How the mobility in the real estate market is recorded in this difficult period for the International Economy, was developed by the participants of the relevant discussion during the fourth and last day of the 7th Delphi Economic Forum, which takes place in Delphi on April 6-9 and is under the auspices of SA of the President of the Republic, Mrs. Katerina Sakellaropoulou.
The General Manager, Estate Management & Investments, of Alpha Bank, Giannis Ganos, underlined that there is a clear upward trend already from 2018 in the Real Estate market, making it known that it has gone through a period of price adjustment downwards. “We are on a clear rise and it has not been stopped by covid nor do we believe it will be stopped due to the energy crisis,” he added.
He clarified that the banks now have consolidated balance sheets. “They have the ability, they are ready, they want to give loans. Are households and people ready to take? We have a supply shock right now. On the other hand, people are afraid of inflation,” he said.
The director of Bain Capital Credit, George Elekidis, also noted that the rise in the real estate market did not stop with covid. “The question is how this geopolitical crisis will affect Real Estate, which is the biggest bet right now,” he said.
The Senior General Manager and Head of the Real Estate Group of Piraeus Bank and CEO of Piraeus Real Estate, George Kormas, referred to Real Estate as “one of the locomotives of economic growth in Greece”. “We are steadily on the rise. No one in the world can manage the size when one in two loans is in the process of being sold. Greece has created this secondary market and has the know-how. Relevant companies will be created and expanded in from this crisis, “he said.
“Inflation leads to rising construction costs, but real estate is a ‘refuge’, even in the midst of war. “Consumer demand will fall, as income will fall,” he said, adding: “In a” gunpowder-smoked “economy like the Greek one that has done its exercises, the increase in raw materials certainly creates an issue in construction. Who really has the possibility to get leverage, the bank is there to finance it “.
The general manager of Q Real Estate Services, George Mantzavinatos, stressed: “Our returns still have the margin, so that foreign investors can have a return. As the map of the real estate market has been formed, we expect in the coming years that there will be a large supply of real estate in the Greek market “.
Referring to the effects of the war in Ukraine, he added: “We have to deal with the waiting situation of investors due to the war, but there is and continues to be interest. I think that after the ceasefire things will change. We are waiting to see the investment interest “.
Source: Capital
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