Emerging Trends in Real Estate® Europe 2012 - PwC
Emerging Trends in Real Estate® Europe 2012 - PwC
Emerging Trends in Real Estate® Europe 2012 - PwC
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“Assum<strong>in</strong>g that lessons are learned from the mistakes of others,<br />
and the product is modern, environmentally friendly, and<br />
well planned, then this sector will be successful.”<br />
This view is very much long term, however, and comments<br />
were predom<strong>in</strong>antly centred on fears that the economic<br />
climate is unlikely to attract new <strong>in</strong>ternational <strong>in</strong>vestors or<br />
bus<strong>in</strong>ess occupiers anytime soon. “Buyer <strong>in</strong>terest is com<strong>in</strong>g<br />
primarily from private local <strong>in</strong>vestors look<strong>in</strong>g for barga<strong>in</strong>s and<br />
distressed properties, and we have seen some deals by shipp<strong>in</strong>g<br />
owners.”<br />
In December 2011, the government began a major asset<br />
sales programme <strong>in</strong> the hope of recoup<strong>in</strong>g €25 billion to go<br />
towards heal<strong>in</strong>g its sovereign debt woes; it is currently seek<strong>in</strong>g<br />
developers to take on the redevelopment of the former <strong>in</strong>ternational<br />
airport, Hell<strong>in</strong>ikon. Whether this <strong>in</strong>itiative excites much<br />
<strong>in</strong>terest from <strong>in</strong>vestors <strong>in</strong> <strong>2012</strong> will be <strong>in</strong>terest<strong>in</strong>g to see.<br />
ExHIBIT 3-32<br />
Athens<br />
Source: <strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate <strong>Europe</strong> <strong>2012</strong> survey.<br />
Prospects Rat<strong>in</strong>g Rank<strong>in</strong>g<br />
Exist<strong>in</strong>g Property Performance Poor 1.52 27<br />
New Property Acquisitions Poor 1.87 27<br />
Development Prospects Abysmal 1.47 27<br />
Investment Prospects<br />
excellent<br />
good<br />
fair<br />
poor<br />
abysmal<br />
2005<br />
2006<br />
2007<br />
2008<br />
2009<br />
2010<br />
48 <strong>Emerg<strong>in</strong>g</strong> <strong>Trends</strong> <strong>in</strong> <strong>Real</strong> Estate ® <strong>Europe</strong> <strong>2012</strong><br />
2011<br />
<strong>2012</strong>
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