The Hellenic Radio (ERA): News in English, 09-06-10

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] Real Estate Market Presents Signs of Recovery

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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