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The new era of real estate
Ioannis Revithis, President of Brokers Association in Athens-Attica, reveals to us the developments in the greek real estate Market
2018 will be the year that will determine the new reality for the real estate market. After 8 years of continuous disdain in the greek real estate market, since the beginning of 2017 we observe an improvement of the basic macroeconomic rates, that it is not unknown to the potential investors. 2017 is the first year to note the stabilization of a reducing rate on rental and market values, but also the configuration of a new base of values in certain areas and certain kinds of real estate. The challenge is great and the government tries to make the changes that will allow the real estate market to recover and the foreign investors to decide to invest in our country. Because Greece is unique! We have the best beaches, amazing islands, excellent mediterranean climate, the bluest sky and enormous hospitality. Already, significant laws and regulations, such as the “Fast Track” law, or the New Investing Law, constitute serious indications of the government’s commitment to support the real estate and to attract foreign capitals. Further indicators are the reduction of the transfer tax concerning real estate market on companies or individuals from 10% to 3% and an innovative idea -that as President of the Brokers Association along with the Board have already discussed about- that provides to real estate buyers over €250.000 who are not members of the E.U a residence permit for themselves and their families for as long as they own the property.Today estate buyers have increased compared to last year, while brokers started to respond by making significant discounts. The position change of the banks, in combination with the deescalation of interest rates improved the climate of the market. Given the fact that we are in the 8th year of the recession, with the main amount of real estate dealing moving on low rates and the offer to increase on the contrast to the demand, we are certain that significant opportunities will emerge for those who possess the funds necessary. I believe that the greek real estate market is a very interesting choice for whom may be interested in investing on estates and on the greek islands in a beautiful, sunny, european country, with history, culture, great abilities and prospects.
President of Brokers Association in Athens-Attica & Economist – Estate Evaluator
Αράχωβα, Τ. 22670 32311, www.parnassos-realestate.com