Greece is expensive for Greeks, inexpensive (still) for foreigners!

Even made us think the rally was over. And this is true for domestic investors.

In terms of real estate, for example, there are no other buyers willing to buy properties at prices of €5,000 and €10,000 in expensive neighborhoods. But there are also no buyers willing to pay more than 3,000 euros for old properties in so-called people's neighborhoods. Most domestic investors can not afford such prices. The situation is also complicated by the fact that consumer lending is no longer one of the most popular targets for banks. Demand, therefore, will not grow domestically.

This does not mean, however, that prices will fall. Not if there is demand from abroad! So far, any demand (especially for real estate) has come from those who wanted''get a Golden Visa. Now there are foreigners choosing Greece as a second home because they find it a beautiful and safe place to live. This is a new trend! These people are used to different values. If this trend proves to be true, prices may still rise. This will increase the income of potential sellers, but will push back the dream of homeownership for most citizens.

The situation is more "straightforward" for equities.

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Where we think "it's been going so far", Italians are coming in and buying Alpha Bank shares at prices at which we are sellers. Given the drop in the overall index to much lower price levels, the rebound that has occurred in our stock indices seems large. But is it? Are the banks reflecting their value on the board?''Export companies?

It's the same here as with real estate! If there is demand from abroad, today's prices will be 'low'. The question is what could change the good picture that now exists abroad for Greece and the prospects of its economy. We don't know how the crisis might affect the Middle East. Especially on Greece, which is so close. And here it is important to show Greece as a safe country in an unstable world. But we know that the new international financial crisis will have a negative impact. This is probably the biggest enemy for further value growth in Greece.