Stoil Topalov

The real estate markets in Central and Eastern Europe, including Greece, are dealing with the economic crisis better than the ones in Western Europe. Financial Times forecasts that in 2009 this will change because the region will be hit from the withdrawal of investments.

In a new report, PriceWaterhouse-Coopers announced that the market will be flooded with properties with unpaid mortgages. The same report says that the big players on the market are in quandary because now it is very hard to take loans, the property prices are decreasing and investors are sitting and waiting. Precisely the problems with taking loans are the reason about the Greek flat real estate market.

The research for coming-up trends of the European real estate market pointed Athens as one of the cities with the best potential for 2009 and predicted that compared to other European countries Greece’s GDP will increase the most. The asked investors believe that buying real estate for offices, stores, and apartments are the most promising investments and buying hotels or industrial buildings are the worst at the moment. Yesterday the Greek concrete company “Titan” became a victim of those hard conditions. It registered 13% losses during 2008 after the search decrease for construction materials.