It has been more than six months since the COVID-19 pandemic has struck the Greek society, with the effects being intense on the wider economy. As in all European countries, along with the public finances, significant sectors of activity have been affected, and inevitably the real estate sector.
In an effort to get a sense of how the real estate market in Greece behaves during the COVID-19 period, Delfi Analytics examines property transfers in the Attica area and how they have been impacted.
As the effects of COVID-19 are felt throughout the world, real estate markets are being significantly impacted in different ways. The effects are felt in Greece, too.
The specific report aims to outline the foreign investment trend in Greece & the attractiveness of the Greek golden visa program. Furthermore, the report presents the trends in the current asking prices of the commercial assets.
Before COVID-19, travel and tourism had become one of the most important sectors in Greece, accounting for 21.5% of the country’s GDP. Unfortunately, the global pandemic has severely affected the transfers either for business or pleasure.
In a country that is still recovering from years of austerity, the coronavirus pandemic is an additional destabilizing factor. In 2020, the volume of conducted auctions in Greece decreased significantly by 45% compared to previous year’s volumes. More specifically, total conducted auctions reached 9,464 in 2020 vs. 17,165 in 2019 vs. 19,521 in 2018.
In 2020, Private Building Activity in Greece seems still unaffected by the pandemic breakout, keeping up its positive trend for fourth consecutive year. However, the actual impact on the construction industry will be clearly measured in a couple of years. More specifically, the building permits went up 8.9% compared with the corresponding period in 2019 recording 18,768 issued building permits.
In 2020, a year marked by the onset of the coronavirus pandemic, the building activity in Cyprus slumped after a five-year increase. The major causes for the decline in the construction industry are mainly the coronavirus outbreak & the cancellation of the Cyprus Naturalisation program. Specifically, building permits dropped slightly by 2.7%, from 7,218 in 2019 to 7,023 in 2020.
The report delves into key economic conditions, aiming to outline an overview of the Greek economy. It further includes an assessment of the real estate sector’s performance, while providing invaluable insights about the Greek economy, the banking and the tourism industry. The report also provides certain observations portraying 2020 conditions and the effects of the Covid-19 pandemic.
Hospitality & tourism sector plays an important role in Cyprus economy, contributing significantly to the national GDP every year. However, over the previous year, it suffered a severe crisis due to COVID-19 and the implications of worldwide travel restrictions. In this survey, we will examine how coronavirus affected popular areas of Cyprus, the most resilient areas that keep growing despite the pandemic break out & the expectations of the industry for the future.
This report aims to explore the COVID-19 impact on tourism & travel industry & its recovery on greek & international level. Evidence shows that even though the COVID-19 shock (61.2% decrease in contribution of travel and tourism to Greek GDP during 2020), the Greek tourism & travel industry shows slow & gradual improvement from mid-May 2021.
After a year's pause due to COVID-19, the real estate market is on a recovery trajectory in Cyprus. Our report aims to provide an overview of the real estate market in Cyprus focusing on the key pillars such as transfers of sales, contracts of sales, number of mortgages & amount of mortgages. The report also captures the impact of the pandemic outbreak on the residential prices across the country & how they vary across the country's districts.
As we roll into the second year of COVID-19, the world has seen excess mortality rates, economic downturn and anxiety on an unprecedented degree. IMF trims 2021 GDP forecast, citing "vaccine divide" & Greece fears a possible 5th wave of COVID-19. However, even though COVID-19 has forced the country to impose lockdown which have cost many billions of euros to an economy slowly emerging from a decade-long crisis, Greek real estate showed significant resilience & set to rebound.