Pockets of growth emerge but no bed of roses-Pangaia CEO
Pockets of growth have been appearing in the Greek property market but have failed to rub off on the broader sector, according to Aristotelis Karytinos, chief executive of real estate investment company Pangaia.
After tumbling by more than 40% in the last eight years, property market prices are still edging lower despite an improvement in Greece's economy and growing talk of foreign buyers hovering above the sector.
In an event organised by the Urban Land Institute last week, Karytinos said there is a lot of competition for prime assets in Greece but the stock of these properties is low and that few deals are being sealed.
"After a very bad year in 2015, the situation started to balance out in 2016 and stabilise in 2017. This brought on a drop in risk and, in parts of the market, we had a drop in yields. However, it is not a general trend, as the market is fragmented and only islets of serious recovery have appeared," he said.
"The situation in the market is not that rosy. It remains to be seen whether parts have been destroyed and have no hope of recovery and which parts may perform better," he said.