A strong restart of the real estate market after the pandemic
A strong restart of the real estate market after the pandemic
It seems that the Greek real estate market will be in an advantageous position as soon as the measures to restrict travel to and from other countries are lifted and foreign investors return. The “front guard” is expected to rediscover the “golden visa” program, through which residence permits are issued to investors from non-EU countries who intend to invest at least 250,000 euros in the real estate market.
In their report, Henley & Partners, a specialist housing market advisor through programs such as the “golden visa“, notes that the pandemic will push more private high-income investors to re-evaluate their investment strategy and especially how to secure capital for them and of course their relatives, in case of future economic shocks. In this context, countries with successful residence or citizenship licensing programs will be in the spotlight, with Greece in an extremely advantageous position to take advantage of this trend.
As Dr. Steffen, CEO of the company, points out, “Investment migration is a profitable solution for foreign investors, but also for the countries that implement it. Many high-income individuals choose European real estate purchasing programs because they offer a unique investment opportunity, which includes returns from acquiring and exploiting real estate, the ability to capitalize on future goodwill, and the possibility of an alternative home or even a second home. But what is clear is that any return of these investors (in the case of Greece, mainly Chinese investors, who make up 75% -80% of applications for residence permits) will take place from the fourth quarter of the year onwards.
On a standby…
However, according to Niki Sympoura, head of real estate services company Proprius, “the impact of the pandemic on the real estate market is obvious. Although advanced trading is progressing even with some delays, most international investors are adopting a short-term wait for new investment. ” In an analysis on behalf of Cushman & Wakefield, with which Proprius has a strategic partnership in the Greek market, Ms. Symboura notes that “we expect a fairly low second and third quarter and hope for the fourth quarter of 2020 with more intense activity. In relation to real estate financing, it is too early to record any change in the terms of financing in Greece, if there is any effect in the end “, he states.
At the same time, of course, it should be noted that mobility is still recorded by many domestic investors, who continue to look for opportunities in real estate, a trend that is gradually increasing every week. In the office market, users have postponed, at least for the next few weeks, their travel plans, and are now considering more short-term leases on flexible terms. “Certainly there are positive effects of this crisis, as we have noticed that traffic restriction measures have accelerated the application of digital technologies in many aspects of entrepreneurship, while greater use of technology attracts the interest of office users,” she said.
The retail (shopping) and hospitality (hotel properties) sectors are certainly the most affected, as are the rest of the European markets. As far as the logistics sector is concerned, on the one hand, it faces difficulties due to the suspension of deliveries of goods from abroad, on the other hand, the growing demand in e-commerce works positively.
NIKOS ROUSANOGLOU
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