Today, after quite a long time, I took a peek at the rentals component of the Harmonised Index of Consumer Prices. And I was in for a surprise. The index has stopped falling, on a monthly basis, for the past 7 months.
|source: Eurostat, own calculations|
The question that instantly springs to mind is "are we closing in on the bottom here?". Well, it certainly seems like it, not only from a rentals perspective but also from an apartments' prices perspective.
Actually, the rentals' trajectory lately is quite similar to that of apartment prices.
|source: Bank of Greece|
Let's see how the wave of housing auctions will affect the market and if it will kill these quasi-green shoots in their tracks. Let's at least hope that this time round the market will be allowed to follow its path without any political disruptions that could delay further the, so much needed and awaited, stabilisation (and hopefully recovery).