Athens real estate still a gold mine | Business

The outlook for the Greek commercial property market remains strong, at least with regard to the expected development of selling prices and rents.

The optimistic outlook was provided by foreign and Greek institutional investors who participated in this year’s PwC European Real Estate Market Outlook Survey for the Urban Land Institute.

The survey placed Athens ninth out of 31 cities in Europe based on the estimated development of prices and rents for investment properties (eg office buildings, logistics centers, etc.). This is seen as an important development amid the pandemic, with institutional investors agreeing that the Athens real estate market offers significant opportunities for capital gains and future rental income.

“The Athens market has not had time to emerge from its recent bearish cycle formed during the financial crisis, so there is still significant room for future capital gains, both on rental rates and price, ”Eri Mitsostergiou, ULI President for Greece and Cyprus and Head of the European Research Department at Savills Property Consultants, told Kathimerini.

“Several European cities have reported rising prices and reduced yields in previous years, which did not happen in Athens to the same extent that the rebound started later. Athens is also considered a safe investment choice for many institutional investors due to the dearth of quality properties. It is therefore believed that existing good quality buildings will retain and possibly increase their value in the future, unlike lower standard properties, ”she added.

The dominant trend among investors is a shift towards more secure property and market choices due to the pandemic, Mitsostergiou adds. Notably, in last year’s survey, Athens led the rankings.

The overall investment outlook for the Greek capital for 2021 also remains positive, although its position on this chart has not improved, as it has remained in 28th place, like last year. This is not due to any specific reason, but rather the size and paucity of properties that prevent it from advancing among its peers.