Galery

1

The outlook for the market seems gloomy from now on. According to the study, excess supply cannot be absorbed because there is no corresponding increase in population. The poor situation is further worsened by the fact that banks have drastically reduced lending and the market has run out of "fuel".

According to Panas, everything shows that the locomotive of the Greek economy, i.e. construction, will remain in the railway repair shop for at least another 2-3 years.

• Demographic data do not provide positive expectations for the market. Unemployment will increase in 2013, and there will be at least one unemployed person in most households. Interest rates will increase and banks’ fears will not allow them to lend, while at the same time credit conditions will become even more stringent. The decline in income is not allowing consumers and investors to buy real estate at inflated prices and they are waiting for prices to fall.
• It will take eight years for the market to return to its 2005 levels, based on building permits. And based on volumes, in order for the market to reach its 2005 levels, there must be an annual increase of 22% over the next eight years.
• Confidence in the market is still low.