The new challenges facing the real estate market, shaped by the war in Ukraine, rising energy costs, and broader inflationary pressures, are at the center of assessments made by industry professionals regarding the market's trajectory.
In estimates he made public, Ioannis Revythis, economist and real estate valuer, board member of the Hellenic Federation of Realtors and former president of the Federation, states that the real estate market is expected to become clearer over the coming months, as it absorbs the effects on the wider economy with a significant delay of 8 to 10 months. “Nevertheless, the presence of inflationary trends, combined with limited housing supply, keeps demand at high levels,” he estimates.
What Will Affect the Real Estate Market
For his part, Babis Charalampopoulos, former president of the Hellenic Valuation Institute, former Sworn Valuer and scientific advisor at SOLUM Property Solutions, estimates that after the decade-long economic crisis, the waves of the pandemic, and the war in Ukraine, the real estate market will be restructured and will start from a new baseline.
He points to the need to modernize a significant part of the housing stock through renovation, energy upgrades and, where necessary, seismic reinforcement. He also emphasizes ‘green’ office buildings and logistics facilities, which, due to the pandemic and the upgrading of the ports of Piraeus and Thessaloniki, are a magnet for REICs (Real Estate Investment Companies) and other investors.
Source: ΑΠΕ-ΜΠΕ (Athens-Macedonian News Agency)