Recently published research from Business Monitor International, "Greece Real Estate Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 05/10/2013 -- The Greece Q213 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's austerity measures on a long-stagnant market. Key complementary industry areas are also examined including the construction industry and business environment, key in analysing investor sentiment.
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 short-term 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 highend space, particularly in the retail and office segments. Greece's construction industry is expected to have remained in recession over 2012, and we do not expect a recovery until 2015.
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- Greece's construction industry is expected to have remained in recession for the third consecutive year in 2012, and we do not expect a recovery in the sector until 2015. The residential construction sector has undoubtedly been the hardest hit; however, the reliance of infrastructure on public funds has seen project funding for this sector dry up. While there are some glimmers of hope for the country's infrastructure, mainly through EU funding support, the outlook for the industry as a whole remains bleak.
- The Greek economy has been battered by the sovereign debt crisis and has endured five years of depression. Even though a tentative recovery could be on the way, we stress that the economic, political and social damage wrought by the crisis will leave an indelible mark. We consider some of the most significant consequences of the crisis and how this affects Greece's medium-term outlook.
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