The Greek REIT Industry: Current State and Its Post Crisis Evolution

Abstract

The Greek property market has heavily been affected by the long lasting debt crisis as the Greek economy entered its 6th year of negative growth in 2013. In contrast to what happened in other economies, the real estate market and construction sectors were not the primary causes of the Greek debt crisis although the market was certainly overheated. The Greek real estate market has reflected the economic calamities and credit crunch, and has entered a protracted period of sluggishness characterized by low occupier activity and stalled investment transactions. All property sectors have been affected, both in Athens and the periphery. Arguably the only exception is selected tourism-related real estate which attracts international interest looking for assets on an opportunistic basis in prime locations at bargain prices.