Athens scores poorly in 2017 prospects

real estate, Athens

Athens scored poorly in a ranking of key European real estate markets for 2017 put together by the Urban Land Institute and PricewaterhouseCoopers (PWC) as international investors gave mixed reviews on the capital’s prospects.

Out of a review of 30 cities, Athens came in second last, based on its overall ranking taking of investment and development potential. Moscow came in last place and Berlin topped the list.

On a second ranking assessing expected changes in rent and capital values for 2017, Athens ranked in position number 24 amidst expectations for both to stay steady this year.

Investors gave a mixed review on how they see this capital this year, according to interviews cited in the report.

“We haven’t been investing in the Greek market,” says a big international investor. “There is a risk of Greece dropping out of the Euro, and even if you don’t think it will happen there is still a high potential. It is a spectrum of how much risk you take on.”

Another interviewee was more upbeat, pointing to expected gains.

“Greece has suffered, but in the next six to nine months we expect an appreciation of assets and the recovery of rents,” says an investor.