Positive Prospects for the Athenian Real Estate Sector in 2024

December 30, 2023

Positive Prospects for the Athenian Real Estate Sector in 2024

Greek Real Estate Market Shows Resilience Amidst Global Challenges

Athens, Greece – Recent findings from PwC’s annual survey “Emerging Trends in Real Estate” reveal a cautiously optimistic outlook for the Greek real estate market in 2024. Despite a tumultuous international environment, Athens holds its ground, ranking 23rd among 30 global markets.

Growth Against Adversity

A notable voice in the industry highlighted the Greek market’s rapid growth, outpacing other European regions. This is seen as a significant rebound following years of economic hardship. However, challenges persist, including extreme weather events that impacted Athens in 2023.

Positive Prospects for the Athenian Real Estate Sector in 2024

Mixed Prospects Amidst Economic Strain

Tasos Kotzanastasis, a key figure in the Urban Land Institute, suggests tempered expectations due to current economic constraints, including low liquidity and reduced transaction volumes. The broader global economic situation, marked by high interest rates, soaring construction costs, and stringent environmental and social governance (ESG) demands, further complicates the picture.

Shifting Investment Focus

The Greek market, like its European counterparts, is seeing a shift in investment interests. Traditional sectors like office spaces and retail are giving way to residential properties, student housing, elder care facilities, and logistics. This trend reflects a broader adaptation to changing market needs.

Stable but Cautious Outlook

While the overall outlook for 2024 remains conservative, a silver lining exists. Unlike the 2008-2009 financial crisis, there’s no significant real estate oversupply. Distressed sales are expected to be minimal. However, a major hurdle remains as selling prices are yet to adjust to market expectations, potentially hampering transaction completions.

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