Greek Realtors See Continuing Property Crisis, University Says ...

Greece?s property crisis will last
for another two or three years, according to over 56 percent of
Greek real estate agents interviewed by researchers from the
Athens University of Economics and Business.

Nearly 3 in four property specialists from all over Greece
predict house prices will continue to fall over the next six
months amid falling demand, lower incomes, over-supply, tighter
bank lending and fears of job losses, according to the
university?s property research groups forecast for the second
half of 2011, received today by e-mail.

The report didn?t say how many agents were surveyed.

Eight out of 10 interviewees said demand for commercial
properties will be lower or much lower, with 70 percent saying
prices will fall as a result, the study said.

Greek house prices declined 5 percent in the first quarter
while the number of property transaction involving lending from
financial institutions fell almost 48 percent from the same
quarter in 2010, the Bank of Greece said May 12.

The university?s general real estate confidence index
dropped to 35.8 points for the second half this year from 36.3
points in the first six months, the University said.

Austerity measures agreed to by the government last year in
return for 110 billion euros ($159.8 billion) of emergency loans
have deepened Greece?s recession as unemployment has risen and
consumers have bought less. The Greek parliament last week
approved further budget cuts that were key to receiving further
financial aid.

To contact the reporter on this story:
Paul Tugwell in Athens at
ptugwell1@bloomberg.net

To contact the editor responsible for this story:
Angela Cullen at
acullen8@bloomberg.net

Article source: http://www.bloomberg.com/news/2011-07-04/greek-realtors-see-continuing-property-crisis-university-says.html

Source: http://californiacommercialrealestateinfo.com/446/greek-realtors-see-continuing-property-crisis-university-says/

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