Experts’ estimations concerning main residences, country residences, stores and offices
The real estate
market will be a three-speed market according to the estimations of
experts reached by “Bluekey”.
The first speed
concerns fine locations, such as southern suburbs, where, by the
beginning of 2020, there was a rise in activities, together with
property transfers. A relative demand is also expected in 2021 for
these areas.
The second speed
concerns real estate of tourist or student interest, where we expect
stagnation and lack of demand, at least for 2021, while the third
speed concerns the remaining real estate of the country, where we
will see a lack
of demand and slight correction in prices. For rentals, the trend
shows a shift from short-term to long-term leases, at least while
awaiting for the withdrawal of pandemic measures and for the full
restart of air and road travel. Moreover, the renovation of old
houses and apartments and their energy upgrade through the
“Exoikonomo”
program, contributes to employment and
to the offer of old, but of higher quality, real estate, at
reasonable prices.
Stores
For stores, there
will be pressure in values and rent prices for the ones related to
clothing and footwear. In addition, stores with luxury items, located
in less commercial areas and in secondary locations will face
viability concerns, which they already do, since the number of
vacancies has increased.
Offices
In the offices
market, the demand for older premises will drop, while there will be
a decrease in rents and values, since vacancies percentage will
increase. The expansion of teleworking has already diminished the
need in space of several businesses.
