The real estate market will not soon recover Greece
However, the housing market will be another difficult year, despite the slowdown in the decline in prices and a slight increase in the number of transactions. The Greek Government , the European Commission and the International Monetary Fund forecast that Greece's economy will grow in 2014 by 0.2% to 1%. Optimists argue its position good performance in exports, investment results and a smaller decline in consumption. But there is another group of experts, mainly from Germany and the Organization for Economic Cooperation and Development, which predicts a recession and the economy in 2014. Even if the optimists are right , the real estate market did not immediately react to economic growth , because it takes time to this rise was reflected in the labor market and led to higher incomes. It is reported portal Ekathimerini.
Undoubtedly, the decline in the sector of urban housing due to a sharp collapse in demand due to high unemployment, which exceeds 27 % of the working population. It is not surprising that housing prices in cities fell more than 33% from 2008 to 2013 , according to the Bank of Greece. And realtors believe that the decline in prices is even more significant , ranging from 40 % to 60 % over the past six years.
Related article: Global real estate: new trendsSupply of unsold real estate market in Greece is approaching 200,000 . Oversupply of housing construction boom is due in 2006-2007. Therefore , despite the fact that the economy can recover, and labor market conditions - improve surplus real estate will not be quickly implemented . Therefore, prices will recover any time soon.
Recall that according to the authors of the Athens University of Economics and Business , the crisis in the real estate market in Greece will continue until 2017.
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