New Business research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/18/2013 -- 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.
View Full Report Details and Table of Contents
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.
- 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.
About Fast Market Research
Fast Market Research is an online aggregator and distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff will help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Business research reports at Fast Market Research
You may also be interested in these related reports:
- India Real Estate Report Q1 2013
- Indonesia Real Estate Report Q1 2013
- Taiwan Real Estate Report Q1 2013
- Kuwait Real Estate Report Q1 2013
- Chile Real Estate Report Q1 2013
- Brazil Real Estate Report Q1 2013
- Hungary Real Estate Report Q1 2013
- Saudi Arabia Real Estate Report Q1 2013
- Germany Real Estate Report Q1 2013
- Japan Real Estate Report Q1 2013