Repossessed homes hitting the market
The process for the sale of properties in packages – most of them homes – has entered its final stage after those assets were repossessed by banks due to unpaid mortgages.
The companies that have undertaken their management on behalf of creditor banks, such as Resolute Asset Management and Clayton, have already conducted meetings with estate agents and are moving ahead with the properties’ sale.
What those companies do is break the available stock into smaller packages of about 200 properties each and set a minimum and a target price as a range for estate agents to move within. The concession of the first such packages to agents is already at an advanced stage and, according to sources, the first homes have already hit the market.
While talks – and rumors – regarding the management of bad loans and the protection of primary residences continue, the market is preparing to gradually receive some 10,000 properties for sale, with more expected once the legal process is completed for more bad mortgages.
Notably, part of the stock repossessed is located in neighboring countries (Bulgaria, Romania and Serbia), where the management of properties repossessed by banks due to bad loans is at a more advanced stage.
You may be interested
Coronavirus Greece: 2,845 new cases, 165 intubated, 12 deathsmakis - Jul 30, 2021
Greek authorities announced that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,845, of which…
Coronavirus Greece: 2,696 new cases, 157 intubated, 9 deathsmakis - Jul 29, 2021
Greek authorities announced today that the new laboratory-confirmed cases of coronavirus recorded in the last 24 hours are 2,696, of…
Greek real estate market still strong despite Covid-19 pandemic, report showsPanos - Jul 29, 2021
The Greek real estate market is demonstrating resilience in 2020 despite the fact that the pandemic had an overall negative impact on the…