THE EVOLUTION OF REAL ESTATE PRICES AND PRICES OF ALTERNATIVE INVESTMENTS IN GREECE DURING THE PRE-COVID PERIOD 2004 - 2020

Dr. Spyros Repousis, Dr. Petros Lois, Vasilios Golfinopoulos

Abstract


The study compares real estate returns with the returns of alternative investment products, in Greece during the period 2004 – 2020 (pre-Covid 19 period). Alternative investment assets were selected gold, shares, 10-year Greek government bonds, and bank deposit interest rates. Their selection was based on the most common investment assets that make up the wealth of Greek investors.  The study of the evolution of investment prices in the specific period leads to the conclusion that gold was the most efficient investment and the housing market the most stable. Also, there was a large positive correlation between housing prices and stock and banking interest rate deposits. Results are useful for the Greek government, companies, all types of investors, and institutional authorities. 

Keywords: Investment, Real Estate, Stocks, Gold, Bonds, Housing


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