The Greek real estate market keeps a stiff upper lip against the global headwinds
How long could the positive momentum be maintained?
The bankruptcy of SVB has caused great concerns to the rating agency companies. Their representatives emphasized yesterday in Cannes that this phenomenon portends a further tightening of the monetary policy by the Central banks for a longer period of time.
At the same time, European listed real estate had already started to enter the red, after a "difficult" 2022 and great uncertainty on the horizon for the year we are going through. And while everyone was sure of an imminent correction, with an unknown factor of when, this wave is expected to reach Greece as well. And even with how much force it will hit our country, especially during an election period.
Although no one has a crystal ball, in the presentation of the Greek real estate market organized by Enterprise Greece at the Greek stand at MIPIM, investors from Greece and abroad confirmed their interest and the dynamics of the market, led by the hotel industry.
The logistics sector followed at the second level and the trio was completed by housing in its various aspects: from apartments for private use or rent, to student housing and the institutional efforts made by the state to attract FDI, through "tools" and incentives it offers such as the golden visa.
Especially the latter, after the closure of the Portuguese market is expected to attract a sufficient number of prospective buyers, especially from countries such as Arab, South African, Middle East and China, which has returned stronger, after the abstinence of the last years of the pandemic.
A big wave has recently been observed in Turkey, on the eve of elections, as a struggle is being waged both within the borders and from countries outside, to overthrow the current political leadership. In fact, the coalition of parties that constitute the opposition included in their "quiver" the advisory support of the American economist and intellectual Professor Jeremy Rifkin.
A new narative
The last from the platform of the central speaker of the event confirmed the undertaking of the campaign, without going into details about the strategy - as was natural - but he mentioned the real estate market, pointing out that it is the largest element of wealth on a global scale, it is on " hands" of the insurance Funds and companies and from there the redefinition of the market should begin.
"The rate of recurrence of extreme phenomena is based on the water cycle" he pointed out characteristically and added that "the human species now has the possibility to calculate the contribution of the built space to the burden on the environment and the creation of indicators of well-being".
The property is at the center of the required distributed infrastructure and the creation of an "energy internet" through which all forms of energy needs will be covered. Quite simply, we should soon realize that the narrative of solid fuels has already changed. We have to go beyond ESG."