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The Hellenic Radio (ERA): News in English, 09-06-10
From: The Hellenic Radio (ERA) <www.ert.gr/>
CONTENTS
[01] Real Estate Market Presents Signs of Recovery
[01] Real Estate Market Presents Signs of Recovery
News
Analysts estimate that in 2010 the real estate market in Greece will
recover. According to experts the selling demand will focus on real
estate that have not been sold during the previous two years, the
prices of which are expected to drop up to 10%. What will play an
important role to buying interest is the preservation of bank interests
in low levels.
The distribution of unsold residencies will play a key role in the
recovery of the real estate market. Based on the scenario that real
estate prices will be reduced up to 10% in 2009-2010, Bank of Greece
estimates that unsold estate can reach 40.000 in 2010 (from 137.000 in
2008).
Despite the low demand, prices are resilient in our country compared to
other countries in the European Union. Real estate is overvalued up to
27% in Greece, 22% in Ireland, 22% in France and 17% in Japan. The drop
recorded in loan interests is expected to relief buyers. According to
Bank of Greece, building loan interests dropped 3,64% in April.
SOURCE: ÍÅÔ-ÁNA/ÌNA
News item: 23430
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