Athens ranks last among 27 European metropolitan cities as far as its ability to attract real estate investment is concerned, according to an annual survey by PricewaterhouseCoopers (PwC) and the Urban Land Institute.
The main reason for Athens’s unenviable position is the high risk that sector professionals consider to come with any investment in Greece, particularly at a time when investors appear to be opting for cities that constitute a safe choice for investment.
Conditions in the market are directly affected by the country’s economic crisis, although some growth prospects may emerge in the medium term through the state properties utilization program, said Vassilis Vyzas, head of the property desk at PwC.
The recession in the local property market has worsened in the last three years due to the considerable increase in taxes related to real estate, the Bank of Greece said in its recent report.
Constant announcements about new measures make the market even less stable and make its rebound an ever more remote prospect.