Just Published: "Greece Real Estate Report Q4 2014"

The slow recovery of the Greek economy has brought some stability to the commercial real estate market . We foresee this trend to continue also in 2015 as the economy gains a foothold, with transactional activities and investments in the sector further improving. Prices and rental rates are expected to remain stably below their pre-downturn levels as supply continues to outbalance demand.

With the commercial real estate sector closely mirroring the general economic trends of Greece, following years of contraction H114 has seen signs of stabilisation and return to growth. With the Greek economy expected to continue its current path to growth, we expect the stabilising trends in all sub-sectors of the commercial real estate market to continue into 2015. The first half of 2014 has so far seen positive indicators with regard to exports, which have had a stabilising effect for the industrial property sector. Paired with rising tourism numbers and a generally recovering economy, also the retail sector has seen signs of stabilising demand. With some demand primarily in prime office locations having been observed in H114 as well, the office sector depicts a degree of much needed stability in rental rate levels.

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Our positive forecast is also based on the recent governmental reforms that are expected to reinvigorate investor's interest in the market. The reduction of property transfer tax to 3% has had positive implications for property transactions. With uncertainties regarding the modalities of the in 2014 implemented Capital Gains Tax on real estate having been removed through the latest amendment, we expect these measures to stabilise and reinvigorate investments in the commercial real estate market in the short-term. This is furthered through the sale of a portfolio of governmental assets that is expected to provide EUR500mn worth of investments by the end of 2014.

Despite this improving outlook, we caution that the risks facing the real estate sectors are...

The Greece Real Estate Report features Business Monitor International (BMI)'s market assessment and independent forecasts of major construction projects in the residential and commercial markets, plus rental prices and yields in major cities. The report critically analyses the prospects for real estate within the broader economic and financial context - both domestic and global - via our econometrically-modelled and clearly explained banking and economic forecasts and follows this through to evaluate the implications for REITs.

BMI's Greece Real Estate Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the real estate industry in Greece.

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