Greece’s commercial real estate market looks set for a positive turnaround in 2014, and may even begin to show earlier signs of recovery, according to market analysts based in the troubled European country.
Market insiders predict Greece’s commercial property market will begin to offer genuine prospects for investment towards the end of Q3 2013, as turbulent market conditions being to settle and bottom out.
So far, rental rates and property values have continued to depreciate in the market, which has seen a steady rise in its vacancy rates. Managers of Eurobank Properties believe that Greece’s modernised infrastructure will be a major selling point to property investors, perceiving it as a top venture location.
There has already been significant interest in key assets of Greece’s commercial property market, with major real estate conglomerates looking to enhance portfolio profiles over a range of sectors, and other company’s holdings.
Aristotelis Karytinos, general director of the National Bank of Greece Real Estate, recently released a statement disclosing that the bank is currently considering a number of investment proposals, as it looks to capitalise on market conditions.
The bank is rumoured to be looking to acquire Eurobank Properties, – managers of the largest commercial real estate portfolios in Greece and Eastern Europe – which it already holds a 56% share hold of.
One of the largest property acquisitions to be completed within the market in recent years came a few days ago, with Greek real estate developer Ethniki Pangaia securing the 60,000sq ft Attiki Odos highwa asset in eastern Attica, for a self-funded sum of 120m euros.
Prominent Greek newspaper, Kathimerini reported acquisition to have caught the attention of speculating foreign property investors, with the move said to already be renewing confidence and interest in Greek’s commercial real estate.