Athens scores poorly but investors sense turnaround

Low score on Athens real estate prospects

Athens scored poorly in a survey ranking the real estate investment prospects of European cities but investors are sensing a turnaround in the country, according to PricewaterhouseCoopers (PwC).

In a report, titled Emerging Trends in Real Estate: Europe 2018, PwC said that Athens ranked in 29th position in an assessment of investment and development prospects in 31 European cities, ahead of Moscow and Istanbul.

Referring to these three cities, the report said "weak economies and politics are deterring all but the bravest foreign investors. But though they are lowly rated in comparison with the other major European centres, none of these cities scored as having very poor prospects this year."

Berlin topped the list with second place shared by Copenhagen and Frankfurt.

Regarding Athens, PwC cited a global investors/developer as saying that “there is a sense of recovery and that Greece has done some things right in terms of the bitter pill it had to swallow,” says a global investor/ developer.

"Indeed, some opportunistic investors are starting to scent the bottom of the market: fears of a default and Grexit have ebbed, tourism is booming, and yields are attractive," PwC added.