Greece welcomes the new year with a promising growth, following the increasing trajectory of December 2021, according to the economic indicator researched by the Foundation of Economic and Industrial Research (in Greek ΙΟΒΕ) and the Purchasing Manager’s Index under the abbreviation PMI. PMI index which is researched and distributed by an accredited company to all the economies worldwide, provides early indications regarding the current economic status of the private sector and it offers the potential to entrepreneurs and investors to design future business strategies and risks with greater safety.
The last PMI measurement for the year 2021 proved to be quite ambitious for the future of local economy by registering the third best performance worldwide. More specific, PMI index “climbed” to 59 surpassing the limit of 50 significantly. This constitutes a reference point indicating either financial recession – when it drops below 50 or financial growth – when it exceeds 50. Hence, a large-scale growth is expected with the first positive signs being present in the social and economic status of the recent months: Recruitments were increased, employment rate was improved, and raw material markets have shown a remarkable recovery with the latter two at levels which had not been reached since 2000.
Within this general scope of growth, the real estate market showed increased mobility either intended towards short-term and long-term investment or owner-occupied housing. This increase is not anticipated to be restrained considering the general demand of products and raw materials, the reduced unemployment levels, the increase of the purchasing power and the lack of demand regarding building construction at the large city centers of the country. Primarily, the great impact of the pandemic must be also taken into consideration as it constituted a long-term impediment to the real estate sales as well as the construction of residencies and complex of residential buildings for commercial purposes. Finally, if we take into consideration the new objective values of properties which will be implemented in February 2022 and which present an increasing rate regarding most of the country areas, a “challenge” period emerges for the stakeholders regarding the purchase of property which appears to prevail instead of stabilizing. Hence, regarding the investment sector the first months of 2022 are characterized as ideal for the completion of purchase and sale procedures in comparison with the remaining year.
Upon the advent of the current year, a significant part of the economic sector “breathes” again following the period 2019-2020, the market is liberalized and a sharp increase in demand is established but in the course of time the vendees-investors will gradually hold a disadvantageous position towards the fulfillment of purchase and sales procedures.