Eurobank EFG organised a meeting on “The Greek real estate market: characteristics and prospects” in
This meeting is part of a new series of initiatives taken by the Bank in the context of its efforts to contribute to public debate on the one hand and to provide, on the other, systematic and comprehensive information to its clients and the broader public in
Opening the meeting, the Bank’s Deputy CEO, Nikolaos Karamouzis, referred to the dramatic increase in real estate prices in developed countries. Total real estate value has risen by 30 trillion dollars in the last five years, an increase that is very close to these countries’ GDP. Mr. Karamouzis noted, among other things, that in
Eurobank EFG Financial Adviser and Head of the Economic Studies and Forecasting Division, Gikas Hardouvelis, introduced the speakers of the meeting’s two thematic sessions.
The first thematic session dealt with the characteristics of the Greek housing market and mortgage credit.
Mr. Dimitris Malliaropoulos, Research Consultant of the Bank’s Economic Studies and Forecasting Division, after describing the profile of home buyers, pointed out that the impact of higher rates in the Eurozone and
Mr. Theodoros Kalantonis, Manager of Eurobank EFG Mortgage Credit Department referred to the development of mortgage credit in
Mr. Manolis Davradakis, economist at the Bank’s Economic Studies and Forecasting Division, observed that one out of seven borrower in Macedonia and the overall sample has used the amount of the housing-repairing loan obtained for other purposes. This amount is estimated at 2.5% of GDP for 2005.
The meeting’s second thematic session focused on the business premises market.
Mr. Demetrios Tzivras, Manager of Lambert Smith Hampton’s
Ms. Niki Syboura, Managing Director of Cushman & Wakefield Hellas, analyzed the Greek real estate market’s growth prospects. She stressed that in the next two to three years, a rise is expected in investment volume with a participation of mostly foreign investors, as the upgrading of infrastructure and the opening of new markets are significant. Regarding, in particular, offices and shops in central areas, she predicted that they will attract institutional investors in 2006.
Mr. Aris Karytinos, Deputy General Manager of Eurobank EFG and head of the Real Estate Department, stressed that the future of Real Estate Investment Trusts (REITs) in
Finally, Mr. Sotiris Papantonopoulos, Eurobank’s EFG Leasing Manager for Northern and
The conclusions of the meeting were summarised by Gikas Hardouvelis, who stressed the positive climate prevailing in the home and office real estate market, as well as Thessaloniki’s very promising prospects.