The second quarter of the year is believed to have inflicted a 15% decline on the value of stores, while that of office spaces is believed to have taken a 12% blow compared to last year’s record highs, the Real Estate Value Index compiled by Inventio Consulting showed.

The Greek property market is evolving into the promised land for aspiring holiday home buyers from around the world.

Greece’s annual gains from transforming the local property market into Europe’s Florida by attracting thousands of northern European pensioners, is estimated at 5 billion euros, according to a report by the Institute for Social and Preventive Medicine, in association with DiaNEOsis researchers.

The pandemic has changed conditions in the office market, among other areas, as businesses try to adjust their space requirements to the demands generated by the coronavirus crisis.

The price rally in house sales and rentals of the last couple of years across Greece is yet another casualty of the coronavirus pandemic, an analysis of demand data for the second quarter of the year by the Spitogatos online ads platform has shown, and no one can tell how or when prices will recover.

Greece continues to have the highest property ownership tax (ENFIA) in the European Union, while if one takes into account all repeated taxes associated with real estate, this country ranks second only to France – but is also behind former EU member Great Britain – according to Fredy Yatracou, a tax partner of PricewaterhouseCoopers Greece.

This year appears to be a lost one for the holiday homes market, after sale prices had started climbing in 2019 and the first couple of months of this year.

The advance of the residential property market halted in the second quarter of the year, due to the coronavirus restrictions, resulting in asking prices remaining virtually unchanged from the first quarter, according to data from the Spitogatos Property Index (SPI) compiled by the spitogatos.gr property ads website.

Revenues from short-term rentals have plummeted by over 60% in Athens, as the average monthly income from property lettings via online platforms such as Airbnb and HomeAway dropped to below 400 euros in May from €1,016 last September, the market’s peak, according to industry researcher AirDNA.

According to construction sector professionals, the recent agreement between Intracom Holdings and Cubico Sustainable Investments on the sale of the sole wind park at Viotia in central Greece proves just how attractive renewable energy sources projects are if their license was issued by 2018.

The effects of the pandemic on the local property market have been far from universal, according to the Bank of Greece report on monetary policy released on Monday.

Following the lull over the last few years, the Greek construction sector has placed its hopes of salvation on an investment spurt similar to, or even greater than that before the 2004 Olympic Games.

After the commercial property market peaked last year in Greece, climbing to its highest point of the last decade-and-a-half, the coronavirus pandemic is reversing the picture for store and office spaces, that are seeing rates nosedive.

The growth rate of construction activity across Greece slowed in March compared to the previous month, according to data released on Friday by the Hellenic Statistical Authority (ELSTAT).

Positive signs are coming from potential residential property buyers – both Greeks and foreigners – even though the vast majority of interested parties are only seeing what’s on offer on the market without deciding on the acquisition of a property.

Short-term property rentals in Greece via leading online platform Airbnb are more or less an exclusively Greek affair these days.

Coronavirus slammed the brakes on the growth rate of residential property prices during the first quarter of the year, according to figures released last Thursday by the Bank of Greece.

The logistics sector in Greece is expected to be among the fastest-growing fields over the rest of this year and in 2021.

At least 2,270 houses and apartments in central Athens were taken off short-term rental platforms between the start of the year and the end of May, boosting the supply of properties for rent by the capital’s residents.

Greece’s luxury holiday home market is evolving into a new hotspot for the planet’s ultra-rich.