Official: Greek Real Estate Market to Return to Strong Growth Rates

ATHENS — The Greek real estate market will record strong growth rates after the end of the pandemic, George Kormas, head of Real Estate Group of Piraeus Bank and CEO in Piraeus Real Estate said on Monday.

In comments made to an NPL Summit 2021 last week, Kormas said that the strong recovery rates recorded in 2019 and in the first quarter of 2020 in the domestic real estate market was not a periodic phenomenon but a general trend will be continue to exist after the end of the pandemic crisis. He underlined the resilience of the real estate market despite the fact that investors remained on sidelines because of the pandemic.

Referring to the relation between non-performing loans and the real estate market, Kormas said that real estate operates and will be continue to operate as collateral to creditors and noted that Piraeus Real Estate’s goal was to have the smallest possible inflow of real estate assets which are not easily exploitable by the company.



The continuation of the pandemic continues to raise hurdles in forecasting the short-term trend of the country's Gross Domestic Product, but based on available data the Greek GDP is expected to rise by 5,2% in the first half of 2022 (7% in the first quarter and 3.

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