Real Estate market: Prices and Activity continue to decline (December 12, 2011)
Real Estate market: Prices and Activity continue to decline (December 12, 2011)
Greece Focus Notes
12 Δεκεμβρίου 2011
• The recession has affected the real estate market and the construction sector harder than the rest of the economy. • Residential prices and volume have decreased further in Q3 2011. • Housing rents stabilise, while commercial rents have fallen significantly. • Investments in residential construction have fallen to historical lows in 2011. • Employment is declining fast. • Construction costs remain high, especially the materials cost. • Mortgage rates are increasing and credit availability is constrained. • Business expectations are at historical lows territory.