The outlook for the Greek property market is positive according to new data released by the Royal institute of Chartered Surveyors.
Member of the Board of Directors of RICS, Pavlos Loizou MRICS commented:
"The case of Greece is in many ways similar and parallel to the situation in Cyprus. Anecdotal evidence suggests that over the past year, house prices in Nicosia have decreased by 5-15% and in coastal cities by 25-30% in tourist areas and by 10-20% in areas where locals reside.
"The variance in house price behaviour can be explained by the small, by comparison, overdevelopment in Nicosia and by the lack of overseas investors/buyers in the capital who tended to bid-up prices. Even in coastal cities, the reduction in prices is fairly confined in the areas where overseas buyers/investors were active and is limited to middle to low quality housing."
According to the Q2 2009 Real Estate Comment by the Bank of Greece, appreciation in home price peaked at 13.9% in the first quarter of 2006 and then moderated gradually until the first quarter of 2009, at which point it turned negative at 1.9%.
This makes Greece one of the few property markets to survive 2008 without any price falls. Now with the European and international recoveri8es thought to be well underway, it is not difficult to forecast that Greek house prices will not fall much further before they start to rise.
A few days ago Property Abroad.com suggested that Cyprus property would recover quickly, because even at the early stages of economic recovery in the UK, demand for overseas property was picking up strongly.
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