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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Greece > Legal Developments > Real Estate & Property > Law firm and leading lawyer rankings


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Lessee vs Lessor: New leasing regulations shift the balance of power

Over the last six years, Greece has been under an austerity restructuring and adjustment programme, receiving extended support from European financial institutions and international creditors, in an attempt to tackle its structural weaknesses, overly high deficits and incessant market stagnation.

Throughout the current financial turmoil, the Greek real estate market has experienced significant contraction and remains subdued, whereas commercial leases, as leases in general, have recorded a large decline in demand, inevitably resulting in excess supply, downward pricing trends and fall in transactions.  Given the slowing economy and tighter credit standards, commercial real estate activity has curtailed, as a result of business financial distress and investment reluctance, creating higher vacancy rates.

Changes in real estate prices and constant demand for downward adjustments of rent have intensified pressure to redefine market values, renegotiate rents and review leasing terms and conditions under a rebased legislative framework, in line with current occupational market needs and developments.

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