (EUR per m2/month)
- Table: Forecast Net Yield, 2010-2017 (%)
Market Analysis - Retail
- Supply And Demand
- Rents And Yields
- Table: Historic Rents - 2011-2012 (EUR per m2/month)
- Table: Net Yield, 2011-2012 (%)
- Table: Terms of Rental Contract/Leases - H112
- Industry Forecast Scenario
- Table: Forecast Rents - (EUR per m2/month)
- Table: Forecast Net Yield, 2010-2017 (%)
Market Analysis - Industrial
- Rents And Yields
- Table: Historic Rents - 2011-2012 (EUR per m2/month)
- Table: Net Yield, 2011-2012 (%)
- Table: Terms of Rental Contract/Leases - H112
- Industry Forecast Scenario
- Table: Forecast Rents - (EUR per m2/month)
- Table: Forecast Net Yield, 2010-2017 (%)
Forecast Scenarios
- Infrastructure Report
- Table: Greece Construction And Infrastructure Industry Data, 2009-2016
- Table: Greece Construction And Infrastructure Long-Term Forecasts, 2014-2021
- Construction and Infrastructure Forecast Scenario
- Macroeconomic Outlook
- Table: Greece - Economic Activity
Real Estate Risk/Reward Ratings
- Real Estate/Construction Risk/Reward Ratings
- Table: Real Estate Risk/Reward Ratings
- Greece's Business Environment
- Table: BMI Business And Operation Risk Ratings
- Institutions
- Table: BMI Legal Framework Rating
- Infrastructure
- Table: Labour Force Quality
- Market Orientation
- Table: Emerging Europe, Annual FDI Inflows
- Table: Trade And Investment Ratings
- Operational Risk
Competitive Landscape
Company Profiles
- Babis Vovos International Construction
- LAMDA Development
- PASAL Real Estate Development
Demographic Data
- Table: Greece's Population By Age Group, 1990-2020 ('000)
- Table: Greece's Population By Age Group, 1990-2020 (% of total)
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Full Table of Contents is available at:
-- www.fastmr.com/catalog/product.aspx?productid=529347&dt=t

About Business Monitor International

Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at www.fastmr.com or call us at 1.800.844.8156.


Author:
Bill Thompson
e-mail
Web: www.fastmr.com
Phone: 18008448156

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