The well-known “spring effect” is expected to appear in early 2022 for the Greek real estate market. It is worth noting that the interest of potential real estate investors throughout the crisis remained high with the greatest demand focusing on logistics, tourist real estate, but also bioclimatic design real estate.

Approximately 250,000 properties are expected to “go under the hammer” when the safeguards expire, according to Aris Arvanitakis, managing director of UCI Greece & Retama.

Regarding the course of real estate, according to Retama data, both in terms of prices and interest, the outlook is very positive. Although investment decisions have been temporarily halted, as the unexpected global pandemic has put the economy’s plans on ice, high interest is expected, especially in the first period, which will come from the excitement and optimism that everything is back to normal.

“In the short period of time that has passed from 2020 until today, property prices have not recorded losses, as the owners did not proceed with hasty property sales due to panic. The interest will return again, as soon as the first signs of exit from the adventure will appear on the horizon “, Mr. Arvanitakis emphasizes.

Regarding the estimates of Retama Real Estate as to which categories of real estate are expected to be first in the preference of buyers in the next period, it is emphasized that at present there is a general increase in demand in all categories of real estate.

“We should consider given the increase in demand and consequently prices for logistics but also for tourist real estate, especially now that we can estimate that the pandemic will soon be under control. It is worth noting that there was a sharp increase in demand for newly built real estate. “Something that we believe will continue. There is also great interest in bioclimatic design properties”, according to Mr. Arvanitidis.

Foreign investors and individuals are showing great interest

Despite the pandemic, the investment interest was intense from both foreign investors and individuals, since, according to Mr. Arvanitidis, foreign investors never left the market, they just kept a waiting attitude. Already after the first shock, which emerged from the outbreak of the pandemic, investors showed that they were not affected by the temporary fluctuations of the market and began to selectively make new moves. Of course, the opening of borders and tourism will stimulate demand for housing mainly through the Golden Visa program.

Finally, regarding when it is estimated that we will have a recovery in the real estate market, according to him, there is already an increase in demand and consequently an increase in prices throughout the country.

“This is a message of optimism for the whole economy. It is now commonplace in economics that the real estate market is procyclical and precedes the six to nine months of the business cycle. Therefore, the positive messages we have from the real estate market are quite possible. “To look at the economy as a whole. Based on all the estimates we have, 2021 will end with a positive sign for the real estate market. If we do not have unpleasant new surprises from the pandemic, we think 2022 will be a very optimistic year”, as he mentioned.