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Changing Fortunes Of The Greek Real Estate Industry

News Posted On: 27 February 2013

Greek property news

The government of Greece has worked incredibly hard to overcome several obstacles that threatened to destroy its real estate industry. The rate of contraction eased during the course of 2012, and property experts and analysts suggest that the country can still manage to acquire sustainable growth and development. 2013 is expected to be a good year in terms of real estate activity. The prediction of a positive 2013 is not based merely on effective economic reforms. The targeting policies devised to restore the confidence of investors while facilitating future growth of the market have also played a significant role in bringing Greece on the road to recovery.

While the short-term goals of the real estate industry do not promise restoration of investor confidence in the near future, the long-term effects are expected to be rewarding. The sales of smaller and less attractive properties are expected to continue in the same manner as the previous year, but the high-end residential real estate market offers Greece an excellent opportunity to generate good amounts of revenue. The construction industry of Greece is forecast to under-perform for the next couple of years at least, and a recovery is not expected until 2014. However, the rate at which the economy seems to be changing its fortunes makes it difficult to rule out a quicker-than-expected recovery.

Government Proposal to Facilitate Recovery

Greece has been looked upon as a country that is not friendly to business ventures due to its labyrinth bureaucracy and corruption. However, the government of Greece has made a proposal to eliminate obstacles that keep overseas investors from opening a business in the country, and to relax regulations. Greece is in need of large developments if it has to get out of its current economic predicament. Large developments can help in easing visa procedures for buyers who are interested in purchasing Greek property.

The Aims of the Proposal

The proposal made by the Greek government has six goals:

  • To simplify procedures in order to attract investors and materialize investment plans.
  • To alleviate counter-initiatives and to provide additional initiatives so as to attract investments to the country.
  • To strengthen transparency and to establish a control over the laws related to development.
  • To reform and develop Attica’s seaside front by complying with the program’s framework.
  • To provide liquidity, particularly medium- and small- sized enterprises.
  • To improve the nation’s institutional framework in order to effectively operate seaplane ports.

The implementation of these measures is expected to aid Greece’s efforts towards making a recovery. The government intends to eliminate the problems that are currently keeping investors out of the Greek property market, before bringing about further changes that will help attract investment into the Mediterranean state. The major cities of Piraeus, Thessaloniki and Athens are set to receive a boost in investor interest thanks to the changes in reforms. Several investors who had previously conceded hope on investing in Greek properties are now coming back to the market with the hope of a bright future.

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