Last Update: 13:19
Like the pebble thrown in a stagnant lake, the ripple effect arrives slowly in neighboring areas with rental prices the first to feel the pinch. The relevant indicators are surely on the positive side for about a year now with some areas significantly overshooting. Does that mean that the whole market has turned?
The answer is still no, not the whole of the market. It΄s mostly the areas that attract foreign interest that move upwards but it΄s a matter of time as the economy improves for the remaining areas to stop falling and stabilize before the prices there too head north.
As I wrote previously, the market is still full of bargains. Having said that. some areas are well past the worst point, although some others hover close to their all-time lows. For sure, the climb towards all time highs is long and steep and will present further opportunities for capital gains. However, I f you really want to put a foot on the Athens property ladder at rock-bottom prices, the window of opportunity gradually closes.
Dipl. Ing. Agr., MSc (DIC), PhD, Vice President, Greek Real Estate Brokers Federation (O.M.A.S.E), Head Broker of Polis Realty, a network of eight Brokerages in Attica.