Greek property prospects dismal for 2018, says report
The value of Greek real estate has tanked, according to property consultants based on the annual reports by Price Waterhouse Coopers and Urban Land Institute on Emerging Trends in European Real Estate for 2018.
The market with the top prospect for investors according to the consultants is Berlin, followed by Copenhagen and Frankfurt, while Munich and Madrid make up the top 5 list. They added, however, that anyone interested in investing in Greece at the moment would be looking at the hospitality industry as the most lucrative bet for returns, but “would have to wait in line”, as the demand was quite high.
The market experts stressed that this only reflected the hotel market in Greece and not the rest of the property sector, which was at the bottom of the interest. “Investors who place funds in Europe are making deals in southern Europe, but they simply do not go to Greece – we do not even have representatives there.” Athens occupied 29th spot among a total of 31 cities included in the report for property outlook, above only Istanbul and Moscow on the chart.
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