Optimistic for the immediate restart of the Greek real estate market, as soon as the normal functioning of the economy is restored and returns to a growth trajectory, appeared yesterday real estate professionals, in the context of the Prodexpo North conference on real estate in Northern Greece. According to Mr. George Kormas, CEO of Piraeus Real Estate, "the next day will find the country's real estate market starting from where it left off, following the gradual return of economic growth." According to Mr. Kormas, the difference compared to the period before the pandemic is that the factors of green growth and digitization have now entered our daily lives, which are expected to give a boost to the real estate market. For example, as Mr. Kormas noted, "lately we see individuals tending to rent or buy larger apartments than the previously given size of 90-100 sq.m. for a family of four. In fact, they turn to more remote areas, where prices are lower, as they try with the same budget to acquire or stay in a larger property, so that they have the required privacy when doing telework or distance learning. Respectively, Mr. Nikos Manomenidis, honorary president of the Association of Real Estate Brokers and Certified Experts of Greece, noted that during the first quarter of this year there is an increase in the percentage of home purchases by people seeking housing for their families. The relative percentage reaches 34.6% of the total sales, compared to 30.4% in 2020. Respectively, the percentage of purchases made for investment purposes has decreased to 30.7%, from 34.7%, while an increase The share of holiday homes also rises to 22% (from 18.1% last year). Also, the demand for newly built constructions is increased, as this year the purchases of new houses amount to 17.3% from 10.3% in 2020. The winners of the pandemic include logistics real estate, where the investment activity has accelerated in relation to with before the pandemic. According to Mr. Dimitris Karagiannis, COO of the logistics service company Sarmed, the penetration of e-commerce has the effect of increasing the need for logistics real estate, but conversely reduces the need for space in commercial stores, with this trend becoming permanent and after the end of the pandemic. However, it should be noted that new needs in logistics are more likely to be met by new developments than by the reconstruction of existing and older properties, as the cost of doing so is prohibitive.
By Nikos Rousanoglou * The article is republished from the website www.kathimerini.gr
